Special Financing FAQ
Special Financing Frequently Asked Questions
How much money will I need to put down?
Whatever works for your budget. Any more than that may cause you to miss your first payment. Money down can certainly help and is recommended, but we realize that money down may not work for everyone. We’ll work with you personally to find the right solution that fits your budget.
How long does it take to get into a vehicle with bad credit?
Our representatives at Honda of Toms River will contact you within 1 hour Monday-Saturday 9AM-9PM. Our team is ready to react to your needs as they arise. We understand that you need a car fast. We work specifically with bad credit and auto loans for clients who need special assistance in getting into a vehicle. Dealing with your preferred New Jersey Honda dealer will be the best car buying experience you have had.
If I don’t like the car can I return it within 3 days?
Buying a new or used car should be taken seriously and if you don’t like the car you should not buy it. Our team is more interested in finding the best vehicle for your needs so that you will return to buy additional vehicles and tell your friends and family about us. We have no problem letting a customer test drive a car for an hour or two to make sure their client enjoys the car.
If I use a co-signer will the car loan show up on my credit report?
In most cases, yes. It’s a great question and it’s important for you to be building your credit as it is due. We understand how important this can be and will do everything we can to get you the credit you need.
What if I am upside down and have bad credit. Can I still get an auto loan?
We understand what it takes to get you out of a high interest rate loan that has contributed toward you being upside down on your car loan. We stock inventory that can make your deal happen even if you have negative auto equity. Don’t be discouraged, just be patient and flexible. Let our experienced 5-Star Rated Honda staff work with you to get you the vehicle that is right for you no matter what the situation.
What is my interest rate going to be?
We want to get you into a car and at the payment you need. With that said, our desire is to get you the lowest possible rate for your situation so that the payments are both low and affordable. Rates will always vary with credit situations. The good news is that we often times get our customers single digit interest rates and if you have a trade-in and have been working on your credit by paying your car payments on time, there’s a very good chance we will get you a lower rate than the one you have now.
How does a guaranteed auto loan work?
The sad truth is these loans are hardly ever guaranteed. However, we do offer a program that can get you into a car in almost all instances. The program requires a minimum income and a fair amount of money down. A guaranteed auto loan usually consists of a shorter term loan as well and should allow for you to rebuild your credit and move into another loan.
Can a co-signer have their name taken off of a car loan during the term of the loan?
Only if it is refinanced. There is no method through titling or re-titling at a certain period of time that will get your co-signer off of a loan. Do not listen to dealerships that tell you you can take a co-signer off after 6 months or some finite period of time. It does not work that way. Pick the Payment dealers are interested in setting you up in a loan that is not the one you need.
Can I get a loan if I have bad credit but my co-signer has good credit?
Yes. And in fact it is an excellent way to save you thousands of dollars in unnecessary finance charges. Most lenders will give you a much better rate if you have a strong co-signer. The Honda of Toms River Finance Department will do what they can to connect you to a lender who will be suited to your situation.
Does it matter if I am first or second on the car loan so that it gets reported to the credit bureaus?
No it doesn’t. As long as the lender or bank will be reporting to the bureaus then you will receive credit as does the other co-signer on the loan.
Can I use my Social Security and/or Pension as income for my car loan?
Absolutely! In fact, some lenders will allow us to “gross up” your social security income as it is earned tax free. This means they may credit you up to 125% of your income, meaning that if you get $1000.00 per month in social security income you would be able to tell the bank you earn $1250.00 per month. When qualifying for a loan every little bit helps. We know how this works and will get you connected with the lender who will give you the best financing situation. Hands down.
If I have an open bankruptcy can I get a car?
In some cases with permission from the trustee, you can. If you are in an open Chapter 7, almost always the answer will be no. The best thing for you to do is wait until you’re discharged from your Chapter 7.
What if I total a car and the insurance does not pay off the total balance? Do I still owe?
First word YES, second word GAP. GAP stands for guaranteed asset protection. Many insurance companies out there don’t want to give you what your car is worth. This makes GAP for your car loan an appealing option. Why take a chance on being responsible for thousands of dollars you may owe the bank if this happens when for a few dollars per month, you can have peace of mind. Please discuss GAP with the finance manager or sales manager at Honda of Toms River.
Should I buy a new or used car if I have bad credit?
The answer really depends on how good the rate is on the loan and how long you plan on keeping the car. If the rate is high, then the best option is to buy a used car and trade as soon as possible once your credit improves. If you get a decent loan and will be staying in the car for at least 4 years consider buying a new car. We will do what you decide makes the best sense for you. We do a great job of offering a cheap used car or a low new car payment in New Jersey.
How much does it cost to get a bad credit car loan?
Absolutely nothing! We specialize in bad credit car loans and it’s completely free. We specialize in assisting people with their bad credit auto financing needs. All you have to do is fill out a finance application or call (888) 252-7359 and you can be on your way to getting an auto loan.