Frequently Asked Questions at Our Credit Resolution Center

CONTACT US

JANALEE JOHNSON
Credit resolution Manager
(855) 449-7816
janalee.johnson@lhmauto.com

Frequently Asked Questions & Other Important Facts About Rebuilding Your Credit

There are many factors that come into play when a creditor makes a decision on whether or not to give you a loan for purchasing a vehicle. The four top reasons are: Application information, credit history, down payment, and vehicle selection.
  1. Application Information: Information you provide such as employment, residence and income information.
  2. Credit History: Information of all other credit in your credit file.
  3. Down Payment: The amount of money you are putting toward the vehicle or the total value of your trade.
  4. Vehicle Selection: The year, cost, and the mileage on a vehicle. 
Your budget is the most important thing when buying a car and getting approved for finance. This includes how much you make to how much you pay already in bills. Also, having a nice down payment will increase the chance of better rates and monthly payment.

Q: If I have a bankruptcy, can I get approved?
A: Absolutely. Unlike other dealers, we can get you a loan prior to your 341 meeting. You don't need to be discharged! Of course, we can still assist you if your bankruptcy has discharged.

Q: Can I get approve if I'm in a Chapter 13 bankruptcy?
A: Yes, we can help you work closely with your attorney to obtain authorization from the courts to purchase a vehicle.

Q: Do I have to keep or reaffirm on my vehicle?
A: No, now is the time to start re-establishing your credit. In most cases, when you keep your current vehicle, it will no longer report on your credit bureau. This will only delay the process or re-establishment.

Q: Can I qualify for financing?
A: You have been pre-qualified based solely on your bankruptcy filing. There is increased pressure to stimulate he current economy. More funding has been approved for individuals with the ability and desire to re-establish themselves.

Q: Can I finance while in a bankruptcy?
A: You can finance while in a bankruptcy 7 & 13. There are programs to lower your interest rate a full 2% per year.

Q: How can I ensure a quick approval?
A: Bring your most recent pay stub, your most recent utility bill, a valid driver's license, and proof of auto insurance.

Q: How much can I get approved for?
A: The loan that you will get pre-approved for is based is based on a number of factors: It'll be based off your gross monthly income, as well as the amount of your previous loan history. 

Q: When I qualify, how much money will I need for a down payment?
A: We have many programs available that require no down payment. 

Q: Can I use my trade as a down payment?
A: Definitely! We accept all makes and models. Just bring in your vehicle for a professional trade appraisal.

Q: Will a co-signer help me get approved?
A: In some situations, a co-signer can be beneficial. This is determined on a case-by-case basis. In some situations, both applicants will have to qualify on their own.

Q: What are their interest rates?
A: Rates are based on your credit score, miles on the vehicle, length of the loan, and the equity position of the loan. The higher your credit rating and down payment, the lower your rates will be. We offer the most competitive financing available.

Q: Will my interest rate be less if I wait until my bankruptcy discharged?
A: Not necessarily. We offer competitive financing plus rate reduction. This program allows you to reduce your interest rate every three months as long as your payments are made on time.

Q: Why buy from us?
A: We have established relationships with many lenders that other dealers aren't able to offer. This allows us to offer the lowers rates, best quality vehicles, and more financing options. These lenders are reputable and report to all credit bureaus so you can rebuild your credit.