Bad Credit Car Loan FAQs – Valley Auto Loans

100% Bad Credit Car Loan Application Acceptance FAQs

Bankruptcy & Repossession

I have had a repossession in the past. Am I still able to pre-qualify?

If the repossession was not included in a bankruptcy, and if there are still funds in the account, you may be able to pre-qualify. A larger down payment may be required, and you will more than likely need to buy a new vehicle.

I have been in bankruptcy before. Can I still be pre-approved?

If the bankruptcy is discharged or if you have permission from the bankruptcy trustee, Valley Auto Loans can help you get an auto loan.

I have an outstanding chapter 13 bankruptcy. Am I able to pre-qualify?

Yes.  But, it may take slightly longer to be approved for your loan.  You will have to obtain permission from your bankruptcy trustee before you can be approved.  This usually takes two to three weeks. To learn more, consult your bankruptcy agent.


Credit & Application

What amount can I be pre-approved for?

The amount differs for each person depending on their financial history and which lender that are approved by. However, Valley Auto Loans specializes in helping those with bad or no credit history, so it is most likely that your loan will be well sized.

How large of a down payment will I need?

The down payment varies by each loan, but with Valley Auto Loans’ large network of finance providers and dealers you will most likely be approved even without a down payment.

Can a trade in count as a down payment?

Yes! However, if the vehicle you are trading in has an outstanding loan on it, you may be required to pay more.

Does Valley Auto Loans accept an auto manufacturer’s discount (A-Plan, GMS)?

Yes!  Inform your Valley Auto Loans Specialist that you qualify for such a discount.

Will having a cosigner help with my approval?

A cosigner is not necessary at Valley Auto Loans, but may help with an approval and will help at the dealership where you buy your vehicle.

How much are the monthly payments?

Monthly payments are dictated by the credit of each applicant, and therefore different for each individual. The cheapest monthly rates are on less expensive vehicles that have under 50,000 miles.

What interest rates do you offer?

There can be no one answer for this question. Each applicant’s financial history dictates their loan and rates, and therefore the results are different for each person.

I have never had or used credit before, what can I do?

Valley Auto Loans is glad to help anyone with no credit history, and we have several First Time Buyer programs. Simply apply online and allow us to begin placing you with the appropriate lender.

Can Valley Auto Loans finance a vehicle sold by a private owner?

Yes. Valley Auto Loans not only uses the services of auto dealerships that have on-site auto loan centers but we also offer loans for refinances and private party purchases. Just be sure to check the box labeled “Refinance or Private Party Purchase” when submitting your application.

I have been declined before, will Valley Auto Loans accept me?

At Valley Auto Loans we utilize the finest software to analyze each application. We then find the best lenders that work specifically with bad or no credit loans. This process ensures that each application results in the absolute highest chance of acceptance.

What cars are eligible for pre-approval?

The average loan offered by Valley Auto Loans is for a new car, or a car less than two years old with less than 50,000 miles.

Why have I not been called yet?

Sometimes when you are approved for an auto loan, it may take time for your lender to confirm and contact you about the loan they want to offer you. You can also re-apply if you wish to get faster results.

I have poor credit and a trade in with negative equity. Can you still help me?

Yes, while It is possible to finance a used car with negative equity and poor credit, applicants in this situation should expect a higher payment than they currently have because of the increased loan amount.