Frequently Asked Questions Frequently Asked Questions
FREQUENTLY ASKED QUESTIONS
Why Should I Use "The CAR LOAN PROFESSOR" For All Of My Car Loan Needs?
What Can I Do If I Am Not Approved or Turned Down For My Car Loan?
Costs:
Are there any costs or fees for using "The Car Loan Professor" web site?
Do the recommended lenders charge any fees to apply for a car loan?
Are there any hidden fees?
Are there any penalties for paying my car loan off early with the recommended lenders?
Where Can I Buy My Vehicle:
Can I buy my vehicle from a private individual with my approved car loan?
Can I buy my vehicle from a used car lot with my approved car loan?
Can I buy my vehicle from an auto purchase web site with my approved car loan?
Can I buy my vehicle from a new car dealer with my approved car loan?
Can I buy my vehicle from an auction with my approved car loan?
What if the car dealer or lot can get me the same or better car loan terms?
If the manufacturer or dealer is offering a special interest rate, will I save more money by choosing that car loan?
What If...:
What if the car dealer or lot will not allow me to use my car loan check to purchase my vehicle?
What if the car dealer or lot can get me the same or better car loan terms?
If the manufacturer or dealer is offering a special interest rate, will I save more money by choosing that car loan?
What if my car loan approval amount is not enough to buy the vehicle I want?
What if I did not apply for enough money to buy the vehicle I want?
What do I do if the seller of the vehicle I am buying has a pay off on that vehicle?
For What Purpose(s) Can I Use My Approved Car Loan Proceeds/Check:
Do I have to use my car loan check to buy a vehicle?
If I own my vehicle and have a free and clear title to it, can I get a new car loan on it and keep the money?
Are there any types of vehicles excluded from any available car loan?
Can I buy a new or used vehicle with my approved car loan?
Can I buy or refinance a vehicle that I am using for business purposes with my approved car loan?
Can I refinance my current car loan with one of the recommended lenders?
Can I purchase two or more vehicles and have only one approved car loan?
Can I get a car loan for a company or corporation from the recommended lenders?
Questions About My Car Loan Application &/or Approval &/or Check:
Are there any penalties for paying my car loan off early with the recommended lenders?
Do all of the recommended lenders offer simple interest car loans?
What kinds of car loans are available?
Can I have my car loan proceeds deposited into my bank account?
If I own my vehicle and have a free and clear title to it, can I get a new car loan on it and keep the money?
If my current car loan is with one of the recommended lenders, will that lender refinance my current car loan?
Can I get two or more car loans from the same lender?
Are there any types of vehicles excluded from any available car loan?
Can I buy or refinance a vehicle that I am using for business purposes with my approved car loan?
Can I refinance my current car loan with one of the recommended lenders?
Can I purchase two or more vehicles and have only one approved car loan?
Can I get a car loan for a company or corporation from the recommended lenders?
Are there any limits to how little or how much I must borrow?
How do I check the status of my car loan application?
How long does it take to have my car loan approved?
How long will it take for me to receive my car loan proceeds &/or check &/or packet?
Will I need a down payment?
Do I have to use the entire amount I am approved for?
What if my car loan approval amount is not enough to buy the vehicle I want?
What if I did not apply for enough money to buy the vehicle I want?
For how long is my car loan approval/check valid or good?
Lender Information:
What is a Simple Interest Loan &/or why is it important?
If my current car loan is with one of the recommended lenders, will that lender refinance my current car loan?
Can I get two or more car loans from the same lender?
Can I get more than one car loan from the recommended lenders?
Are there any types of vehicles excluded from any available car loan?
Can I buy or refinance a vehicle that I am using for business purposes with my approved car loan?
Can I refinance my current car loan with one of the recommended lenders?
Can I purchase two or more vehicles and have only one approved car loan?
Can I get a car loan for a company or corporation from the recommended lenders?
Are there any limits to how little or how much I must borrow?
Will I need a down payment?
Do the recommended lenders report to any of the three credit bureaus?
