Frequently Asked Questions

faqs
Over the years, we’ve been asked many questions.  We’ve put together this list of the most common – to help answer any questions YOU may have.  Please review this list below.  If you still have additional questions, just call or email us!

Q: Who can apply for a loan?
A:  Anyone who is a US resident and 18+ years of age.

Q: What all will I need to get ready?
A: Usually these items are all you need;

  • Proof of Income (pay stub)
  • Proof of Residence (utility bill or bank statement with address on it)
  • Your Drivers License
  • Your Social Security Number
  • Proof of Auto Insurance

Q: What if I am a first time buyer, with no credit?
A: Absolutely. We have loan program available to help you start establishing your auto credit history.

Q: Does my credit score change if I open or close credit accounts?
A: At first glance, it may seem like a good idea to close old credit accounts or open a host of new ones. But it’s not. More accounts can hurt, not help. Financial experts agree that you should not open multiple new accounts just to show a credit history. If you have had little credit in the past, build your credit history slowly. Open no more than one or two accounts initially. Also, don’t close your old accounts. A long credit history has a positive impact on your credit score. Having a large number of accounts in good standing with zero balances is a plus, not a negative.

Q: Is your online application secure?
A: YES!  Not just our application, but our entire website is secure!  You can see the “lock” in the address bar, as well as the HTTPS in the address.  This shows the page and any information you submit is fully encrypted.

Q: What is a credit score?
A: A credit score is a number that reflects your risk level, as an individual, to a lender. The higher the number, the lower the risk will be to the lender. As you apply for increased credit or attempt to make a purchase, the lender will check your ability to pay back that loan. The more negative marks you have on your credit report, the less likely you will be granted the loan or purchase you requested.

Q: How is my credit score calculated?
A: The formula used to calculate your FICO score includes information based on several factors: 35% on your payment history 30% on the amount you currently owe lenders 15% on the length of your credit history 10% on the number of new credit accounts you’ve opened or applied for (fewer is better) 10% on the mix of credit accounts you have (mortgages, credit cards, installment loans, etc.)

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