There really is no one standard answer to that question. Several factors determine a customers down payment:
- the vehicle your considering
- Your credit history / credit rating
- your employment situation
Under "normal" circumstances, between 15% to 20% of the vehicles asking price, or $1,000, whichever is greater.
Yes. With qualifying credit we are able to offer our customers 100% financing. Meaning that no down payment would be required.
However certain restrictions do apply. Please call our Financing Department, or
send an email for further information.
Rates are based on your credit profile and loan to vehicle value ratio. The better your credit score, and cash down payment, the lower your rates will be. In addition, the vehicle year has an important role. Newer vehicles have better interest rates. Interest rates normally increase one point per used model year.
As long as the bankruptcy is discharged, regardless of the length of time, or the amount of the bankruptcy, Car City can still provide financing.
The amount that you will qualify for is based on a number of factors. Lenders are more concerned with the repayment, not the total loan amount.
As a general rule, lenders limit your payment to 15 - 20% of your provable income.
Yes! However additional cash may be required if there is a lien on the automobile that you are trading in, or if the vehicle that you are attempting to purchase requires a down payment more than your trade in is worth.
If you're shopping around for an auto loan, you should know that when creditors check your credit, it places an inquiry on your credit report.
Inquiries can add up, which is often interpreted negatively by creditors. For this reason, too many inquiries can actually make getting an auto loan more difficult.
If you apply with us, we recommend that you wait for a response before applying anywhere else. If you have applied elsewhere, we recommend that you apply with us after you have received a responses.
The Consumer Leasing Act is a federal law requires the leasing company (dealership, for example) to disclose certain information before a lease is signed, including: the amount due at lease signing or delivery; the number and amounts of monthly payments; all fees charged, including license fees and taxes; and the charges for default or late payments. For an automobile lease, the lessor must additionally disclose the annual mileage allowance and charges for excessive mileage; whether the lease can be terminated early; whether the leased automobile can be purchased at the end of the lease; the price to buy at the end of the lease; and any extra payments that may be required at the end of the lease.
The Credit Practices Rule is a federal rule that requires creditors to provide a written notice to potential co-signers about their liability if the other person fails to pay; prohibits late charges in some situations; and prohibits creditors from using certain contract provisions that the government has found to be unfair to consumers.
The Equal Credit Opportunity Act is a federal law that prohibits discrimination related to credit because of your gender, race, color, marital status, religion, national origin or age. It also prohibits discrimination related to credit based on the fact that you are receiving public assistance or that you have exercised your rights under the federal Consumer Credit Protection Act.
The Fair Credit Reporting Act is a federal law that gives consumers many rights, including the right to one free credit report each year. It allows consumers to call one number to notify credit reporting agencies and credit card companies of identify theft. It also provides consumers with a process to dispute information in their credit file that they believe is inaccurate or incomplete.
We generally send notifiactions via email, however should we have any additional questions, or need additional information on an application we would either email the address we have on file or call the primary phone number on file.
You are not obligated to use the financing offered to you. Final rates and terms can still be adjusted until you sign the finance or lease contract as part of the purchase process.
Our online EZ Financing applications stay on file for 90 days, however our lenders purge their databases every 30 days.
The results displayed by the calculators are estimates and are for illustrative purposes only. The payment calculators make assumptions such as the cost of the selected vehicle, your selected annual percentage rate, your selected down payment, trade-in value, desired contract term, etc.
Yes. A qualified co-signor may provide additional support to your application for credit.
Prime lending is for people who have excellent credit, with no recent dings on their credit history. Special Finance, also know as Subprime auto loans, are granted to people who have less than perfect credit.
The general rule of subprime or special finance lending are only one auto loan per applicant. If your goal is to purchase a second automobile you will need to complete a "joint" application, otherwise it will be required of you to trade your current vehicle. Likewise, when completing a joint application, if you currently have two loans outstanding, one of those automobiles will have to be traded.
Yes. All of the lenders that we are affiliated with allow prepayments, penality free. Some have online portals where payments can be made, some allow customers to call in payments using a credit or debit card or check by phone, and others require you to mail any additional/ extra payments.
Note: Making extra payments will not change your scheduled Auto Pay deductions, which will continue as usual on the same day each month.
The entire EZ Financing process normally takes two to three business days, from start to finish. Once paperwork is submitted to the lenders they use that time to verify the information on the credit application, verify employment, housing and personal information.
This process could be delayed if incorrect information is submitted, and/or omitted.
The loan amount that you will qualify for is based on a number of factors, primarly your income and down payment.
Typically 15% - 20% of the asking price is required for a down payment, and 18% of a persons income is allowed for a payment.
Example: If someone makes $400 per week, 18% of that is $72 per week. (400 x .18 = 72)
Yes. However, it will take longer to process your loan. You have to obtain an "Authorization to Incur Debt" from the trustee to qualify for a bankruptcy auto loan. This normally takes two to three weeks. Consult your bankruptcy attorney.
You must be at least 18 years old to enter into a finance agreement under United States law.
Documentation requirements vary, but you may be asked to provide some or all of the following information:
- Copy of valid state-issued identification
- Proof of income
- Proof of residence
- Personal references
The dealership may also be asked to fax in additional documentation at the time of purchase.
AutoPay allows you to set up automatic payments in just a few steps. No mail to open, no checks to write, no stamps to buy. Have your payment automatically deducted from your account or charged to a credit card.
A CAPS score is a rating scale (1-10, 1 being the best and 10 being the worst,) that one of our sub-prime lenders uses to rate a customers stability and likelihood to repay a loan.
Scores are determined based on numerous factors: credit score, positive credit history, delinquent credit history, length and type of employment, length of time living in your area, amount of income, current debt to income ratio, as well as numerous other factors.
Many customers think that while they have "bad" credit they will be a 10, however this is not usually the case. Our average sub-prime customers CAPS score is a 2.
A 'D Approval' is a rating scale (A, B, C, D, E) that one of our sub-prime lenders uses to rate a customers stability and likelihood to repay a loan.
Scores are determined based on numerous factors: credit score, positive credit history, delinquent credit history, length and type of employment, length of time living in your area, amount of income, current debt to income ratio, as well as numerous other factors.
Many customers think that while they have "bad" credit they will be an E, however this is not usually the case. Our average sub-prime customers approval rating is a D.
D Approval stipulations:
- Minimum required time in area of 1 years
- Minimum required time on job of 6 months
- Acceptable Income: Child support & alimony @ 50%, Second job accepted if 6 months on job
- Non Acceptable Income: Temp disability, workers comp, SSI other than applicant, supplemental security income
- No open bankruptcy
- No current active vehicle loans (primary or co-signer) with balance exceeding $2,000
- No co-applicants
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