Do the recommended lenders have any restrictions to the vehicle's model year and/or present mileage?
Co-Signer &/or Co-Applicant Information:
If I applied for my car loan with a co-applicant or a co-signer, will both of us need to sign the paper work?
If I applied for my car loan with a co-applicant or a co-signer, will both of us need to sign the check?
Will I and/or my co-applicant or co-signer have to sign the car loan paper work in front of a witness or notary?
Will I and/or my co-applicant or co-signer have to sign the car loan check in front of a witness or notary?
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FAQ ANSWERS
Why Should I Use "The CAR LOAN PROFESSOR" For All Of My Car Loan Needs?
The Car Loan Professor is a Free Auto Lending Recourse for Any Individual in need of a Car Loan Regardless of Your Credit History. "Helping You Help Yourself" is our mission. Our 3-Step Approach to Educating, Locating and Accepting some of the Most Competitive Car Loans Available is Fast, Easy, Convenient and Secure. Direct Lender Access Eliminates the Middleman at Car Dealerships and other Car Loan Web Site who "Take a Cut" of Every Dollar You Borrow &/or "Sell" your Personal Information to one or more vendor. Straightforward Advise from an Industry Professional with Direct Lender Access Will Save You Hundreds of Dollars!
The Car Loan Professor guarantees realistic, honest car loan advice that achieves real savings. We will teach you how and why lenders make their car loan decisions and how to avoid the middleman's mark up at Car Dealerships and other Auto Loan Web Sites. Our twenty years of experience and notable expertise ensure that your automotive lending needs are accomplished in the most cost effective manner possible.
Our consistent track record of saving consumers money combined with uncompromising ethics instills confidence and trust. We provide you with direct lender access along with state of the art encryption technologies to ensure the safety of every individual's personal information. This allows us to continually expand our direct auto lender base and remain at the forefront of the automotive financial services industry.
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What Can I Do If I Am Not Approved or Turned Down For My Car Loan?
There are several things an individual can do if he/she is not approved for their car loan request. The following suggestions prove to be the Most Effective Ways to Change your Turn Down into an Approval.
1) Call the Lender to obtain detailed information about the reason(s) you were not approved. Ask the lender:
a. Is there any additional information they may need to approve your car loan request? &/or
b. Is there any thing you can change about the car loan request that will assist you in an approval?
If you are still unsuccessful in obtaining an approval, apply with another recommended lender in the same
loan/credit category (i.e. Good, Less-Than-Perfect to Bad or No Credit) using this information to your
advantage.
2) Add a Co-Signer or Co-Applicant to your application. Some lenders have specific guidelines for who can and
who can not be considered as a co-signer or co-applicant. Contact the lender's customer service number for
specific details.
To add a Co-Signer or Co-Applicant to your Car Loan Application, click: "STEP 2) DIRECT LENDER ACCESS".
3) Check your Application Information for Accuracy. It is very important that your Gross Monthly Income, Job
Time and Residence Time be calculated &/or entered accurately.
For more detailed help calculating your Gross Monthly Income, go to:
GET STARTED
STEP 1) LEARNING CENTER - Element #4. Payment-To-Income (PTI).
4) Re-Structure your Car Loan Request to meet the Last Four of the Five Elements of a Car Loan Approval.
These elements/guidelines are Vehicle Year & Mileage, Loan-To-Value (LTV), Payment-To-Income (PTI) and
Debt-To-Income (DIR). Some Less-Than-Perfect to Bad Credit and No Credit lenders also have Minimum Down
Payment requirements.
For more detailed information regarding these Four Important Loan Structure Elements/Guidelines, go to:
GET STARTED
STEP 1) LEARNING CENTER - The Five Elements of Car Loan Approval.
5) There is no guarantee, but Adding a Down Payment or a Trade-In may improve the likelihood of your approval.
In some cases, a lender may view a cash down payment or a trade-in (if the trade-in has equity...i.e. you
owe less on your trade-in than it's actual value) as a Good Faith Commitment on your behalf. The down
payment &/or trade-in may also help you meet the Last Three of the Five Elements of a Car Loan Approval.
