Even if you have a great credit history and a high credit score, you should examine all your financing options. This is where Cloninger of Salisbury can help the most, we have a full range of lenders waiting to service our customers credit needs, so we can find the best financing to fit your needs.Sometimes circumstances in life happen and you make decisions that can damage your credit history. Loss of job, vehicle stops running or medical bills that leave you short for a period of time.
When it is difficult to get a loan and you are having trouble recovering from an unfortunate circumstance or series of circumstances...Cloninger of Salisbury gives you a way. Our network of lenders can help you rebuild and also have the reliable transportation you need to get to the back on the road.The Cloninger of Salisbury Promise is to always find you the right financing to meet your needs and never obligate you to more than you can afford.
We have lenders on standby that can assist if you have completed your Chapter 13 or Chapter 7 Bankruptcy. Even though Bankruptcy may remain on your credit for up to 10 years, the best way to move past this is to re-establish with new credit... and a vehicle loan is one of your best opportunities here. We can help you re-establish once your Bankruptcy is complete and you have received your discharge letter. Or if you have a Bankruptcy in the past and would like to start re-establishing give us a call.
Unfortunately we cannot help if your Bankruptcy is still open and has not yet been dismissed or discharged.
In the event that you have had a vehicle either voluntary or involuntarily re-possessed you can get another loan. With many of our lenders you will be eligible after one year. A handful of lenders will accept 6 months and we have even obtained approvals for shorter time periods. Be warned however, the size of your down payment will have the most impact on getting a lender to take the risk again.
Our lenders know that things come up. In most cases we can help even if you have slow credit card payments, high balances, charge-offs, medical bills and other less than perfect payment history.
If you are a home owner and you had some slow payments or you are in a loan modification, in most cases we can help. The lenders understand and want to get you a loan to help keep your budget in place with an affordable payment. Some lenders may request a copy of the new arrangement and will approve you for a new or pre-owned vehicle.
The requirements for being considered for an auto approval are not difficult. You must be employed or receiving some sort of regular benefits like disability or social security, at least 18 years of age and a citizen or registered permanent resident of the United States.
So apply today! Upon Completion of your application, one of our loan officers will be in touch with you to discuss your particular situation. Generally, a two year history is required in order for our lenders to consider you for a loan.
It’s the day you have looked forward to – the day you drive off in your new vehicle! We will need to do a little paperwork before you leave – so please double check and make sure you bring everything we’ll need. The process will be quicker and easier.
The loan amount that you will get pre-approved for is based on a number of factors. They are based on income, and age of the vehicle and the overall risk assessed by the lender. All documents must be turned in before a true number can be given.
Yes! Additional money, however, may be required if there is a lien on the automobile that you are trading.
If you're shopping around for an auto loan or more credit, you should know that when creditors check your credit, it places an inquiry on your credit report. Inquiries can add up, which is often interpreted negatively by creditors. For this reason, too many inquiries can actually make getting an auto loan more difficult.
A Cosigner may be considered for a Buyer who does not comply with all the credit requirements. The income of the Buyer, however, must meet all the income and budget guidelines without reliance upon the income of the cosigner.
Monthly payments are based on your credit profile and the vehicle you are purchasing. Newer, lower mileage cars qualify for extended terms. The best payments are on less expensive cars that have less than 50,000 miles.
Rates are based on your credit history and the equity position of the loan. We will negotiate the best situation we can based on your credit profile. The higher your credit rating and down payment the lower your rates will be. Also, the model year of the vehicle plays an important role. Rates generally increase 1 point per model year. So, the older the car, the higher the rate.
If the repossession was not included in a bankruptcy and there is still a balance on the account, you can still pre-qualify. Greater money down requirements will apply and vehicle selection will be limited to newer cars that are still under factory warranty.
As long as the bankruptcy is discharged, yes you can. We can help you re-establish once your Bankruptcy is complete and you have received your discharge letter. Or if you have a Bankruptcy in the past and would like to start re-establishing give us a call. Remember, a Bankruptcy may remain on your credit for up to 10 years, the best way to move past this is to re-establish with new credit... and a vehicle loan is one of your best opportunities here.
Cloninger of Salisbury often has several First Time Buyer Programs that are available with our lenders and manufacturers. These programs will help you not only qualify but also, occasionally, reduce the cost of the vehicle
With the relationships we have built with our lenders for selling quality vehicles and the years of experience helping people with a problem get back on track. Our process ensures that each application has the best possibility of approval prior to submission.
We recommend that you consult with one of our Sales Associates first. They can determine how much you qualify for before you start shopping. This method will increase your chances of approval and decrease the number of inquiries on your credit report. Inquires usually have a negative effect on your credit rating.
You decide to buy a new $40,000 vehicle at a dealership without being approved. The dealer may keep submitting your application until it is approved or the dealer has exhausted all their lender resources. We are not going to wish you in to a car loan but prepare a reasonable loan package so you are approved. We need to determine if you qualify for the Armada. If so, your loan package will be submitted. If you don't qualify, we’ll guide you to the best vehicles and financing options that fit your needs, without numerous inquiries showing up on your credit report. Most dealers are trying to sell you the vehicle you want but not doing the due diligence to make sure you can afford the vehicle.
There are no minimum qualifications to pre-qualify! Each auto loan application is evaluated based on the credit profile and equity position. An applicant with previous good auto credit, for example, may not have to meet income and job time requirements; whereas an applicant with a recent repossession would.
Lenders prefer newer vehicles still under warranty so you won't have to worry about unexpected repairs.
The foregoing information is for informational purposes only and is not legal advice. Every applicant's credit situation is unique and third party financing approval is not guaranteed. Dealer does not provide financing.