Will financing a car at Bill Fox Chevrolet help my credit?
I have had a repossession. Can I still get financed? Yes! We have many lenders that will finance a customer who has had a repossession assuming they meet their income and residency requirements.
I’ve heard that I should be careful of how many inquiries I get on my credit report. Is that true? Each time a lender makes an inquiry to one of the credit reporting agencies, it is added to a list of inquiries at the end of your credit report. Although a few inquiries generally won’t hurt, you should try to keep them to a minimum. Bill Fox Chevrolet does not shotgun your credit information to all of its lenders when trying to secure a loan for you. We take a very conservative approach and send your information to just a few lenders at a time.
I know I have bad credit. Am I going to have to pay a super high interest rate? We use many different lenders all of whom have various interest rates available to you. Most Alternative Financing contracts are for a shorter term than are conventional finance contracts. Because of this, you may end up actually paying less interest over all than someone financing through a conventional source. The state cap for interest on an automobile loan is 25%. In most cases your interest will be less. Bill Fox Chevrolet makes an effort to go to the lender with the lowest available rates for your particular loan.
I don’t have bad credit. I have no credit. Can you get me a loan? A qualified co-signer is the quickest way to ensure an approval for someone without credit. If a co-signer is unavailable we do have a first time buyer program available. Assuming you have good time on the job, a good rent or mortgage history, and good income, there is a strong chance Bill Fox Chevrolet will be able to get you financed.
I know that a lot of places require huge down payments in order to get a car. Will I need a giant down payment in order to get a car? No! In most cases, your trade-in will be enough to get the job done. Most lenders like to have a 10% down payment. We encourage you to come up with as much money down as possible in order to increase both your chances of getting financed and your choice of vehicles.
I still have more questions. How can I be sure Bill Fox Chevrolet is the right place for me to go? We have been doing business in the Rochester Community for over 4 Decades. If you have any questions, just call us at 248-651-7000 Ext 237, or send us an e-mail at Drivetoday@autobyfox.com Our Special Finance Manager is Randy Birtles.
Yes, assuming you make your payments on time; it will definitely help your credit. Unlike many other special finance departments, Bill Fox Chevrolet uses only lenders that report to the credit bureaus.