These Elements are Loan-To-Value (LTV), Payment-To-Income (PTI) and Debt-To-Income (DIR).
For more detailed information regarding these Three Important Loan Structure Elements, go to:
GET STARTED
STEP 1) LEARNING CENTER - The Five Elements of Car Loan Approval.
6) Apply with Three Recommended Lenders in the Next Loan/Credit Category (i.e. Good, Less-Than-Perfect to
Bad or No Credit).
Unfortunately, you may have applied for a car loan with a lender or group of lenders who's car loan standards
are simply to strict for your car loan request or your credit background. Do not be discouraged! The Car Loan
Professor is designed to "Help You Help Yourself". Move to the Next Group of Recommended Lenders and Apply
with Three additional Lenders!
For your convenience, click: "STEP 2) DIRECT LENDER ACCESS".
7) Check your Credit Bureaus for Accuracy. All three credit bureaus (Trans Union, Equifax and Experian) must
contain accurate information or your car loan may be denied due to false &/or incorrect credit bureau
reporting.
To check the accuracy of the information contained in all three credit bureaus for FREE (Federal Law allows
you one free report from each bureau per year), go to:
GET STARTED
STEP 1) LEARNING CENTER - Element #1. Credit History and Score.
For contact information to all three credit bureaus, go to:
GET STARTED
STEP 1) LEARNING CENTER - Ellement #1. Credit History and Score.
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Are there any costs or fees for using "The Car Loan Professor" web site?
Simply stated, No. The Car Loan Professor is a Free Service to the general public.
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Do the recommended lenders charge any fees to apply for a car loan?
Simply stated, No. All car loan applications are free of charge.
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Are there any hidden fees?
None, Zero, Zilch!
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Are there any penalties for paying my car loan off early with the recommended lenders?
None. You may pay off any car loan at any time prior to it's maturity without a penalty.
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Can I buy my vehicle from a private individual with my approved car loan?
Yes. Vehicle purchases from private individuals are allowed.
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Can I buy my vehicle from a used car lot with my approved car loan?
Yes. Vehicle purchases from used car lots are allowed.
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Can I buy my vehicle from an auto purchase web site with my approved car loan?
Yes. Vehicle purchases from an auto purchase web site are allowed.
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Can I buy my vehicle from a new car dealer with my approved car loan?
Yes. Vehicle purchases from new car dealers are allowed.
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Can I buy my vehicle from an auction with my approved car loan?
Vehicle purchases from an Auction are ONLY allowed if the Purchase Price of the vehicle is paid Directly to the Private Individual/Titled Owner(s) of the vehicle. The private individual/titled owner(s) of the vehicle must poses a State Processed Title with his/her name(s) as owner of record with the respective State Department of Motor Vehicles &/or Department of Transportation.
Vehicle purchases from Sellers with Non-State Processed &/or Re-Assigned Titles are NOT allowed.
Vehicle purchases from an Auction where the Purchase Price of the vehicle is paid Directly to the Auction (who then pays the Titled Owner(s) of the vehicle) are NOT allowed.
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What if the car dealer or lot can get me the same or better car loan terms?
Prior to answering this question, you need a better understanding of the Profits Car Dealers/Lots make by Obtaining and/or Controlling the Financing of your vehicle (i.e. your Car Loan).
When a Car Dealer/Lot obtains a car loan for you, they receive a "Kick-Back" from the lender. These "Kick-Backs" range from $50 to $500. If the Dealer/Lot chooses NOT to take the "Kick-Back", the Lender Allows them to "Mark Up" your Car Loan's Interest Rate and KEEP the difference for themselves. This "Mark Up" generally amounts to Hundreds of Dollars. See the following example:
Loan #1) $20,000 Loan, 60 Month Term, 6% Simple Interest Rate = $3,199.60 Total Interest on Loan
Loan #2) $20,000 Loan, 60 Month Term, 7% Simple Interest Rate = $3,761.80 Total Interest on Loan
Loan #2 has $562.20 More Interest which the Dealer/Lot keeps when they Obtain/Control Your Car Loan and
"Mark Up" your Interest Rate by 1%. A 2% Marks Up equals $1,124.40 and a 3% Mark Up equals $1686.60.
