Credit Questions

Credit Questions in Macon, GA

Should I shop for my next car before I know my financing options?

We recommend that you consult with us before shopping for your vehicle. We can help you determine how much you can qualify for before you shop, which will help you get a better picture of your buying power. Knowing how much you’ll be approved for will increase your chances for getting your loan approved and decrease the number of inquiries on your credit report.

What are the minimum qualifications for credit approval?

While there are zero minimum qualifications for pre-approval, our finance office will evaluate your auto loan based on your credit profile and personal equity position. If you have bad credit, you might have to meet certain requirements for employment or income.

Will having a cosigner help my loan get approved?

A cosigner can help you guarantee approval, but as the Buyer, you must meet all income and employment requirements on your own. You cannot rely on your Cosigner’s employment or income status.

How much will I be pre-approved to borrow?

Your loan amount is based on a number of factors, our finance office uses special equations to determine your loan amount including your credit standing, equity, and income status.

How much money do I need for my down payment?

The minimum down payment for your chosen vehicle is determined by the cost of the vehicle (plus taxes, fees, and licensing) as well as the type of loan you’re approved for. However, if you don’t have any money available for a down payment, we can make special arrangements if need be, just ask one of our friendly finance advisors.

I have a car to trade, can I use that money as my down payment?

You certainly can! But keep in mind that if there is any outstanding balance due on your trade vehicle, you might need additional money available to pay off that lien.

What will my monthly payments be?

Your monthly payments are based on the cost of your chosen vehicle, your interest rate, and how much money you’ve been approved to borrow (bad credit loans budget you for a specific amount). If you’re buying a newer car with low mileage, you can qualify for extended loan terms. The lowest monthly payments usually come with less expensive vehicles with fewer than 50,000 miles.

What will my interest rate be?

A good question, but the answer is not as easy to come by. Interest rates are based on your credit history, credit score, and personal equity position. Our finance office will work to secure you the best rates for your personal credit profile. If you have a high credit score and large down payment available, your rates will be lower. If you’re planning on buying an older car, you might get a higher interest rate; newer vehicles generally get lower rates.

What if I have filed for Chapter 13 Bankruptcy or have had a past bankruptcy?

If you are currently in a Chapter 13, it may take longer to process your loan and you must obtain an Authorization to Incur Debt from your bankruptcy trustee. If you have has a previous bankruptcy, you can be approved as long as your bankruptcy has either been discharged or you have an Authorization to Incur Debt from your trustee.

Can first-time buyers be pre-approved?

Yes, we offer several First-Time Buyer programs, ask our finance team about which one is right for you.

Can I pre-qualify if I’ve had property repossessed within the last year?

If your repossession was not part of a bankruptcy and you still have a balance on the account, you can pre-qualify for a loan, however, you might need more money down and your vehicle selection will be limited to newer vehicles still under the factory warranty.

June 16, 2020

What Do I Need to Trade in My Car?

Trading in your car is a simple process—especially when you do it at a dealership. At Macon Car Credit, we want to show Milledgeville, Warner Robins, and Macon, GA, motorists what they’ll need to trade in their cars. Before you get trade-in quotes from dealers, you’ll want to collect some documents and other items. If […]

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