I qualified for an car loan--what's next?

T

Tonya M

New member
I qualified for an car loan with Hyundai. Do I need to put out additional money for a down payment from my own pocket? Is there a credit check? My credit is 479 and I had a repossession late in 2005 and the payments have since been paid off just a few months later....can I be denied a car? What will my requirements be to make the car my own?
 
The most important thing is to find out the requirements of the lender. Each lender has certain lending criteria for higher risk clients. I just got a newer car about a month ago with an open chapter 13 bankruptcy. The loan company had certain requirements in order to qualify for the car loan. The main thing that the lender is looking for is a stable job and residence. The next thing is your payment history of recent bills. The fico score is probably will determine your interest rate. The interest rate can possibly be as high as 25%. The higher the interest rate the more your monthly payment will be. Another item creditors are looking at is your overall monthly budget. Ever since the economic downturn credit has been harder to get. So most credit lenders are now wanting paystubs, rent receipts, etc. The most important factor is the down payment which is usually around 10% of the vehicle price. We had a paid off car to trade in for the new one. So we didn't have any out of pocket expenses. Our last car loan required the 10% down which was a cash payment. The most important person to contact is your car salesmen or dealer finance department. Most car dealers have a special finance department which has specially trained salesmen to help find financing for clients. Also, doing homework beforehand on the internet is a great help also. Maybe your looking at one particular car. Looking at consumer reports or finding the reliability of the car's model will help you find a car that has a good vehicle reliability history. Believe me after my last car I wish I had done some history on the vehicle. We put needless money into repair items such as a turn signal arm that went bad and a security system failure. That's the reason we got rid of the car.
The main thing is contact your dealer's finance department. They are the best source for information about getting a car. I wish you the best.
 
The most important thing is to find out the requirements of the lender. Each lender has certain lending criteria for higher risk clients. I just got a newer car about a month ago with an open chapter 13 bankruptcy. The loan company had certain requirements in order to qualify for the car loan. The main thing that the lender is looking for is a stable job and residence. The next thing is your payment history of recent bills. The fico score is probably will determine your interest rate. The interest rate can possibly be as high as 25%. The higher the interest rate the more your monthly payment will be. Another item creditors are looking at is your overall monthly budget. Ever since the economic downturn credit has been harder to get. So most credit lenders are now wanting paystubs, rent receipts, etc. The most important factor is the down payment which is usually around 10% of the vehicle price. We had a paid off car to trade in for the new one. So we didn't have any out of pocket expenses. Our last car loan required the 10% down which was a cash payment. The most important person to contact is your car salesmen or dealer finance department. Most car dealers have a special finance department which has specially trained salesmen to help find financing for clients. Also, doing homework beforehand on the internet is a great help also. Maybe your looking at one particular car. Looking at consumer reports or finding the reliability of the car's model will help you find a car that has a good vehicle reliability history. Believe me after my last car I wish I had done some history on the vehicle. We put needless money into repair items such as a turn signal arm that went bad and a security system failure. That's the reason we got rid of the car.
The main thing is contact your dealer's finance department. They are the best source for information about getting a car. I wish you the best.
 
The most important thing is to find out the requirements of the lender. Each lender has certain lending criteria for higher risk clients. I just got a newer car about a month ago with an open chapter 13 bankruptcy. The loan company had certain requirements in order to qualify for the car loan. The main thing that the lender is looking for is a stable job and residence. The next thing is your payment history of recent bills. The fico score is probably will determine your interest rate. The interest rate can possibly be as high as 25%. The higher the interest rate the more your monthly payment will be. Another item creditors are looking at is your overall monthly budget. Ever since the economic downturn credit has been harder to get. So most credit lenders are now wanting paystubs, rent receipts, etc. The most important factor is the down payment which is usually around 10% of the vehicle price. We had a paid off car to trade in for the new one. So we didn't have any out of pocket expenses. Our last car loan required the 10% down which was a cash payment. The most important person to contact is your car salesmen or dealer finance department. Most car dealers have a special finance department which has specially trained salesmen to help find financing for clients. Also, doing homework beforehand on the internet is a great help also. Maybe your looking at one particular car. Looking at consumer reports or finding the reliability of the car's model will help you find a car that has a good vehicle reliability history. Believe me after my last car I wish I had done some history on the vehicle. We put needless money into repair items such as a turn signal arm that went bad and a security system failure. That's the reason we got rid of the car.
The main thing is contact your dealer's finance department. They are the best source for information about getting a car. I wish you the best.
 
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