PLEASE READ! IMPORTANT INFORMATION REGARDING IN HOUSE FINANCING (BUY HERE PAY HERE) AT VALLEY AUTO CENTER. CALL 301-371-0611 FOR MORE DETAILS.
Valley Auto Center can offer "In House Financing" or "Buy Here Pay Here" vehicle financing to many customers through a MD chartered private lending company. This type of financing is designed for people who have experienced credit problems in the past and can not obtain conventional financing through a bank or other financial institution.You can apply securely on-line under the FINANCE menu above, but suggest you call, stop by or email first to discuss your needs & circumstances. Below is some basic information about our In House Financing Program.
- LIMITED TRADING AREA: Our lender has created his program to serve local residents having problems obtaining conventional car loans. We define "local" as residents of Frederick, Washington, Carroll, Howard & Montgomery counties. Also includes adjoining counties in PA and WV.
- You should think about the kind of vehicle you need & determine what monthly payment you can afford.
- DOWN PAYMENT: A down payment is always required for this program & varies depending on many circumstances. Our lender will determine what amount of down payment is required, but 20% - 25% is typical . Please let us know what funds you have on hand.
- You will fill out a credit application stating your income & debt obligations, and we will run a credit report for you. Based on this information, we ALWAYS first attempt to get you the (best) lowest cost credit from CONVENTIONAL FINANCING sources such as our bank partners if possible. We have many options at our disposal & can offer very low interest rates and extended terms for people with good to excellent credit.
- "In House" financing will be offered if we can find no other alternative. These interest rates are higher than most conventional financing sources like banks. APR can be as high as 23.99%. Most loans are written for 24 months but 30 month loans are possible in some cases.
- Here's an easy way to estimate a monthly payment on this plan: For every $1,000 borrowed at 23.99% interest for 24 months, you'll pay $52.87 per month for 24 months. If you borrow $5,000, your monthly payment would be $264.35 ($52.87 x 5 = $264.35).
- All information you provide is strictly confidential and you'll be treated with respect. We can not finance every customer application. Valley Auto Center and our investment partner, Valley Auto Finance LLC adheres to all State & Federal lending regulations and we do not discriminate on the basis or race, religion, sex, national origin or any other matter.
- Our mission is to provide good cars to good people who need a second chance.
FREQUENTLY ASKED QUESTIONS
Q: Who makes the approval decision?
A: Our private lender partner makes the final yes/no decision, as well as the amount of down payment required. However, since we deal with him all the time, we are of course familiar with his process and we can tell you quickly if you're application is likely to be approved. We have a very high approval rating. But the lenders make the decision, not Valley Auto Center.
Q: What are the lenders criteria? Would a previous bankruptcy, low credit score or something else on my credit record be a problem?
A: Our lender looks at each applicant individually. His basic criteria is that he wants (and must) be paid on time. He needs to be satisfied that you can comfortably meet your payment obligations. While past events like bankrupcies, payment histories, auto repossessions and credit scores are considered, our lender looks at "the whole picture" and where you are now.
Q: What information do I need to get started?
A: First, fill out a credit application on-line or at our dealership. Our sales rep will ask some additional questions. We then give the lender this information and he will make a decision quickly, often within a few hours. To process the transaction, we will typically need proof of income (tax returns, pay stubs, employer statement), several references, proof of residence (i.e. utility bills), and proof of current insurance.The process is simple and fast.
http://www.valleyautocars.com/Finance/GetApproved.aspx