Car Dealers/Lots also make Hundreds of Dollars by Adding various Products and Services (Credit Life and Disability Insurance, Debt Cancellation/GAP Insurance, Extended Warranties/Service Contracts, etc.) into your car loan. All of these products increase the amount of your car loan's payment, amount borrowed and total interest charges.
Car Dealers/Lots also "Protect" the Asking Price (i.e. List Price or Amount they will Take/Accept) for the vehicle by Obtaining and Controlling your car loan. If a Dealer/Lot is Asking Too Much for a vehicle, your Lender will Not Allow you to obtain a car loan for the entire amount Demanded by the Dealer/Lot. In addition, some Lenders will tell you the Maximum Value of the vehicle but the Dealer/Lot will not.
Therefore, NEVER allow a Car Dealer or Lot to Obtain/Control your Car Loan unless their Car Loan's Intrest
Rate is At Least 2% Lower than the Interest Rate provided by one of the Recommended Lenders. You must also be Very Cautious of the Car Dealer or Car Lot Adding additional Products or Services to your Car Loan Amount.
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If the manufacturer or dealer is offering a special interest rate, will I save more money by choosing that car loan?
To properly answer this question, you need a Better Understanding of the following Three Topics:
1) How long will you keep the vehicle and it's Special Interest Rate Loan?
National statistics show that most individuals do not keep the vehicle and/or the car loan associated with the
vehicle for much more than one half of the loan's original term. A Special Interest Rate is only to your benefit
for as long as you keep the original car loan (Assuming no Rebate is involved.).
2) Are you Required to Give Up/Forgo a Rebate to obtain the Special Interest Rate?
In most cases, Vehicle Manufacturers require you to Give Up/Forgo an available Rebate to obtain a Special
Interest Rate. Additionally, the money you save by choosing either the Rebate or the Special Interest Rate
are generally very close to the same amount if you keep the Special Interest Rate Car Loan for the Full Term.
(i.e. If you take the Rebate, the amount you finance on your vehicle is reduced by about the same amount of
money you would save in interest by choosing the Special Interest Rate and Keeping the Car Loan for the Full
Term.)
DO NOT Assume that a Special Interest Rate Car Loan is the Best/Most Cost Effective Option. If you
do NOT keep the vehicle and the Special Interest Rate Car Loan for the Full Term of the Loan, you
will generally Save More Money by Choosing the Rebate and Acquiring a competitive Interest Rate
from one of the Recommended Lenders.
For an Exact Comparison of which Option Saves you the Most Money, calculate your car loan both ways.
(i.e. Rebate and a Competitive/Normal Interest Rate -VS- No Rebate at the Special Interest Rate)
In your calculation, the Term of the Car Loan should be the period of time you will actually keep the vehicle.
Use the Car Loan Calculator provided in:
STEP 1) LEARNING CENTER - Element #4. Payment-To-Income (PTI)
Guide for Comparison of Loan Options (Rebate -VS- Special Interest Rate) using the Car Loan Calculator:
a) Enter the required amounts into the fields of the calculator to obtain the Payment Amount of each Car
Loan Option. (Note: Make sure the Term equals the period of time you will actually keep the vehicle.)
b) Multiply the Payment by the Term used in the above calculation. This result is the Total Cost of Each
Car Loan (i.e. Payment X Term = Total Car Loan Cost).
c) Compare the two Total Car Loan Costs.
d) Choose the Option (Rebate or Special Interest Rate) with the Lowest Total Car Loan Cost.
3) Only Vehicle Manufacturers (i.e. Ford, GM, Chrysler, Toyota, Honda, etc.) can offer Special Interest Rates!
