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Frequently Asked Questions

Shopping for a new car can be a very time consuming and frightening task, especially when you have a few dings on your credit.

Auto Loan Approval Services was formed to help good people who have had bad things happen to them, which adversely affected their credit. Our goal is to take all of the guess work out of the financing of your vehicle, so you can visit a dealer with the confidence of a shopper who has good credit. Like I said before, even with good credit, shopping for a new car or truck can be a grueling task.

Click on a question below to view a response.

  1. How will this website help me shop for a car?
  2. Is my privacy protected?
  3. Why do you need my Social Security Number?
  4. How does this service work?
  5. What is "Bad Credit"?
  6. How can having bad credit hurt me?
  7. How can I improve my Credit Score?
  8. I am looking for a car loan. How much can I borrow?
  9. Can I even get a car loan if I've had a bankruptcy?
  10. Do I have to make a down payment?
  11. What is my interest rate going to be?
  12. Is loan eligibility based solely on my credit score?
  13. I am a first time buyer with no credit history. Can I still buy a car?
  14. Can I finance a vehicle bought from a private owner?
  15. Can I get an auto loan even if I had a previous repossession?
  16. Can I qualify for an auto loan if I went through a foreclosure on my home?

1. How will this website help me shop for a car?

AutoLoanApprovalServices.com specializes in car credit information and auto loans for people with bad credit. AutoLoanApprovalServices.com will assist you to find competitive rates through our nationwide network of subprime banks and special finance auto dealers for you to make an educated consumer decision. Having over 30 years in the auto industry we already have the relationships you are looking for. Skip the shopping from dealership to dealership and fill out our SSL Secure online auto loan application now, so we can start helping you today.

2. Is my privacy protected?

Absolutely! AutoLoanApprovalServices.com is a SSL Secure website. We keep everything confidential and maintain the strictest encryption of sensitive information. AutoLoanApprovalServices.com will always maintain the highest level of security for our customers and clients.

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3. Why do you need my Social Security Number?

Like a fingerprint, every person has a unique credit situation. Your social security number will allow us to pull your credit to search our lenders and pinpoint your exact credit situation and will assist you to find a loan approval and competitive rates for you to make an educated consumer decision.

4. How does this service work?

This loan approval service is absolutely 100% free. We are here to help you secure auto financing by pairing you with a local loan advisor in your area who is ready and willing to assist you immediately. Fill out the application and you could be driving home today. It's that Easy!

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5. What is "BAD CREDIT"?

Having poor credit is an uncomfortable subject for many. Many people who have bad credit often find themselves in difficult situations financially. But what exactly does it mean to have "bad credit," "blemished credit," or "less-than-perfect credit?" Well, it can mean a few things. A person can have bad credit from not paying their credit card bills or monthly mortgage payments on time or missing them altogether. It may be that you shared account(s) with person(s) It may be that you shared an account or two with your spouse who had bad borrowing habits which affected your credit. Or it could be that you've gone through a bankruptcy or foreclosure process. It can also mean having a low credit score. Credit scores can range from approximately 300 to 850, though that range may differ depending on which credit reporting bureau is computing the score since each uses different algorithms. Your credit score is affected by numerous things such as whether you pay your bills on time, carrying high balances in relation available credit, whether or not you borrow a lot of money from numerous accounts, the amount of time you've been borrowing, and the types of credit you're using (e.g. auto loan, mortgage, credit cards, etc.) The more negative marks you have on your credit report (such as late payments, bankruptcies, etc.), the lower your credit score.

6. How Can Having Bad Credit Hurt Me?

Having a poor credit history or a low credit score can seriously affect you financially. One thing that can happen is that you could be denied credit. A low credit score indicates to lenders that you are a high-risk borrower and they may not be willing to lend you money. Another is that if you aren't denied credit, it may be more expensive for you to get credit. You may have to pay more in fees or with a higher interest rate which will increase your monthly payment. Loans of this type are known as "sub-prime loans." They usually come with a higher interest rate, but they not only allow you to make necessary purchases which require financing, but they also allow you the opportunity to establish a better credit rating to make credit purchases easier in the future.

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7. How can I improve my Credit Score?

Today, more than ever, it seems that maintaining a perfect credit profile is more difficult than letting your credit go bad. Having poor credit is a difficult situation to be in, but you can take steps to improve your situation. An important step to take is to find out what your credit score is and what appears on your credit report. There are many free credit reporting companies online, so you should have no problem finding that information. If you need help doing so, pleaes feel free to contact us. You'll be in a better position to know how to improve your situation. And if you can improve your financial situation, you'll become a better borrower able to qualify for better loans. Following are a few simple steps you can take on your own to start rebuilding today:

  • Pay off your debt; Don't just move it from account to account.
  • Pay all of your current bills on time, especially the credit accounts which report every monthly payment to the credit bureaus!
  • Challenge items on your credit report which may be improperly reporting against you.
  • Acquire new credit accounts (even if they are high interest) and pay them on time. Collateral loans (i.e. vehicles, jewelry, etc.) are the easiest type to qualify for, since the lender has an item they can repossess if defaulted.

