how your financing works

what makes driversselect different from other dealers who offer financing to people with credit problems?

no other dealer offers consumers with credit problems more financing programs than driversselect! unlike most dealers who offer generic financing programs that make it tough to qualify for, driversselect has established strong personal relationships which has enabled us to negotiate special financing programs with nearly 30 national lenders that offer nearly 150 different financing programs. many of these programs are only available at driversselect and not offered by other dealers.

how can driversselect get me approved when other dealers say no?

our special expertise is in structuring financing for consumers that makes it easy for lenders to say "yes.

most dealers simply take your credit application, pull your credit report, and then submit it to a lender for an approval. but if there is not enough positive credit then the lender will generally decline your financing.

at driversselect this is where our process begins! we do not employ salespeople who simply want to sell a car and move on to the next customer. instead, we employ professional credit consultants who are paid based on your satisfaction with the dealership not whether you purchase a vehicle

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our credit consultants take the time to understand your credit situation and match it to one of our nearly 150  different financing programs.

if there is not enough positive credit for the lender to say "yes", then we structure the financing in a way that lowers the risk for the lender to the point where they say "yes".

what if i do not have enough credit to qualify for financing?

when there is not enough positive credit for a lender to say "yes,' most dealers give up and say they cannot help you. at driversselect when we recognize there is not enough credit for lender to say "yes, we structure your financing in a way that lowers the risk to the point where the lender will say "yes.

this is typically done by structuring your financing where you actually finance less than the wholesale value of the vehicle. the less you finance -- relative to the vehicle's wholesale value -- the less exposure the lender has if there was ever a loss. thus, the lower the exposure for the lender and the easier it is for them to approve the financing.

other ways to lower the risk for a lender are (1) having someone with a positive credit file within the last 24 months co-sign with you for the vehicle; (2) selecting a payment that is below 15% of your gross monthly income; (3)increasing your down payment to show a stronger commitment.

how do i get approved for financing?

we understand that consumers today are busy and don't  have time to go from dealer to dealer to try and get approved. so, we couldn't have made it easier for you to get financing.

we have consolidated nearly 150 financing programs under one roof to ensure we have a financing program for you

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simply apply by calling 866-320-3266, or by clicking the "apply now for instant credit icon on this site.

our credit approval center is open 24 hours / 7 days a week to accept your applications.

based on the information you provide to our credit approval center, our representatives can easily determine if you qualify for one or more of the financing programs available from the 30 national lending institutions that we deal with.

once you qualify for financing, we will schedule a personal, confidential appointment with one of our professional credit consultants at a driversselect location near you.

your personal credit consultant will help structure your financing and review the exact terms and conditions including interest rate, down payment, monthly payment, and assist you in selecting the vehicles that fit within your approval guidelines.

how much money down do i need?

your down payment requirements depend on several factors: (1) the type of vehicle you are looking to finance; (2) the amount of positive credit history within the last 24 months; (3)how long you are looking to finance the vehicle; (4) the amount of open debt you currently have; (5) your payment history on previous automobiles.

when you visit your personal credit consultant, they will help you determine the exact terms of your financing including down payment requirements, interest rates, monthly payments, and the type of vehicles that match you're financing.

if down payment is important, your credit consultants will work with you to finance your next vehicle with as little money down.

what are my monthly payments?

your driversselect credit consultant can work with you to customize a finance program that fits your budget.

most lenders will qualify you for a payment up to 15-20% of your verifiable gross monthly income (income before taxes). for example, if your income is $2000 a month, then you would typically qualify for a car payment between $300-$400 a month.

what type of income qualifies?

all income stated on the application must be verifiable.

w-2 income can be verified by two consecutive pay stubs that are not older than 30 days from the date you visit the dealership. for self employed or 1099 income, you must provide the last two years of tax returns with your schedule cs (use line 31 as your income).

some lenders will accept 3-6 months worth of bank statements.

other income sources that can qualify are proof of child support, alimony, income from a second job, social security, retirement, and disability.

your personal credit consultant will work one on one with you to help verify all income and the monthly payment you qualify for.

do i need a co-signer to get financed?

while co-signers with positive credit can help improve your financing terms, they certainly aren't required.

co-signers are used when there isn't significant proof of gross monthly income, proof of residence, a valid driver's license, proof of full coverage insurance, six personal references, and rent or mortgage is not current.

in addition, if your total debt, including rent or mortgage, along with any debt listed on your credit bureau report, exceeds 50% of your verifiable gross monthly income, or you have an open automobile that you are not trading, you may be required to have a cosigner to budget for additional debt.