Bob Moore Nissan of Tulsa

What Does Special Finance Mean?
A sector of the auto lending industry for borrowers with a limited or tainted credit history. Special financing in the auto finance industry is risk based, which means that the terms of the loan are set so that the expected returns to the lender/investor are great enough to cover the risk of default by the borrower. Special finance loans typically carry a higher interest rate than is available to borrowers with a clean credit history.

How much will I get pre-approved for?
The loan amount that you will get pre-approved for is based on a number of factors like your credit history, outstanding debts, income to debt ratios, auto credit history, and of course even mileage, year model, and book value of the vehicle you desire.  Lender?s guidelines also vary, so while one lender may only give you a lower dollar amount approval another will often give a higher dollar amount approval.

How long of a finance term can I get with Special Financing?
The term that you will get pre-approved for is also based somewhat on factors like your credit history, outstanding debts, income to debt ratios, auto credit history, but is mostly based on the mileage, year model, and book value of the vehicle you desire.  Lender?s guidelines also vary, so while one lender may only give you a shorter term approval another may carry the loan for a longer term.

How much money do I need down?
The amount of downpayment will vary with lenders. Downpayment is again based partly on your credit situation and partly on the vehicle you desire to purchase. A good rule of thumb is a minimum of $1000 or 15% of the vehicle purchase price, which ever is higher. We will not even submit an application for Special Financing if you cannot put down at least $1000 in cash or trade.

Can I use my trade as money down?
Yes!  Additional money, however, may be required if there is a lien on the automobile that you are trading.

Will inquiries effect my credit rating?
If you're shopping around for an auto loan or more credit, you should know that when creditors check your credit, it places an inquiry on your credit report. Inquiries can add up, which is often interpreted negatively by creditors. For this reason, too many inquiries can actually make getting an auto loan more difficult.

Will Cosigners help me get pre-approved?
A Cosigner may be considered for a Buyer who does not comply with all the credit requirements.  The income of the Buyer, however, must meet all the income and budget guidelines without reliance upon the income of the cosigner.

What are the monthly payments?
Monthly payments are based on your credit profile and the vehicle you are purchasing.  Newer, lower mileage cars qualify for extended terms which of course will lower payments. The best payments are on less expensive cars that have under 50,000 miles.

What are the interest rates?
A very good question for which there is not a direct answer.  Rates are based on your credit profile and the equity position of the loan.  Some people think that Special Financing means that you have to pay 21% or higher. This is not always the case, many Special Finance loans are at done at 10%-12%. It is in our best interest as a dealer to get you the best rate possible because we know that Customer Satisfaction and repeat sales are greatly enhanced by an interest rate that the customer knows is good for their situation.  We will get you the best rate based on your credit profile.  The higher your credit rating and down payment the lower your rates will be.  Also, the model year of the vehicle plays an important role.  Rates can increase 1 point per model year.  Also, as a general rule, the older the car is the higher the rate.

Are only Used Vehicles available for Special Financing?
No, we often can get customers approved on New Vehicles if their situation, down payment, and income will support it.

What documentation is required?
Proof of residence, income,  and insurance are almost always required. Sometimes other documentation such as Tax returns, divorce decrees, collection payoffs, phone bills, self-written statements explaining credit problems, bank statements, and other things may be required. Please refer to our ?Required Documentation? page for a list of commonly needed documentation. If you are self-employed, please note that we required proof of income BEFORE we can submit an application to a lender. This is because different lenders have different ways of figuring Self-employment income and we need to make sure that we can prove any income before we submit.

The following documentation must be submitted to our Finance Department before we can deliver your new vehicle

(we will make copies of all documents and give originals back to you)

• Current Drivers License
• Social Security Card or a letter from Social Security Administration showing your SSN
• Proof of current Full Coverage Insurance
• 5 Personal references with full name, full address, and valid phone number (many banks do verify this info before approving loans) (at least 2 must be relatives and none can live at same address)
• Copy of last pay stub showing year to date income, taxes withheld, and other deductions
• If self employed, verification of income: last year?s Tax Return with Schedule C (must show the income you state AFTER DEDUCTIONS), and last 3 bank statements are commonly requested, if you have a 1099 for last year this may be used at some lenders
• Proof of Residence ? this may be a Utility bill or Phone bill in your name, a Mortgage statement, any Bill mailed to you at this address
• Proof of Phone (cell or landline bill)
• Title to trade-in
• If renting, leasing, or buying from a lender who does not report to Credit bureau, then we need Landlord?s name, address and phone number
• Other documentation or written explanations may be required by lenders depending on your particular situation.