If a Dealer claims to offer a special interest rate car loan that is not available to every other Dealer (i.e. If
they are a Ford Dealer, all other Ford Dealers...if a Toyota Dealer, all other Toyota Dealers.) in their region,
this Individual Dealer is Tricking you with an Interest Rate "Buy Down". An interest rate "Buy Down" is when
the Dealer arranges an agreement with a specific lender to pay the lender the difference between the regular
/standard interest rate of your car loan and the interest rate the Dealer is offering as a Special Interest Rate.
The Dealer simply Adds this amount to the price of the vehicle you are buying. As a result, You Pay
the Cost of Your Own Special Interest Rate!
Therefore, ONLY choose a SPECIAL INTEREST RATE over a REBATE if ALL FOUR of the following apply:
A) The Vehicle Manufacturer is offering the Special Interest Rate Car Loan; and
B) You do NOT Give Up/Forgo a Rebate; and
C) You have Calculated the Total Cost of Each Car Loan Option; and
D) The Special Interest Rate Option has the Lowest Total Loan Cost over the Term in which you
Will Actually Keep the vehicle and it's Special Interest Rate Car Loan!
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What if the car dealer or lot will not allow me to use my car loan check to purchase my vehicle?
There is No Acceptable Reason why your car loan check should not be accepted for the purchase of a vehicle. You should TURN AND RUN! More than likely, you are not dealing with a honest, straightforward and reputable Car Dealer/Lot or Individual. Locate a similar vehicle from a different location/seller.
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What if my car loan approval amount is not enough to buy the vehicle I want?
There are Three Reasonable Answers to this question. They are:
1) Always, and I mean Always, Negotiate the Vehicle Price with the Seller! Money Talks...be prepared to
purchase the vehicle for the exact amount of your car loan check right then and there!
2) Call the lender's customer service number and Request the Amount Needed to purchase the vehicle.
3) Locate a Similar Vehicle that fits within your car loan check amount.
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What if I did not apply for enough money to buy the vehicle I want?
There are Three Reasonable Answers to this question. They are:
1) Always, and I mean Always, Negotiate the Vehicle Price with the Seller! Money Talks...be prepared to
purchase the vehicle for the exact amount of your car loan check right then and there!
2) Call the lender's customer service number and Request the Amount Needed to purchase the vehicle.
3) Locate a Similar Vehicle that fits within your car loan check amount.
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What do I do if the seller of the vehicle I am buying has a pay off on that vehicle?
Vehicle purchases that poses a Pay Off owed by the Seller are handled in various ways. Each lender has their own set of specific guidelines.
Contact the lender's customer service number for specific details.
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Do I have to use my car loan check to buy a vehicle?
Yes. All approved loans/checks/packets are intended for the purchase, refinance or lease buy out of a vehicle. No other use of the car loan proceeds is allowed.
(Note: Exceptions apply for individuals with Excellent Credit. See Lender for Details.)
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If I own my vehicle and have a free and clear title to it, can I get a new car loan on it and keep the money?
No. You can not use a vehicle you have free and clear title to as security/collateral for any approved car loan and keep the money. All approved car loans/checks are intended for a purchase, refinance or lease buy out.
(Note: Exceptions apply for individuals with Excellent Credit. See Lender for Details.)
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Are there any types of vehicles excluded from any available car loan?
Yes. The following category of vehicle are excluded:
1) Vehicles intended for Business Use.
2) Vehicles with Branded Titles.
3) Salvage vehicles.
4) Rebuilt vehicles.
5) Lemon Law vehicles.
6) Flood vehicles.
Vehicle Year and Mileage Restrictions Apply to All Vehicles.
Some lenders may restrict certain vehicle Makes &/or Models.
Contact the lender's customer service number for specific details.
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Can I buy a new or used vehicle with my approved car loan?
Yes. Both new and used vehicle purchases are allowed.
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Can I buy or refinance a vehicle that I am using for business purposes with my approved car loan?
