Frequently Asked Questions – Valley Auto Loans

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Questions & Answers

No. Car refinancing may help your credit in the long run due to the reduced payments allowing you to make them more consistently. Apply for an auto refinance loan today with us to begin the process!

Absolutely. We have many existing banks that work with this situation.

Yes. If you are currently in an active chapter 7 or chapter 13 bankruptcy, you will need a letter from your trustee granting permission to take on this debt. To get this letter, just contact your bankruptcy attorney and they can provide this for you. If you have had a bankruptcy in the past, but it is no longer active, you can also qualify. We have lenders that provide auto loans with both open and closed bankruptcies.

Yes. If there is enough equity built into the vehicle through your current loan, or if you qualify for a larger loan. We do have partners that will allow you to take out cash when refinancing your vehicle. However, this is based on your qualifications and cannot be guaranteed without first applying.

Some refinance lenders offer cash back incentives if you refinance your auto loan. However, be careful what you agree on because the money they offer is being added to your car loan. In many cases, this will put you upside down on your vehicle loan. That means the car is now worth less than the car loan. If you have a car that is worth $8,000, and you are given a $5,000 cash back incentive, You could now owe $13,000 on the car + interest. Many times there is additional fees added for this.

Yes. While It is possible to finance a used car with negative equity, applicants should expect a higher payment than they currently have. This is due to the increased loan amount.

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.

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.

At Valley Auto Loans we use 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.

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

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

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

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.

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

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

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

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

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.

Yes. However, 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.

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

If the repossession was not included in 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.

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