Bad Credit and Bankruptcy FAQ's Boise

Do you have bad or damaged credit, or have you ever filed for bankruptcy? If so, you may have some questions about applying for a car loan. We have compiled some of the most frequently asked questions for you here, and if you have further questions, don't hesitate to call our team at 833-694-9278.

What you need to know...Credit FAQ's

Q - How much can I get pre-approved for?
A - Your pre-approval amount is based on a number of factors.  It will be based off of your gross monthly income (before taxes) as well as the amount of your prior loan or credit history.

Q - When I qualify, how much money will I need for down payment?
A - This depends on your own personal situation. Some programs are available that require little or no down payment, but usually the banks like to see some commitment.

Q - Can I use my trade as down payment?
A - Absolutely, we accept all makes and models. Just bring in your vehicle for a professional trade appraisal.

Q - Will a co-signer help me get approved?
A - In some situations, a co-signer can be beneficial. This is determined on a case by case basis. In some instances both applicants will have to qualify on their own.

Q - What are the interest rates?
A - Rates are based on your credit score, miles on the vehicle, length of the loan and the equity position of the loan.  The higher your credit rating and down payment the lower your rates will be. We offer the most competitive financing available, and work with over 30 different lenders to find you the best financing for your situation.

Q - I have had a recent repossession, can I still pre-qualify?
A - If you have had repossession outside of a bankruptcy, we work with many lenders that are still willing to give you a second chance.

Q - Can I get approved if this is my first auto loan?

A - In most cases, we have programs available. Lenders will typically look at an applicant's income and stability.

Q - Why buy from us?
A - We have established relationships with many lenders that other dealers are not able to offer. This allows us to offer you the lowest rates, best quality vehicles and more financing options. These lenders are reputable and report to all credit bureaus so you can re-build your credit.

Bankruptcy FAQ's

Q - If I have a bankruptcy can I get approved?
A - Absolutely, unlike other dealers we can get you a loan prior to your 341 meeting. YOU DO NOT NEED TO BE DISCHARGED! Of course, we can still assist you if your bankruptcy has discharged.

Q - Can I get approved if I am in a Chapter 13 bankruptcy?
A - It depends, but we can help you work closely with your attorney to obtain authorization from the courts to purchase a vehicle.

Q - Do I have to keep or re-affirm on my vehicle?
A - No, now is the time to start re-establishing your credit. In most cases when you keep your current vehicle, it will no longer report on your credit bureau. This will only delay the process of re-establishment.

Q - Will my interest rate be less if I wait until my bankruptcy discharged?

A - Not necessarily, we offer competitive financing with some lenders offering rate reduction programs. This allows you to reduce your interest rate periodically  as long as your payments are made on time.

If you have additional questions that we have not addressed, please contact Jerry Schofield, CRC and Special Finance Manger at (208) 947-6531. Please note that we are not qualified to give legal counsel, your attorney is who you should contact if you have legal questions.
Loan Zone Idaho
222 Auto Dr.
Boise, Idaho 83709

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