8. I am looking for an auto loan. How much can I borrow?

That depends on your personal credit information. Credit rating is dependent on how much money you have, how much money you owe, and whether you're past bills have been paid on time. Our network of loan advisors will determine your loan eligibility and amount you qualify for, based on these and other factors. Fill out our SSL Secure online car loans application now to get started and find out how much you qualify for.

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9. Can I even get an auto loan if I've had a BANKRUPTCY?

Absolutely! Anyone can get a loan or financing even if they had a bankruptcy. Remember, banks are institutions which conduct business and loan money based on risk and reward. By going through a bankruptcy, you are showing lenders that you care about your credit and take your bills seriously, so you are taking care of your financial situation rather than simply ignoring your bills and building up collections and judgments against you. You CAN qualify for a loan even if you have gone through a bankruptcy. You may even qualify for credit before your bankruptcy is discharged. By clicking 'Yes' at the bottom the SSL Secure online auto loan application, your loan package will be routed directly to a loan advisor who specializes in working with auto buyers who have gone through a bankruptcy.

10. Do I have to make a DOWN PAYMENT?

Although a down payment is not always required and in some cases a car is financed with no down payment, it may be required or more beneficial to have a down payment. Your local loan advisor will work with lenders to determine how much down payment you will need, if any. Certainly, having a larger up front investment decreases the risk the lender is exposed to; therefore a larger down payment can decrease your interest rate and improve your chances of acquiring an auto loan, especially if you have not-so perfect credit.

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11. What is my INTEREST RATE going to be?

Rates are based on your credit profile and the equity position of the loan. Subprime banks issue interest rates based on the potential risk that the loan is not going to be paid back. So, again, the interest rate is determined based on your current credit profile. The higher your credit rating, the more efficiency you show in other areas and larger the down payment the lower your interest rates will be. Also, the vehicle plays an important role in determining interest rate. Rates are generally based on the particulars and condition of the vehicle you purchase. Your local loan advisor will work with you and the lenders to get you the perfect vehicle for your situation and that you are looking for.

12. Is loan eligibility based solely on my CREDIT SCORE?

No! Your credit rating as reported by any of the three main credit bureaus: TransUnion, Equifax, or Experian, is a crucial piece of the puzzle in determining your loan eligibility. However, other factors are weighed heavily by the lender processing your loan to determine your overall creditworthiness. That is why it is absolutely imperative you have your loan handled by a professional in our nationwide network of loan advisors who know exactly which bank will rate you the highest from these other factors: employment time, income, residence history, payment history on other loans, payment history of non-related accounts, total debt and other ratios, the year, make and model of the vehicle, and many other factors.

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13. I am a FIRST TIME BUYER with NO CREDIT HISTORY. Can I still buy a car?

Yes, you can! You came to the right place. AutoLoanApprovalServices.com network of loan advisors has many different programs specific to your first time buyer needs. Our network of auto dealers and lenders will work with you to determine the best vehicle and auto loan solution for your specific needs. If you have a job or a co-signer, or both, you are more than likely eligible for an auto loan. Let one of our professional loan advisors look at your application today!

14. Can I finance a vehicle bought from a PRIVATE OWNER?

Since AutoLoanApprovalServices.com cannot determine the quality or dependability of the car you are financing through a private owner, we cannot guaranty the car you are buying privately can be financed by our nationwide network of lenders. Fill out this SSL Secure online car loan application and your Local Loan Advisor will work with you to find the perfect vehicle for your financial and credit situation and that you are looking for.

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15. Can I qualify for an auto loan even if I had a previous REPOSSESSION?

You certainly can. Now remember, banks are institutions which conduct business and loan money based on risk. The fact that you had a previous repossession does not necessarily mean you will not make your car payments in the future and the banks know that. They do however look at you as a high risk for default based on your previous repossession, so they will have limitations for your loan like lower loan amounts and higher interest rates. You CAN qualify for a loan even if you had a previous repossession. You must work directly with an auto loan specialist to get the best loan available to you. By clicking 'Yes' at the bottom our SSL Secure online auto loan application, your loan package will be routed directly to a loan advisor who specializes in working with auto buyers who had a previous repossession.

16. Can I qualify for an auto loan if I went through a FORECLOSURE on my home ?

YES YOU CAN! Now remember, banks are institutions which conduct business and loan money based on risk. The fact that you went through a foreclosure does not necessarily mean you will not make your car payments in the future and the banks know that. They also understand that the economy has been tough on many good people and now they have bad credit because of it. They do however look at you as a high risk for default based on your foreclosure, so they will have limitations for your loan like lower loan amounts and higher interest rates. You CAN qualify for a loan even if you went through a foreclosure. You must work directly with an auto loan specialist to get the best loan available to you. By clicking 'Yes' at the bottom our SSL Secure online auto loan application, your loan package will be routed directly to a loan advisor who specializes in working with auto buyers who have gone through a foreclosure.

* The statements contained in the website should not be construed as guarantees and are not meant to substitute for financial and/or legal advice. Auto Loan Approval Services sole purpose is to connect you with the right auto dealer in your area who can help you get a loan and a vehicle immediately. Fill out our online credit application to get started today!


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