No. Only vehicle purchases intended for personal use (non-business use) are allowed. Check back in the near future for availability.
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Can I refinance my current car loan with one of the recommended lenders?
Yes. Vehicle refinancing is allowed. Most generally, you must apply for refinancing with a new lender (i.e. not your current lender). Most lenders will not refinance their own/existing car loan.
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Can I purchase two or more vehicles and have only one approved car loan?
No. All approved car loans are intended for the purchase, refinance or lease buy out of a single vehicle. You may apply for two or more separate car loans from the same lender &/or different lenders.
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Can I get a car loan for a company or corporation from the recommended lenders?
Sorry, at the present time, no car loans are available for companies or corporations. Only car loans made to individuals for non-business use are available. Check back in the near future for availability.
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Do all of the recommended lenders offer simple interest car loans?
Yes. All of the recommended lenders offer simple interest car loans. In addition, all car loans poses fixed interest rates (i.e. the interest rate will never change) with no pre-payment/early pay off penalties or balloon payments.
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What kinds of car loans are available?
All car loans are Simple Interest with Fixed Interest Rates and have No Pre-Payment/Early Pay Off Penalties or Balloon Payments. Depending upon the lender, Loan Terms/Maturities are available up to 72 Months (i.e. 6 Years).
Approved car loans/checks/packets can be used for a purchase, refinance or lease buy out.
All vehicles must be purchased by and intended for personal use (non-business purchase or use).
All vehicle must be purchased from new or used car dealers/lots, private individuals, lease buy outs, auto purchase web sites and/or vehicle auction web sites where the purchase price of the vehicle is paid directly to the private individual/titled owner of the vehicle (i.e. Not to the auction who then pays the private individual/titled owner of the vehicle. Additionally, State Processed titled vehicle owner(s) only. No re-assigned title owner(s) with Non-State Processed titles are allowed.).
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Can I have my car loan proceeds deposited into my bank account?
Yes and No. Some lenders have this capability and others distribute loan proceeds in the form of a check. See lender for details.
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If my current car loan is with one of the recommended lenders, will that lender refinance my current car loan?
No. You must apply with a new lender to refinance your current car loan.
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Can I get two or more car loans from the same recommended lender?
Yes. Applying for more than one car loan with the same recommended lender is allowed. All individuals, applications and approved car loans must pass all lending requirements when requesting more than one car loan from the same lender.
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Are there any limits to how little or how much I request to borrow?
Yes. Every recommended lender has both minimum and maximum car loan approval requirements. Contact the lender's customer service number for specific details.
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How do I check the status of my car loan application?
There are Three Ways to check the status of your car loan application. They are as follows:
1) Call the Customer Service number provided by the lender(s) you applied with.
2) Check your e-mail for a status update.
3) Wait for a lender representative to contact you with a loan status update.
* In general, some of the Less-Than-Perfect to Bad Credit and No Credit lenders use this method.
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How long does it take to have my car loan approved?
Approvals from Good Credit lenders and some Less-Than-Perfect Credit lenders can be granted within one hour or less (during regular business hours). The maximum time for approval is generally twenty four hours. You will be notified immediately following your approval.
Approvals from most Less Than Perfect to Bad and No Credit lenders can be granted within one hour up to a maximum of forty eight hours (during regular business hours). You will be notified immediately following your approval.
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How long will it take for me to receive my car loan proceeds &/or check &/or packet?
After your car loan has been approved, your car loan check &/or packet will be sent to you the next business day. In some cases, it will be delivered at no cost to you via next day delivery service. Some lenders will have the ability to electronicly transfer funds to your personal checking or savings account (consult lender for details).
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Will I need a down payment?
Good Credit lenders generally do not require a down payment.
Less Than Perfect to Bad Credit lenders may require a down payment in the form of money down or a trade-in.
Contact the lender's customer service number for specific details.
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Do I have to use the entire amount I am approved for?
No. Your car loan approval/check is valid up to a maximum amount of your approval. You are not required to use the entire amount of your loan approval.
