Frequently asked questions
on our car finance programs
• With your emphasis on bad credit car loans, what if I have good credit?
We handle good credit all the time and can help you find competitive rates -- but truth be told, if you have really good credit, go straight to a dealer during a zero percent down special. No bank can compete with that, but be advised most of those specials are for three year loans, so you have to be able to handle the higher payment.
• I do not have excellent credit. How much trouble am I in?
Almost 80% of all adults have at least one black mark on their credit report. Here's one way to look at it; the difference on a loan payment between someone with good credit and someone with bad credit works out to about $1.45 a day. If you go to www.myfico.com you can see how loan rates relate to credit scores.
• What kind of interest rates can I expect for my car loan?
Your interest rate is influenced by several factors; whether the car you want is new or used, the amount of your down payment, your credit history, and the term of your loan. Your credit specialist will explain to you the details specific to your situation; again, www.myfico.com can give you rate ranges that correspond to your credit score.
• Are there any fees involved?
Applications submitted through InterActive Financial are free. You can click right here and go to our secure server -- and the application takes only a minute to complete.
• How does your car loan process work?
Your application is processed at our home office in Richmond, VA. and forwarded to a local loan officer in your area. Depending on the time of day you file, you can expect to hear from a local representative within minutes or hours.
• Why do you guys work through dealers?
Because that's how 80 percent of all car purchases are handled and because that's a system in which lenders are comfortable. Did you know that when you get financing at a dealer, that you actually don't get financing -- that you get what's known as a RISC -- and that after the dealer has structured the deal, the lender steps in to take it from there. That's the beauty of working through a company such as InterActive Financial; our dealers are electronically linked to hundreds of lenders who can get you the best loan rate your credit will allow.
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