Customer satisfaction is our number one priority. Satisfying the questions and concerns of our clients allows us to achieve our goal of providing what we promise; a personable, reliable service. Below are answers to the most common questions we receive. If you have additional questions, please contact us.
We utilize all of the info you input on your application and put it through our sophisticated auto loan matching system, ensuring that your request is only presented to providers that are going to be able to assist best, while getting you the most optimal rates and terms.
-How Does This Work?
-How Much Can I Qualify For?
-How Long Does the Entire Process Take?
-I Have Good Credit. What Can I Expect?
-I Have Bad Credit. Can I Still Qualify For An Auto Loan?
-I've Had A Bankruptcy. Can You Guys Help?
-I'm Currently In A Chapter 13 Bankruptcy. Is That Going To Prevent Me From Getting Approved?
-What If I Have Had A Repossession? Can I Still Qualify?
-I Don't Have Any Credit. Is It Still Possible To Achieve Approval?
-Will A Co-Signer Help Me Get Approved?
-What Kind Of Interest Rates And Terms Can I Expect?
-Do I Need To Be Employed?
-Can I Use a Trade-In As Money Down On My Purchase?
-Should I Find A Car That I Would Like To Purchase Prior To Applying?
-Can I Use An Auto Manufacturer's Employee Discount (A-Plan, GMS)?
-What Type Of Car Can I Buy?
-Are There Any Fees To Use Your Service?
-How Will I Know If I Am Approved?
How Does This Work?
Where we send your application will be based on the information you provide; the credit score you input, the amount of money you are looking to borrow, where you live, etc. We want to provide you with the best auto loan matching service that we can. Lenders provide us with very specific filtering and criteria that we use for determining where we will present your request. Therefore, when applying it is very important that the information you provide is accurate and up-to-date so that we can best match you with our loan providers.
How much can I qualify for?
You can borrow as little as $2,000 to as much as $65,000. Lenders will look at a variety of factors when determining your eligibility and possible approval amount, including but not limited to your credit, income and total debt. A good idea would be to use our personal loan calculator here to determine what to expect for your loan payments over different rates, terms and loan amounts.
How long does the entire process take?
It's quick and hassle free! The entire process from application submission to receiving financing and getting behind the wheel can take less than one day.
It only takes a few minutes to apply. Input your information once on our application and you can be matched with multiple offers. We simplify the auto loan process by providing multiple reliable, safe options in one place, so you don't have to spend hours looking yourself!
I have good credit. What can I expect?
As a result of your strong credit history, our providers want your business. You are the ideal candidate and therefore can expect extremely competitive quotes.
I have bad credit. Can I still qualify for an auto loan?
YES! We have lenders that specialize in helping consumers with bad credit achieve financing. Your account activity is going to be reported to all three credit reporting agencies every month. Therefore, with a good payment history, you may see your credit score and rating begin to improve after a few months of positive payment history! Get the second chance you deserve.
I've had a bankruptcy. Can you guys help?
YES! As long as the bankruptcy is discharged, or you have an Authorization to Incur Debt from the bankruptcy trustee we can help.
I am currently in a Chapter 13 bankruptcy. Will that prevent me from getting approved?
It shouldn't! However, it may take longer to process your loan. You have to obtain an "Authorization to Incur Debt" from the trustee of your bankruptcy. This normally takes two to three weeks. Consult your bankruptcy attorney.
What if I have had a repossession? Can I still qualify?
YES! If the repossession was not included in a bankruptcy and there is still a balance on the account, you can still pre qualify. Greater money down requirements will apply and vehicle selection will be limited to newer cars that are still under factory warranty.
I don't have any credit. Is is possible to achieve an approval?
YES! Even if you are lacking a credit history, you may be able to obtain the financing your are looking for. There are several First Time Buyer Programs.
Your account activity is going to be reported to all three credit reporting agencies every month. Therefore, with a good payment history, you may see your credit score and rating begin to grow after a few months of positive payment history! Start building your credit!
Will a co-signer help me get approved?
While it is likely that we will be able to assist people with even the most challenged credit, there are situations when a co-signer will be needed. Once your application is submitted and you are contacted by a provider, they will let you know if you'll need a co-signer. The co-signer would need to be somone with a positive credit rating and history.
Please note, that if you do need a co-signer, as the applicant, you will still need to have enough income to be able to pay for your loan. So, if you are not working, or aren't making enough money to justify the loan amount you are applying for, you are not going to get approved. The intent of the co-signer is to offer support for the lender; that they will be responsible for your loan in the event that you do not pay your obligation. As mentioned, co-signers are only going to be needed for those that have very challenged credit.
What kind of interest rates and terms can I expect?
Each lender has different terms, such as the loan amount, the APR for the loan, repayment schedules, etc. Each lender is required by federal law to present to you the terms of the loan, the rates and all costs associated with the loan prior to you executing the loan documents. Newer, lower mileage cars qualify for extended terms. The best payment terms are going to be for less expensive cars that have under 50,000 miles. Please feel free to exit the process at any time as you are under no obligation to accept the loan presented.
Do I need to be employed?
No, as you long as you have some sort of regular income coming in you are good! Regular income includes pension, benefits, social security, disability, settlements, etc..
Can I use a trade-in as money down on my purchase?
YES! However, if you have a lien on your car, you may be required to put additional monies down.
Should I find a car I would like to purchase prior to applying?
We suggest applying first and then conulting with one of our auto loan specialists prior to locating a vehicle. They will help you determine the financing amount you can qualify for prior to you shopping. This method will increase your chances of approval and decrease the number of inquires on your credit report. Inquires will likely a negative affect on your credit rating.
For Example: You visit your local dealer with the intent of purchasing a new $40,000 Dodge without using our service first. Without understanding anything about your credit and income situation, it is a common practice for dealers to submit your application with their lenders until they either get you approved, or have run out of options. They just want to close the deal regardless of the impact on your credit!
This is important! You want to avoid applying for loans you are not going to qualify for. Whether you are applying directly at a dealership or somewhere online, each time you submit a request, your credit is likely going to be pulled. Mutliple inquiries on your credit report are going to have a negative impact on your credit and potentially equate to less favorable rates and terms when you do get approved.
The providers we work with, will first determine whether or not you will qualify for that $40,000 Dodge. And if not, will help you figure out what you will qualify for before submitting your loan request. This way you will be applying for an amount where financing is most likely achievable with the first application submission!
Can I use an auto manufacturer's employee discount (A-Plan, GMS)?
Yes! Let the provider that contacts you after your application submission know that you qualify for the discount and it will be applied toward your new car purchase.
What kind of car can I purchase?
The typical auto loan from 24/7 Lending Group is for a new, one year, or two year old car with less than 50,000 miles. Nearly every vehicle financed through our service is eligible for Extended Factory Protection so you won't have to worry about unexpected repairs.
Are there any fees to use your service?
No. It is free to apply and you are not committed to accept the offer presented to you if you are not 100% satisfied with your rates and terms.
How will I know if I am approved?
Depending on the provider we match you with, you may be instantly redirected to loan documents or you may receive a call or email regarding your approval within a few minutes to a few hours (but by the end of the day).