Get approved or shop for a car, which should I do first?
Our finance office recommends that Broken Arrow, OK shoppers with bad credit consult our finance team before shopping. We will determine your car loan amount in order to limit the number of inquiries into your credit before you shop and help you get a feel for your budget and buying power. Fewer inquiries means a better credit score in the long run.
Are there any minimum qualifications for credit approval?
Our finance experts will evaluate your vehicle loan application based on your credit history and personal equity position. There are no standard requirements for approval, but shoppers with bad credit might have to meet certain employment and income minimums in order to be approved. Here’s an example, if you had good auto credit previously, you might not be held to any employment or income requirements, while someone without good standing would need to meet those requirements in order to be approved.
Are my chances of approval better with a cosigner?
Yes, but you as the Buyer must meet any income and/or employment requirements and you cannot rely on your Cosigner to meet those requirements.
How much will you loan me?
The amount of money our dealership (or our lending partners) can loan you varies due to several different factors including your income status, credit history, and equity. Our finance office team uses special equations to determine how much to lend our bad credit buyers from Tulsa and Wagoner Counties.
Do I need money for a down payment?
A down payment will be very helpful, but it is not necessarily mandatory. Auto buyers with little or no money for a down payment should consult with one of our credit advisors and ask about special no-money-down considerations.
I have a car to trade, can I put that money toward my down payment?
At our Broken Arrow, OK dealership, we want to make it supremely easy to buy a new car, and we specialize in taking trades of all kinds. Keep in mind, though, that if there is any outstanding balance on your trade-in vehicle, you’ll be getting less back than your car is worth after paying off that balance. Ask our team about getting help to pay off your current vehicle.
What will my monthly payments be?
Your monthly loan payments will be determined based on the cost of the vehicle, your interest rate, all applicable taxes and fees, and your credit history in general. If you’re buying a newer, less-expensive car with fewer than 50,000 miles, it’s very likely your monthly payments will be lower.
What will my interest rate be?
Unfortunately, there’s no simple answer to this question, though it is a good one. Your interest rate is based on your personal equity, credit history, credit score, and the price of the car you’re buying. Our finance department will work to secure you the best possible rates in Oklahoma for your personal credit situation. If you have good credit (above 640) and a large down payment, you can get a lower rate. Newer vehicles also provide lower interest rates. As cars age, their interest rates will go up about one point per 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?
Our finance office offers several First-Time Buyer programs.
I had my car 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.