No Money Down Cars and Loans

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Auto Loan FAQ

Read answers to common auto loan questions. Please contact us if you have any further queries.

How much will I qualify for?

The loan amount that you will qualify for is based on a number of factors. Our car dealers use state of the art technology to determine the exact amount. You may, however, get a general idea of the amount by using our Car Loan Estimator.

How much down payment will I need?

The down payment amount that you will need is based on a number of factors. Most people qualify with 49, 69, 79, 88, 99, 100, 200, 300, 500, or 1000 cash or trade down. You may, however, get a general idea of the amount by using our Car Loan Estimator.

Can I use my trade for a down payment?

Yes! You may use a trade as your down payment. If there is a lien on the trade vehicle, however, additional cash may be required in addition to the trade-in.

What type of car can I purchase?

The typical no money down bad credit car loan from Drivers Lane is for a late model affordable used vehicle, or low cost new car with lower mileage. Nearly every vehicle financed through Drivers Lane is eligible for an extended warranty so you won't have to worry about unexpected repairs.

Will inquiries affect my credit rating?

If you're shopping around for auto loans 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.

What are the minimum qualifications?

There are no minimum qualifications! Each car 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.

I've had a repossession less than a year ago. Will I still qualify?

If the repossession was not included in a bankruptcy and there is still a balance on the account, we can still help. More money down may apply and vehicle selection will be limited compared to people with fair or good credit.

I've had a Bankruptcy. Will I still qualify?

As long as the bankruptcy is discharged you should qualify for a car loan after bankruptcy. Depending on your state of residence you may even qualify prior to receiving your discharge papers.

I'm currently in a Chapter 13 Bankruptcy. Will I still qualify?

Yes. However, it will take longer to process your loan. You have to obtain an "Authorization to Incur Debt" from the trustee to qualify for a bankruptcy auto loan. This normally takes two to three weeks. Consult your bankruptcy attorney.

I've never had credit before. Will I still qualify?

Yes! Drivers Lane has several no credit car loan programs.

Will co-signers help?

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.

Can I use Drivers Lane to finance a vehicle through a private owner?

No. Funds for loans through Drivers Lane can only be used to purchase lower priced new or affordable used automobiles from dealerships with a car loan center on site. Each dealer selected by Drivers Lane has passed a screening for quality and customer service. This process ensures that each customer will purchase a dependable vehicle. When a vehicle is purchased from a private owner we have no way of determining the quality and dependability of the car.

Can I use Drivers Lane to refinance my current auto loan?

No. Financing is only available for new and used cars at a Drivers Lane dealership. Visit SmallerCarPayments.com apply for auto loan refinancing.

Should I find a car first before applying for an auto loan?

We recommend that you complete the online application then consult with one of our auto loan specialists 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 inquires on your credit report. Inquires may have a negative effect on your credit rating.

For example: You decide to buy a new $40,000 Cadillac at a dealership without a Drivers Lane Car Loan Center. The dealer may keep submitting your application until it is approved or the dealer has exhausted all their lender resources. Your Drivers Lane Car Loan Specialist, on the other hand, will first determine if you qualify for the Cadillac. If so, your loan package will be submitted. If you don't qualify you'll find out without numerous inquires showing up on your credit report.

I've been turned down before. How can Drivers Lane help?

Drivers Lane dealers use state of the art technology that evaluates your credit profile, available inventory, income, as well as debt factors. Our process ensures that each application has the best possibility of approval prior to submission.

What are the monthly payments?

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 under 50,000 miles.

What are the interest rates?

A very good question for which there is not a direct answer. Rates are based on your credit profile and the equity position of the loan. Drivers Lane is full spectrum. We will get you the best fixed interest rate 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. The older the car, the higher the rate.

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