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TOP 10 QUESTIONS

Will my Credit Score drop if I apply for a vehicle loan?
If it does, it probably won’t drop much. Most Credit Scores are not affected by multiple inquiries from auto lenders within a short period of time. Typically, these are treated as a single inquiry and will have little impact on the credit score.

Can I get a vehicle loan if I recently had a Bankruptcy?
Yes. Spirit Ford has several lending institutions that specialize in Lending to people who have had recent blemishes on their credit report. In many cases, you can buy a vehicle with little or no money down.

Do I have to finance with Ford Credit or are there other options available?
While Ford Credit is a good option for financing your vehicle purchase or lease, Spirit Ford has more than 20 banks (Huntington, Citizens, Chase, 53rd, etc) and credit unions (TLC, MCCCU, Lake Trust, etc.) available to them to help you receive the best financing options available on your new or pre-owned vehicle purchase.

How long can I push out the first payment on my vehicle loan?
Typically first payments dates are 30 – 45 days from the date of purchase. We have the ability to push them out as far as 60 – 90 days to first payment with lender approval.

If I choose to pay my loan off early, am I responsible for all the finance charges?
Your vehicle loan is simple interest with no pre-payment penalty. This means you only pay interest for the term the loan is actually open and not the term the loan was initially set up for if paid off early.

I recently went thru a loan modification on my mortgage. Will this stop me from getting a vehicle loan?
Many people have been thru loan modifications on their mortgages over the past few years. Our lenders realize this has become a fairly common practice and now make exceptions for these instances. Generally, a loan modification by itself will not prevent you from receiving a vehicle loan.

I am currently in a Chapter 13 Bankruptcy. Can I get a car loan?

It is a little more difficult but we have lenders available who are willing to lend to those currently in a Chapter 13 Bankruptcy. In most cases, you need to receive approval from the bankruptcy court to take on the new debt.

Do I need a down payment to finance a vehicle?

While having a down payment can help lower your monthly payment and create less risk for the lender, we have several lenders that will allow no money down when buying/leasing a vehicle.

I really don’t have much credit. Will I need a co-signer to get a loan?

Not necessarily. A co-signer may make it easier to obtain vehicle financing but we have several lenders with First Time Buyer programs to help those with good jobs and no co-signers available.

Can Spirit Ford get me pre-approved on a vehicle loan ahead of time so I know what I can buy?

Absolutely. Many people are afraid of possibly being denied financing. Spirit Ford can help out by getting you pre-approved and helping you find the vehicle that will fit your needs and payment. Just contact us and we will get the information needed to get your approval ready.

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