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Frequently Asked Questions for Credit Approval in Columbus, GA



Should I shop for a car before I figure out my financing options?

Consulting with a finance advisor is always a good idea before you start shopping for a car, but it’s a GREAT idea if you have bad credit. Talk with the finance experts in Columbus, GA and they’ll help you determine your credit options and give you an idea of how much you’ll be approved to borrow, which prevents you from picking a vehicle that’s out of your budget. If you find out about your credit options before shopping, it will limit the number of hard inquiries on your credit report and prevent your credit from sustaining any more damage.

Are there any minimum qualifications for credit approval?

Your personal loan application will be considered based on your credit history and personal equity. There are no pre-determined requirements for approval, but your credit standing does play a role. Take a look: if you have had good auto credit previously, you might not have to meet any minimums for employment or income. However, if you don’t have good credit, you will be required to meet certain minimums for income and employment (you need at least $15000/month fixed income and/or to be full-time employee).

Are my chances of approval better with a cosigner?

Yes, but you cannot rely on your Cosigner’s employment or income status to be approved.

How much will I be approved for?

The amount of your loan varies depending on several factors: your income status, personal equity, and overall credit history. Our finance offices utilize special equations to determine how much you will be loaned.

Do I need money for a down payment?

A down payment definitely helps, but is not mandatory. If you don’t have a down payment, ask our advisors about special considerations for no-money-down shoppers.

I have a car to trade, can I put that toward my down payment?

You certainly can, however, if you owe any balance on your trade-in vehicle, you will have to pay off that balance before trading in your vehicle and will likely get less back than your car is worth after paying it off. Ask our team about getting assistance if you’re currently upside-down on your current loan.

What will my monthly payments be?

Monthly loan payments are calculated relative to the total cost of the vehicle (price plus all taxes, fees, and licensing), your interest rate, your overall credit standing, and the age of the vehicle you’re buying. If you’re purchasing a less-expensive, newer car with fewer than 50,000 miles, you will likely get a lower monthly payment.

What will my interest rate be?

The interest rate of your loan is calculated is based on the age of the car you’re buying, your credit history, credit score, and personal equity. Our team will work to get you the lowest possible interest rate that fits your unique credit situation. Keep in mind that newer vehicles usually offer lower interest rates. As cars age, their interest rates will go up about one point each year.

Will I be approved if I have filed for bankruptcy in the past or am currently filing Chapter 13 Bankruptcy?

If you have a past bankruptcy on your credit report, all you need for approval is to have had that bankruptcy discharged OR on Authorization to Incur Debt from your bankruptcy trustee. Shoppers currently filing for Chapter 13 Bankruptcy can still be approved as well, but it may take longer (2-3 weeks) and you must get an Authorization to Incur Debt from your trustee.

I’ve never bought a car before, what can you do for me?

You can still get approved, just ask our finance team about our first-time buyer programs.

I had my car (or other property) repossessed last year, can I still get a bad credit auto loan?

Yes you can, but only if your repossession was outside of a bankruptcy and there is still an existing balance on the account. If you have had a repossession recently, your vehicle selection will be limited to newer vehicles under factory warranty and you may need a larger down payment.