Frequently Asked Questions
- Can you help me find a vehicle that you don't currently have in your inventory? Yes, please reach out to us and we will do our best to locate the specific vehicle you desire.
- How does my credit score affect my loan? A better credit history typically leads to a lower interest rate, which reduces your total cost of borrowing. Lenders evaluate factors like your payment history, total debt, and length of credit history.
- Will a loan application hurt my credit score? Multiple credit checks for an auto loan within a short time (typically 14 to 45 days) are often treated as a single inquiry by credit bureaus, so they should not significantly affect your score like your payment history, total debt, and length of credit history.
- Do I need a co-signer? A co-signer can help you get approved or secure a better interest rate, especially if you have a limited credit history. However, it is not mandatory if you have a strong credit profile.
- Can I pay off the loan early? Check your loan agreement for prepayment penalties. In Oregon, loans do not have them, allowing you to pay off the balance early or refinance at a better rate without penalty.
- What if I have bad credit? It is still possible to get an auto loan with bad credit, but your interest rates will likely be higher. Lenders assess risk-based pricing, and a low credit score indicates a higher risk. Making a larger down payment or having a co-signer can help. We recommend an average down payment of 20-30% of the vehicle price when you don't have "good" credit.
- What if I am denied a loan? Lenders may deny you for reasons such as a low income, high debt-to-income ratio, or past repossession. If this happens, you will be provided a written explanation of the reason from the lender.
