Is It Hard to Get an Auto Loan at Auto Now?

May 3rd, 2019 by

If you have credit issues, you know how hard it can be to access a loan from a bank or a credit union. While it is true that different lenders will evaluate your final credit score differently, there is no denying that if your credit score is less than perfect, you will most likely have to work toward rebuilding your credit before you can gain access to better lending opportunities. On top of this, having to seek help from multiple lending sources is tiresome. It asks that you spend an extensive amount of time researching different lenders to see what they require from you to lend for you. Additionally, each time a lender performs a credit inquiry on your background, your score can drop by up to five points. If you already have bad credit, each credit inquiry can make your credit worse, and without a new credit account, there’s no chance to rebuild your credit quickly after these hits. The sad thing is, even if you think you meet the minimum lending requirements for a bank or a credit union, there still might be a chance that you turn them away.

It’s easy to see why people who have had to deal with the credit industry have such little hope when it comes to making big purchases. One of the most persistent questions that we get at Auto Now in Topeka is about our application process – is it really so hard to get an auto loan through us? We always like to reassure our potential customers that not only is getting an auto loan through our establishment easy and streamlined, but it helps you rebuild your credit over time if you have credit issues. Here’s a little more about the process of getting a loan at Auto Now.

Applying For a Loan – What’s the Same and What’s Different

No two lending opportunities are the same, even in loans provided by a bank or a credit union. As you go through the application process for on the lot financing, you’ll notice a lot of similarities between the application for a traditional loan and in the application for a loan through Auto Now. This should not worry you. We promise that as long as you meet basic income requirements, you will be able to get a car through our organization.

Similarities in applying for a loan through Auto Now:

  • Auto Now does check up on your income and verifies your age. For most traditional lending opportunities, you must be of the age of eighteen, and you must meet a specific income requirement to receive funding. This is the same for Auto Now of Topeka. We require that you make a minimum of $1200 per month after taxes, and we also require that you are eighteen.
  • You will have to fill out some paperwork before you are approved for a loan. This paperwork will merely determine that you meet the basic lending requirements and that your loan is catered to your personal financial situation.
  • The loan is only applicable to cars – you must use it on a vehicle for it to be valid. In the same way that you can only take out student loans to be applied toward educational purposes, you may only take out a loan through Auto Now to purchase one of the cars on our lot. You will not receive a check for the amount we lend you. Instead, the loan amount will be used to let you drive home in your new car.
  • You will make set payments on your loan. Just as all loans have payment terms, we will be sure to outline ours before you sign off on any commitment papers.

Differences in applying for a loan through Auto Now:

  • Auto Now will never turn you away for having credit issues. Unlike the unpleasant surprise that many potential borrowers encounter when they go into a bank or credit union to get a loan, you will never be turned away for having credit issues. As long as you meet the necessary requirements, which are related to income only, we will be able to help you get a car.
  • Paperwork can be done online before coming into a lot. The heft of your personal application can be done online, which saves you time when you get into the dealership. While some banks do offer online loan applications, they often don’t work and end up wasting more time for the customer than they aim to save.
  • Each loan is personalized and based on your financial needs. Many lenders work solely off your credit score and your last year’s tax refund to determine an amount to lend you. This can create an unclear picture of your financial situation, and can ultimately cause more harm than good. When your loan is personalized through Auto Now, it is created using the most recent income information that we have for you, allowing it to fit in perfectly with your needs.
  • You have the option to pay weekly or bi-weekly. Payment plans on traditional loans are usually always fixed and require monthly payments. In the long-run, this means that you pay more on your investment. It’s been shown that making weekly payments is more beneficial when it comes to paying off debts, so you have the option to make quicker and more efficient debt payments with Auto Now.

Skip the worry, the doubt, and the potential heartbreak of applying for a third-party loan to make a car purchase. If you work with Auto Now of Topeka, Kansas you’ll be able to get a new and reliable car with one quick and easy application. Simply fill out one of our online application forms, and we’ll reach out to you to discuss lending opportunities. Come in, browse our wide selection, and speak to one of our customer service representatives for more information about our lending process. We are located at 116 Southeast 29th Street and can be reached at (785) 266-6300 or online for more information.