What is a co-applicant, and why might I need one?

A co-applicant is anyone who is will be used to guarantee repayment of the loan. Typically, it is a spouse or parent; however, a co-applicant can be anyone who shares an interest in getting the loan approved. For example, a sibling or domestic partner may be used as a co-applicant. Co-applicants are also used when the primary applicant cannot be approved on their own.

Can I get an auto loan even if I have bad credit?

The short answer is yes. However, there are usually conditions that lenders require to ensure repayment of the loan. For instance, a lender may request a co-signer or a larger than usual down payment. If you know that your credit is an issue, it's advantageous to offer a larger down payment to begin with. Lenders look more favorable on those with bad credit who are willing to invest more cash upfront than those who put down as little as possible. Additionally, the annual percentage rate (APR) may be higher than usual with a loan approved with bad credit. Some lenders specialize in bad credit loans, which Middlekauff Auto Mall has access to.

Can I get a car loan after bankruptcy?

Yes. As long as the bankruptcy has been discharged. Lenders are willing to give applicants a second chance, which is why bankruptcy exists. However, you must meet the lenders' specific criteria for approval.

Can I put zero down?

In certain instances, zero down payment may be allowed. Special financing offers often include zero down payment options. Keep in mind, payments may be higher than usual, and gaining equity in the vehicle will take longer.

Can a college student get a car loan without a job?

Depending on the circumstances, a college student may be able to get a loan without a job. In almost all situations, a co-signer is required and a good credit score.

If I apply - does that hurt my credit?

Credit inquiries remain on your credit file for two years. The impact is minimum and slowly decreases over the two years. If you're rate shopping for an auto loan, credit scoring models will categorize multiple hard inquiries as one inquiry, as long as completed within a certain time frame - typically 14 days.