(Minimum car loan amounts do apply. Contact the lender's customer service number for specific details.)
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For how long is my car loan approval/check valid or good?
Your car loan approval/check is valid for 30 days from the date printed on the check. If it expires, simply return to The Car Loan Professor and Re-Apply with the same or any other recommended lender for Re-Approval.
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What is a Simple Interest Loan &/or why is it important?
A Simple Interest Loan is the method by which the lender calculates the interest charged on your car loan amount. This method only allows a lender to earn interest on the remaining balance of your car loan.
The Simple Interest Method takes the interest rate of your car loan and divides it by 365 days in a year (or 360 days in a year depending upon the lender). This result is then multiplied by the number of days since your last payment was made (or from the day you signed your loan agreement if this is your 1st payment due). Now, this fractional amount of your car loan's interest rate is multiplied by the remaining balance of your loan. The result of this calculation is the amount of interest the lender will deduct from your payment (i.e The amount of interest the lender has earned, based upon your loan's balance, from the time/date of your last payment). The amount of your payment that is left over/remains, after the interest deduction, is subtracted from your car loan's balance. The process/calculation explained above is repeated with each payment received by your lender. Therefore, the Simple Interest Method allows your Car Loan's Balance to become Smaller with Each Car Loan Payment and the Amount of Interest Deducted from each payment is also Proportionally Reduced.
Four advantages to having a Simple Interest Loan are as follows:
1) In most cases, there are no pre-payment/early pay off penalties.
2) Any amount you pay that is over your required monthly payment goes directly to reducing the balance of
your car loan (i.e. no interest is taken out).
3) The interest charge on your loan is less each month because your loan's balance is going down each month.
4) The lender can not charge you more interest than they have actually earned. In other words, the faster you
pay the lender back, the less interest you pay on your car loan.
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Can I get more than one car loan from the recommended lenders?
Yes. You can request, acquire or currently poses as many car loans with a single or multiple lender(s) as you quality for. All individuals, applications, and approved car loans must pass all lending requirements when requesting more than one car loan.
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Do the recommended lenders report to any of the three credit bureaus?
Yes. All of the recommended lenders report your car loan history to one or more of the three credit bureaus.
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Do the recommended lenders have any restrictions to the vehicle's model year and/or present mileage?
Yes. All of the recommended lenders have specific guidelines for the oldest model year and the maximum allowable present mileage to qualify for a car loan.
Contact the lender's customer service number for specific details.
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If I applied for my car loan with a co-applicant or a co-signer, will both of us need to sign the paper work?
Yes. Both you and the co-applicant or co-signer must sign the car loan paper work.
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If I applied for my car loan with a co-applicant or a co-signer, will both of us need to sign the check?
Yes. Both you and the co-applicant or co-singer must sign the car loan check.
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Will I and/or my co-applicant or co-signer have to sign the car loan paper work in front of a witness or notary?
There are Three Possible Answers to this question.
Two answers depend upon how Strict your Lender Interprets that area of Lending Law. If your lender has a strict interpretation, you and your co-applicant or co-signer will be required to sign the car loan paper work in front of a witness or notary. If your lender does not have a strict interpretation of this area of lending law, neither of you will be required to sign the car loan paper work in front of a witness or notary.
The Third answer depends upon your Lender's Technological Capabilities. You and your co-applicant or co-signer may be able to Electronically Sign the car loan paper work on the lender's web site. Thereby, eliminating the need for a witness or notary.
Contact the lender's customer service number for specific details.
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Will I and/or my co-applicant or co-signer have to sign the car loan check in front of a witness or notary?
There are Two Possible Answers to this question. Both answers depend upon how Strict your Lender Interprets that area of Lending Law.
If your lender has a strict interpretation, you and your co-applicant or co-signer will be required to sign the car loan paper work in front of a witness or notary.
If your lender does not have a strict interpretation of this area of lending law, neither of you will be required to sign the car loan paper work in front of a witness or notary.
Contact the lender's customer service number for specific details.
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