Q: How do I obtain an auto loan through preferred lenders?
A: Complete and submit your loan application online and receive a response in as little as 30 seconds. If approved for an auto loan, your loan document package and check will arrive in about three days for use at a franchised new auto dealer.
Q: Who may apply for a preferred lenders auto loan online?
A: To be eligible for one of our online auto loan products, you must be 18 years or older and reside in the U.S.
Q: What factors affect my loan interest rates?
A: There are several factors affecting the loan interest rate you may receive, primarily:
- Your personal credit quality based on your history of repaying various debt obligations
- The depth of your credit history
You can check your credit score through Equifax, the leading consumer credit information company in the U.S. Please remember that preferred lenders Auto Finance will still need to obtain its own credit report when you submit your loan application.
Q: How do you rate my credit?
A: Based on industry standards, credit ratings can fall into four categories: Excellent, Good, Average, and Fair.
Q: How much can I borrow?
A: Ourpreferred lenders auto loans are offered in amounts between $7,500 and $100,000. The amount of money you are eligible to borrow is based upon your individual credit history and your financial ability to repay your loans.
Q: Who will see my loan application?
A: Only our team of loan analysts will see your application. The personal information you give preferred lenders is stored in our customer database. Your information will never be sold to another company and will only be used by preferred lenders to offer you special incentives if you choose to receive them.
Q: How secure is my online application?
A: The security of your sensitive financial information is vital to preferred lenders. To ensure the security of your data, we use a sophisticated application security system that uses a symmetric encryption algorithm cipher to move data across the Internet.
Q: How soon will I know that my loan has been approved?
A: Most credit applications are reviewed within 30 seconds. If your loan has been approved, you will be notified online and you will receive an email with the loan details and instructions. In some cases, you will receive a message that your loan application requires further analysis by our loan officers. In these cases, we will email you with the results of your application within one business day of your request.
Q: What if I am not approved?
A: We are confident that a large number of our customers will be approved for credit. If for some reason your credit is declined, you will be notified via a combination of online display, email and U.S. mail letter. If your request was declined based upon information in your credit report, the letter will include the credit reporting agency and contact information. You may contact the credit agency directly for a detailed explanation of your credit history and what action you can take.
Q: How long is my loan approval good for?
A: After approval, you have 30 days to complete the loan package.
Q: If I don't use my approval package, what should I do?
A: You are under no obligation to use your loan package or check. If you decide not to use your loan, please dispose of the documents safely.
Q: When will I receive my loan package?
A: If your loan application has been approved, a personalized document package will be sent to you, upon your request, within three business days via UPS.
Q: What is in my loan package?
A: Approved loan applicants will receive a personalized document package containing step-by-step instructions, a check and disclosure information.
Q: How does the auto dealer validate the check?
A: The dealer must fax certain documents to the preferred lenders Auto Loan Center before money is transferred and the check is valid.
Q: Where can I use my check?
A: Your check is only valid towards the purchase of a new or used vehicle from any franchised new auto dealer, that is, a dealer selling at least one domestic or import brand.
Q: I want to purchase a vehicle from a private party. Where do I go?
A: To learn about or apply for auto financing for private party purchases, click here.
Q: Do I have to use the full loan amount?
A: You are not required to use the full loan amount. Use only what you need, as long as the amount of your vehicle purchase is greater than the minimum loan amount and less than or equal to your maximum loan amount.
Q: Do I need to reapply for a higher loan amount?
A: You do not need to reapply online.
Q: Are there any penalties if I prepay my loan?
A: No, you may payoff part or all of your loan at any time without incurring any penalties.
Q: Can I obtain online information about my preferred lenders auto loan?
A: As an online banking customer, you can access your auto loan information 24-hours a day through preferred lenders Online. You can view the status of your loan including principal balances, interest paid, payment due date and amounts, and the detail of your account history. If you don't currently have online account access, apply now.
Q: Can I make online payments to my preferred lenders auto loan?
A: Yes, preferred lenders Online customers not only enjoy the convenience of anytime, anywhere online access to their preferred lenders auto loan account history and information- they also can make immediate payments via online funds transfer from another preferred lenders account. It's a fast and convenient way to pay with a few simple clicks of the mouse!
Q: Can I set up automated payments from my checking or savings account for my preferred lenders auto loan?
A: Yes,you can if you wish to set up regularly scheduled automated payments (ACH payments) from an existing preferred lenders checking or savings account (or from an account at another financial institution)
Q: What types of vehicles do you finance?
A: We offer financing for new and used cars, light trucks, SUVs and mini-vans from franchised new auto dealerships only. Untitled vehicles of the current model year, with 6000 miles or less will be considered a new vehicle. Used vehicles are defined as vehicles up to six years old with less than 100,000 miles and from a franchised new auto dealership. Ineligible vehicles include collector cars, taxis, salvaged vehicles, Lemon Law buy-backs and vehicles with more than 100,000 miles.
Q: Are there any insurance requirements for an auto loan?
A: Yes, proof of auto insurance is required with our auto loans. Maximum deductibles for comprehensive (including fire & theft) and collision are $1,000. If you need help obtaining auto insurance, preferred lenders offers a broad range of auto insurance plans to meet your needs. email help@getbadcreditautoloans.com if you have any questions.
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