Financing Your Next Kia

Who can apply

If you are faced with one of the following issues, Jacksonville Kia can help you rebuild AND drive.

Bankruptcy

We have lenders on standby that can assist if you have completed your Chapter 13 or Chapter 7 Bankruptcy. Even though Bankruptcy may remain on your credit for up to 10 years, the best way to move past this is to re-establish with new credit. A vehicle loan is one of your best opportunities here. We can help you re-establish once your Bankruptcy is complete and you have received your discharge letter. If you have a Bankruptcy in the past and would like to start re-establishing, give us a call.

Unfortunately we cannot help if your Bankruptcy is still open and has not yet been dismissed or discharged.

Repossessions

In the event that you have had a vehicle either voluntary or involuntarily re-possessed, you can get another loan. With many of our lenders, you will be eligible after one year. A handful of lenders will accept 6 months, and we have even obtained approvals for shorter time periods. Be warned however, the size of your down payment will have the most impact on getting a lender to take the risk again.

Slow Payments

Our lenders know that things come up. In most cases, we can help even if you have slow credit card payments, high balances, charge-offs, medical bills, and other less than perfect payment history.

Jacksonville Kia may even be able to help secure your vehicle loan if you have had slow payments on your mortgage or are in a mortgage loan modification. Some lenders may even approve you for a new or preowned vehicle loan if you have a loan modification in place, provided you can furnish a copy of the loan modification approval.

Loan Requirements

The requirements for being considered for an auto approval are not difficult. You must be employed or receiving some sort of regular benefits, like disability or social security, at least 18 years of age, and a citizen or registered permanent resident of the United States.

So, apply today! Upon completion of your application, one of our loan officers will be in touch with you to discuss your particular situation. Generally, a two year history is required in order for our lenders to consider you for a loan.

You can be conditionally approved before you walk in the door if you can provide us with your proof of income:

• Pay Stub no more than 30 days old
• 3 months of bank statements
• A signed Request for Transcript of Tax Return 4506-T form is required for all self-employed applicant(s) to verify income from previous 2 years tax returns.

What to Bring

It’s the day you have looked forward to – the day you drive off in your new vehicle! We will need to do a little paperwork before you leave – so please double check and make sure you bring everything we’ll need. The process will be quicker and easier.

We will need:

Personal Identification:

• Current, valid driver’s license
• If you are a Registered Foreign Permanent Resident, bring your ID and copy of permanent residency

Six (6) personal references, to include:

• Name
• Current address
• Current phone number
• Relationship (friend, coworker, boss, cousin, etc.)

Proof of residency, if applicable, consisting of one or more of the following items. These should be in the applicant’s name:

• Telephone bill, not more than 30 days old
• Utility bill, not more than 30 days old

Proof of Income:

• Pay stub from current employer, not less than 30 days old. This should also display the Year-To-Date income as well.
• If you are self-employed, copies of your last two (2) years of filed tax returns

Insurance Information:

• Insurance card or document that displays the insurance company provider name, agent’s information (name, address, and phone number), policy number, and policy effective and expiration dates
• If you do not have full coverage insurance, please let us know. We can help!

If you do not find your question listed below, don’t hesitate to contact us. We happily respond to every inquiry.

How much can I get pre-approved for?

The loan amount that you will get pre-approved for is based on a number of factors. They are based on income, age of the vehicle, and the overall risk assessed by the lender. All documents must be turned in before a true number can be given.

Will my trade qualify for money down?

Yes! Additional money, however, may be required if there is a lien on the automobile that you are trading.

Will inquiries affect my credit rating?

If you're shopping around for an auto loan or more credit, an inquiry is placed by creditors 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?

A Cosigner may be considered for a Buyer who does not meet 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. The best payments are on less expensive cars that have less than 50,000 miles.

What are the interest rates?

Rates are based on your credit history and the equity position of the loan. We will negotiate the best situation we can 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 generally increase 1 point per model year. So, the older the car, the higher the rate.

I've had a vehicle re-possessed less than a year ago. Can I still pre-qualify?

If the repossession was not included in a bankruptcy and there is still a balance on the account, you can still pre-qualify. Greater money down requirements will apply and vehicle selection will be limited to newer cars that are still under factory warranty.

I've had a bankruptcy. Can I still get pre-approved?

As long as the bankruptcy is discharged, yes - you can! We can help you re-establish once your Bankruptcy is complete and you have received your discharge letter. If you have a Bankruptcy in the past and would like to start re-establishing, give us a call. Remember, a Bankruptcy may remain on your credit for up to 10 years. The best way to move past this is to re-establish with new credit. A vehicle loan is one of your best opportunities.

I've never had credit before. Can I get approved for an auto loan?

Jacksonville Kia often has several First Time Buyer Programs that are available with our lenders and the manufacturer. These programs will help you not only qualify, but also reduce the cost of the vehicle (on occasion).

I've been turned down before. How can Jacksonville Kia get me approved?

Jacksonville Kia can help get you approved due to the relationships we have built with our lenders. Our process ensures that each application has the best possibility of approval prior to submission. Jacksonville Kia wants to put all its customers into a new or used vehicle, despite a previous turn down!

Should I find a car first before applying for an auto loan?

We recommend that you consult with one of our Sales Associates, first. They can determine how much you qualify for before you start shopping. This method will increase your chances of approval and decrease the number of inquiries on your credit report. Inquires usually have a negative effect on your credit rating.

For Example:

You decide to buy a new $40,000 vehicle at a dealership without being approved. Other dealers may keep submitting your application until it is approved or until it has exhausted all of its lender resources. That is not the Jacksonville Kia way! We will prepare a reasonable loan package to help get you approved. We will help you determine if you qualify for the $40,000 vehicle you want to purchase. If so, your loan package will be submitted. If you don't qualify, we’ll guide you to the best vehicles and financing options that fit your needs. We will therefore limit the numerous inquiries showing up on your credit report. Other dealers will try to sell you the vehicle you want but not do the due diligence to make sure you can afford the vehicle and get approved.

What are the minimums to qualify?

There are no minimum qualifications to pre-qualify! Each auto loan application is evaluated based on the credit profile and equity position. For example, an applicant with previous good auto credit may not have to meet income and job time requirements, whereas an applicant with a recent repossession would.

What type of car can I get pre-approved for?

Lenders prefer newer vehicles still under warranty so you won't have to worry about unexpected repairs.

Disclaimer

The foregoing information is for informational purposes only and is not legal advice. Every applicant's credit situation is unique and third-party financing approval is not guaranteed. Dealer does not provide financing.