1. Even though my credit history is poor and my credit score low, do I still get to pick out the vehicle I’d like to finance?
Yes, of course! Although you may not want to select the most expensive, newest, and most fully-loaded vehicle on the lot (since your down payment and monthly payments will be higher), we want you to be happy with even the very first vehicle you finance with us! Find a vehicle that will fit your budget. Remember, the main goal is to get a reliable vehicle while improving your credit score. Once you’ve made consistent, timely payments on it and your credit score continues to improve each month, in no time at all you’ll be able to upgrade to an even nicer, newer vehicle.
2. What will my monthly payment be?
Your monthly payment is based on several factors, including:
the vehicle you pick
the amount of your down payment
the terms, or how long you finance the vehicle for, and
To have a pretty good idea of what you can comfortably afford, apply the “20/4” rule.
The “20” applies to the ideal percentage to put down on your vehicle ~ 20% of the total cost. So, if the vehicle you select is $12,000, ideally you would have $2,400 as your down payment. Although we offer programs where you only need to put $99, the higher your down payment, the more affordable your monthly payments.
The “4” applies to the term, or length you finance your vehicle. Ideally, you will not finance a vehicle for longer than 4 years, or 48 months.
3. Do I have to make my payments on my vehicle on my actual pay day?
No. Although the finance company we work with sets up your payments to match your pay day (so that you never have to worry about missing a payment, being charged for a late payment, or tainting the credit score that you are working towards improving), you can pay differently. We can show you how; just ask us!
4. Do you have any other payment plans besides monthly?
Yes! We want to make car financing as simple and stress-free as possible for you, and if that means it will be easier for you to make a payment weekly, bi-weekly, or twice a month, we can set that up for you. We have flexible and accommodating payment options to fit everyone’s unique circumstances and billing schedule!
5. How soon before I can upgrade to a different vehicle?
While there’s lots of variables and particular circumstances differ, typically customers who have a balance of just about $3,000 left on their financed car loan are able to seamlessly upgrade to a newer, nicer vehicle without experiencing a big increase in their next-vehicle payments. For customers who have never been late, you can get approved with an even higher balance. Just talk to us as your balance gets lower and we will help guide you to trading in.
6. Do I have to have full coverage insurance before I drive off the dealership’s lot with my newly-financed vehicle?
No. In the state of Ohio, the law requires the following insurance coverage:
Bodily Injury Liability Coverage (the minimum coverage is $25,000 per person injured in any one accident and $50,000 for all injured parties).
Property Damage Liability Coverage (the minimum coverage is $25,000 for injury to property during one accident).
A motor vehicle liability insurance policy.
A certificate of proof of financial responsibility.
Full coverage auto insurance typically refers to having not only state-mandated car insurance coverages, but also physical damage coverages of collision and comprehensive. While you need the state-mandated minimal car insurance coverage, you do not need full coverage insurance in order to drive off the lot today in your new car, truck, SUV, or van! In fact, the finance company we work with does not require full coverage insurance at all!
7. Do I need a valid driver’s license in order to finance a car at one of ABC MotorCredit’s 5 dealership locations?
Yes. Just like you have to have auto insurance in the state of Ohio to drive, you must also have a current driver’s license. A temporary license, a suspended license, or an expired driver’s license won’t work!
8. Does my current driver’s license have to be from the State of Ohio in order to finance a vehicle with you?
No. Many of our customers drive in from neighboring states to purchase their next vehicle at one of our 5 locations. Other customers have relocated to Ohio and have not yet gone to get an Ohio license. As long as your driver’s license is valid (in whatever state you got it), you can finance with us.
9. The vehicle I want to finance has air conditioning; is this feature covered under your Lisa Warranty Program?
No. Although you vehicle’s air conditioning system is not covered under The Lisa Warranty, a lot of other features and components of your vehicle are, including many aspects of your vehicle’s:
Seals and Gaskets
The Lisa Warranty also encompasses Roadside Assistance and Towing services. While each vehicle financed at one of our 5 locations includes a warranty at no additional charge, not every vehicle is eligible for the 24-month/24,000 mile warranty.
10. What type of inspections do you perform on the vehicles you sell?
In addition to an inspection performed on each vehicle before we decide if we want to purchase it and add it to our inventory for our customers, we also do a rigorous mechanical inspection on each vehicle we buy and officially add to our inventory ~ which is one of the reasons why we are confident in offering a free warranty with each vehicle. Because we want to build a long-term relationship with our customers and not simply sell them one vehicle, one time, we pride ourselves on offering a diverse selection of reliable, thoroughly-inspected vehicles.
11. Do you guarantee the vehicle I finance will pass an E-check inspection?
Yes. To help control vehicle emissions and meet our country’s national air quality standards, the Clean Air Act requires an e-check inspection on all gasoline and diesel-fueled vehicles 25 years old or newer from the current testing year and registered within an E-Check county. New vehicles are exempt for the first four years. Vehicles with “even” model year vehicles are required to be tested in even-numbered years; odd model year vehicles are tested within odd-numbered years. Any and all vehicles purchased at ABC MotorCredit will pass the E-check inspection.
12. My credit score is (really) low, can I still get approved to finance a car?
Although most used car shoppers are denied financing at traditional auto dealerships, ABC MotorCredit was created specifically for good people with bad credit. We understand that sometimes “stuff happens” ~ you lose your job, you get a divorce, you file for bankruptcy, your hours are cut at work, and/or unexpected medical bills arise. While these life circumstances may have affected your credit, it doesn’t change the fact that you still need a reliable vehicle to drive to work, get your kids to school, run your errands, and enjoy your life. Stop in at any one of our 5 dealership locations and we’ll get you financed so that you can drive home today in a new-to-you vehicle!
13. Do I have to put a lot of money down to get approved for financing?
No. In fact, we often run specials that require as little as $99 (or even $49) down to get approved for a vehicle today. Of course, the bigger your down payment, the less you will be financing, the lower your monthly payments will be, and the lower your interest rate. If you need to buy a car immediately, however, and don’t want to wait until you’ve saved up a couple of thousand as a down payment, we can still help you.
14. I’m a bit overwhelmed with so many dealerships promising to approve financing for me (even with my bad credit); why should I shop at ABC MotorCredit?
Lots of reasons. For starters, we’ve been in business for over 25 years as an established, experienced, and reputable “buy here, pay here” dealership in Ohio; we’re not a new start-up dealership and we’re not your typical, traditional dealership that has now suddenly decided to give people with bad credit the respect and exceptional service given to car shoppers with stellar credit. In addition:
we have a huge inventory of over 400 cars, vans, SUVs, and trucks from which to choose,
we help thousands of new and repeat customers each year and get (and post) rave reviews from them,
we’re family owned and maintain those family values with how we treat our customers and run the business,
we have 5 convenient locations (including our newest location at 424 Broadway Ave in Bedford, Ohio), and
we employ a knowledgeable, down-to-earth staff.
15. What do I need to bring with me to get a vehicle?
a. Drivers License
b. 3 most recent pay stubs
c. 1 current utility bill in your name, or current lease agreement
d. Cash for your down payment
e. TThe names, phone number, and address of 5 references
f. Trade in and title, if applicable