Curious if you can qualify for a car loan? Get the answers to your most frequently asked pickup truck financing questions right here.
What is APR?
This is the Annual Percentage Rate. The interest rate is the percentage of the principal that a lender charges you to borrow the money.
How is my APR decided?
There are many variables associated with defining APR rates.
- Current economic/market conditions govern bank rates.
- Credit score and payment history.
- Your down payment amount.
- The amount you finance.
- The type of vehicle you’re financing.
- Length of your finance contract.
What is a co-signer or co-applicant and why would I need one?
A co-signer is a person who guarantees timely payments of monthly car loan installments and assumes responsibility for payment if a borrower misses payments. You may need a co-signer if you have negative credit or no credit history and want to get approved for a lower interest rate.
Is my trade-in considered a down payment?
Yes, when buying a car or truck, your trade-in vehicle can serve as your down payment. However, there are factors to consider in that decision such as whether or not it’s paid off (there is no loan on the vehicle) and how much equity you might have.
What is a good down payment on a pickup truck?
A down payment isn’t always required for purchase, but it’s definitely a good idea. Consider these two important factors to determine how much your down payment should be.
- Credit Score: your score will help the bank determine what they require. The higher your score, the lower your down payment amount needed.
- Monthly budget: the higher your down payment, the lower your monthly payment will be.
Can I qualify for a car loan if I have bad credit?
Buying a pickup truck with bad credit can be intimidating. If there was ever a good example of the phrase, “Knowledge is power,” it’s in taking on the process of buying a pickup truck when your credit is less than perfect. The first thing you need to know is – it’s not hopeless.
- Talk to your dealer first. Get the right information instead of assuming you won’t qualify.
- Work on your credit before you start shopping.
- Get Pre-Approved (we have an easy way to do that here)
Can I get a car loan after bankruptcy?
- Look for the lowest interest rate but be realistic.
- Keep your expectations low and your possibilities open on the type of vehicle.
- Do your homework on which dealership to work with.
A dealer with a lack of experience and skills in working with people who need to buy a car after bankruptcy can very often cost the consumer hundreds of dollars. Choose to work with a dealership that has a proven track record with helping people buy a car after bankruptcy.
If I apply for a loan, does it hurt my credit?
Your credit score will be affected when you apply for a pickup truck loan. A majority of lenders run credit checks to assess the risk of lending you money. If you apply to many different places, there will be inquiries from all of them.
A good solution is to work with a dealership like Dye Autos in the Denver area (Wheat Ridge). Why? Because through our many years helping people buy pickup trucks, we know which bank will work best for you and your specific circumstances.
Is it safe to submit my information over the Internet?
Yes, your information is kept safe and secure. No unauthorized person or entity can access it because our advanced online application has encrypted security features built into it.
What haven’t we answered for you?
We’re here to answer any question you have about getting a pickup truck or car loan. If you have an unanswered question, please get in touch with us!