Car Loan FAQ

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Bad Credit, No Credit, No Problem!

At McGrath Credit, we often receive questions about getting car loans in various situations. At McGrath Credit, customers frequently ask us about obtaining car loans in various situations. A lot of people have trouble getting car loans, so we started working with vendors to help them out.

Today, we work with 35 vendors who design loans for people who have trouble getting traditional financing.

Our goal is to help those who have faced financial challenges in the past to get back on the road. Lenders specifically design these loans for individuals who may have difficulty obtaining traditional financing.

Our goal is to help those in challenging financial situations get the transportation they need. We offer fast pre-approval and guaranteed approval to help people from all backgrounds get financing.

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Frequently Asked Car Loan Questions

Q: I am self-employed. Does that affect my ability to secure a car loan?

A: While a bit more of an in-depth process than regular employment, in most cases, being self-employed is not a problem! There are some tips to keep in mind if you are self-employed and looking to secure a loan. It will make the process go a bit smoother and quicker.

Q: I have a trade in. How does that affect getting a loan?

A: In many cases it will benefit you to have a trade-in. Whether you still owe money on your current vehicle or have clear title, we can absolutely help. If you have a trade that you do not owe money on and have a clear title, your trade in functions as a down payment and lenders love that. If you have a loan and owe money on your vehicle we will take care of all of that for you and make this as simple as possible for you.

Q: I have had repossession in my past. Can I still obtain a car loan?

A:If a repossession hurt your credit score, getting a car loan is a fast way to improve it. There are steps you can take to get a new vehicle, even if you have a repossession on your record.

Q: What if I have a bankruptcy?

A: If you have filed for bankruptcy, we can assist you in obtaining an auto loan. It doesn't matter if you filed for Chapter 7 or Chapter 13. Our team knows which lenders will work with you in this situation and will work hard to find you a good vehicle.

Q: What if I don't have money to put down?

A: In some cases, no money down is an option. However, saving up as much money as you can before signing on a new loan is a good idea.
Saving money for a down payment can reduce the amount you have to borrow. It may also increase your chances of getting a lower interest rate from the bank. Banks in some cases will require a down payment based on credit history and the vehicle being purchased.

Q: How much will my monthly payment be?

A: Many different factors like the amount of purchase, interest rate, term, and down payment determine this. Each vehicle has a unique payment amount. Visit our website to use helpful tools for calculating your payment.

Q: What if I have a new job?

A: Only considering the length of employment for a loan would be unrealistic. We specifically seek your ability to repay the loan, which depends on more than just length of employment. Lenders will require recent paycheck stubs and other documentation to approve the auto loan.

Q: What if I'm Disabled or on Social Security?

A: A disability loan is a bit tougher to secure for the fact that if a borrower defaults, they won't be able to garnish wages to recover. That doesn't mean it isn't impossible; there are a few things you should keep in mind if you are trying to secure a Social Security or Disability car loan.

Q: I am a first time buyer. What does this mean for me?

A: How exciting! For a smooth first car buying experience, research and follow tips for first time car buyers.
Some banks we work with offer programs for first-time buyers. They typically require at least 90 days of work history and a small down payment. Each scenario is different though and we will walk you through this step by step.

Q: I am upside down on my loan. How do I move on to a new vehicle?

A: Even if you handle your payments and finances responsibly, you may still owe more than the value of your assets. This can happen even if you make timely payments and handle your finances wisely. In such a situation, the amount you owe could exceed the value of your assets.

We work with over 35 lenders to assist you in obtaining a new car loan. You are not alone in this process.

It's important to find a vehicle that you can get a loan for. This is true even if you have some negative equity to carry over. The good news is that we have over 3,000 vehicles in Eastern Iowa and will find one that works.

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