General Questions

What credit score do I need to buy a car?

There’s a minimum credit score needed to finance a car, but it will vary from lender to lender. When it comes to buying a car, most lenders look at your FICO credit score but other variables like income, job stability, residence time, debt to income ratio, etc. all play a role in the final decision.  Most credit scores will fall in between 400 and 850.  The advantage of a higher credit score is really two things:  1.) You are approved very fast with little documentation required and 2.) you will have a much lower interest rate.  This does not mean you cannot get approved if you have bad credit.  The biggest factor in this is working with the correct dealership and this is where Complete Car Loans can help.

If you would like to check your FICO score, please feel free to click here:  Get your free credit score now

Are there requirements to get an auto loan?

Some basic requirements for an auto loan are.

1.) Must be 18 years old.

2.) Must have a valid driver license

3.) Must be a US resident.

When it comes to auto loans with bad credit, there are more stipulations that must be met.  Typically, you will need to provide a valid form of identification, proof of income, proof of residence, proof of insurance and references.  The other factors are your debt to income and payment to income ratios.  Lenders have to work off specific scenarios where they will not want your car payment to be more than so much of your overall income.  They will also not want your overall expenses to be more than a certain amount of your overall income.  These percentages vary by lender, but it is in the best interest so that you can afford your new car.

At Complete Car Loans, leave that to us as we only partner with the best dealers that have special national programs to help get you approved.

Do I need a down payment?

Most car deals even with perfect credit, there is money due at delivery.  No doubt there are zero down loan options, but there are several benefits to putting money down toward your auto loan purchase.  If you put money down, this will reduce your monthly payment.  If you put money down, it can reduce your overall debt to income ratio which could potentially lower your interest rate.  The more money you put down at time of delivery, the less money you are going to owe on your loan so this helps ensure you will not be upside down in your car.

With that said, most subprime lenders will want you to put down 10% of the sales price of the vehicle as the down payment.  Some lenders want you to just cover the first payment and taxes.  Either way, there are options when it comes to down payment and some dealerships even offer assistance with your down payment.

Does a trade in car count as your down payment?

Yes, you can absolutely use your current car to help you finance your new car.  If your car is paid in full, the dealership you are working with will appraise your trade and offer you money to buy your car.  It will be up to you how much of that money you want to put toward your new car purchase.  Even if you still owe money on your current auto loan, as long as your car is worth more than you owe it can be used as a down payment.  Our Complete Car Loan Preferred Network of Dealerships are here to help you every step of the way.

I have never had an auto loan before; can I get a loan?

Getting approved for a car loan as a first-time buyer without a cosigner can be difficult but is possible.  Your chances will be improved if you have other type of credit that has been paid as agreed.  Credit cards and personal loans are all things that while not auto, can help you get your new ride.  

Can I get a car loan even if I had a repossession?

You can still get approved to finance car after a repossession, but it’ll typically take some time. Bad credit lenders look to see that at least a year has passed since the repossession took place before they consider financing borrowers. If the repossession was included in a bankruptcy, then you usually don’t have to wait a year and may be able to get a car loan when the bankruptcy has been discharged. Some lenders allow for 1 repossession and will still give you another chance, but multiple repossessions make it tough to get approved.

Why should I use an online car application?

The biggest advantage of applying online for an auto loan is the time it saves you.  While your approval is not going to come through your phone or computer screen, it gets the process started and you’ll almost always hear from our local finance immediately.  Plus, by using the Complete Car Loans process, we will save you the time of wondering what local dealers you should work with.

What is your minimum monthly income requirement?

Although income requirements vary from lender to lender and dealer to dealer, your gross monthly income should be at least $1600.  “Gross” income refers to your pre-tax income.  If you are on fixed income, many times lenders will allow you to claim more than your fixed amount since the fixed amount is after tax money.

Is there a charge for your service?

There is absolutely no charge or obligation involved with our loan application process.

How long does the loan application process take?

You should be able finish the online application in about 2 minutes.  From there, our system will immediately match you with a local dealer partner who then should call you right away.  Our partners do get very busy so it may be best to give them 24 hours to reach out, but I would expect to hear from them sooner.  If you do not get a call, please call them!

Why do you only work with dealers?

Almost all companies that loan money to consumers to finance a car which includes credit unions, finance companies and banks, want a dealer to be involved.  Complete Car Loans dealer partners have access to special lending programs that not all car dealerships have.  They have a dedicated process to work with all credit types and help you out.

Why do I need to provide you personal information like my social security number?

In order to actually get you approved, the bank needs to see who you are and what your story is.  The only way to access the information in order to tell you your interest rate and how much you qualify for is to access your credit history.  It would not be a real approval and loan offer without this information.