Financing -Frequently asked questions

Credit FAQs

Bad Credit Auto Financing F.A.Q

There are a lot of places that say they have bad credit or no credit financing but are really just in it to make a quick buck. At Carite we’re in it with you for the long haul and want to see you happy with your new car loan. With all the double talk from other supposed “guaranteed car loan,” places it’s hard to keep the facts straight.

• Can I get an auto loan even if I’ve declared bankruptcy?

Carite can help you get a car loan even if you have filed for bankruptcy. If it hasn’t been fully discharged you may need an authorization to incur debt from a bankruptcy trustee first.

• Can I get a loan even if I’ve had a vehicle repossessed?

We can help you qualify for a bad credit auto loan even if you’ve had a car repossessed.

• Don’t I need a huge upfront payment?

If a large upfront payment is sprung on you at the last minute it could be a sign that you aren’t at a reputable dealer. Carite won’t slam you with a unreasonably huge down payment along with your auto loan.

• Can I get a loan even if I haven’t had any credit before?

It doesn’t matter if you have no credit or bad credit we can help you get a car loan at a rate you can afford.

• Can I be self-employed and qualify for an auto loan?

Self-employed applicants may qualify for an auto loan if they meet the established credit criteria. Please note that we may require verification of income before finalizing our credit decision.

Does applying for a car loan impact my credit score?

Yes. As part of the application process, Carite makes an inquiry to one of the three major credit bureaus to review your credit report. Each inquiry appears on your credit report and may affect your credit score. You may contact any of the three major credit reporting agencies — Experian, Equifax or TransUnion — and get a copy of your credit bureau report at any time.

How much will I get pre-approved for for?

The loan amount that you will get pre-approved for is based on a number of factors. You can get a general idea of the amount by first determining your Credit Profile and then using our Payment Calculator.

How much money down will I need?

The down payment money amount that you will need is based on a number of factors. You can get a general idea of the amount by first determining your Credit Profile and then using our Payment Calculator.

Can I use my trade as money down?

Yes! Almost any vehicle can be used as a trade, we take all makes and models, and even non running  vehicles can be used for trade ins.

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

The typical auto loan from Carite is for a newer , one to five year old car with less than 100,000 miles. Nearly every vehicle financed through Carite is eligible for extended warranty protection so you won’t have to worry about unexpected repairs.

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.

What are the minimum qualifications to get pre-approved?

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

I’ve had a repossession 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 get pre-approved?

As long as the bankruptcy is discharged, or you have an Authorization to Incur Debt from the bankruptcy trustee Carite can help.

I’m currently in a Chapter 13 Bankruptcy. Can I pre qualify?

Yes. However, it may take longer to process your loan. You have to obtain an “Authorization to Incur Debt” from the trustee of your bankruptcy. This normally takes two to three weeks. Consult your bankruptcy attorney.

I’ve never had credit before. How can I get pre-approved?

Carite has several First Time Buyer Programs.

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.

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

We recommend that you consult with one of our auto loan specialists 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 inquires on your credit report. Inquires may have a negative effect on your credit rating.

For Example: You decide to buy a $40,000 Cadillac at a dealership without a Carite pre-approval. The dealer may keep submitting your application until it is approved or the dealer has exhausted all their lender resources. On the other hand, your Carite Auto Loan Specialist will first determine if you qualify for the Cadillac. If so, your loan package will be submitted. If you don’t qualify you’ll find out without numerous inquires showing up on you credit report.

I’ve been turned down before. How can Carite help?

At Carite we use state-of-the-art technology that evaluates your credit profile, available inventory, income, as well as debt factors. Our process ensures that each application has the best possibility of approval prior to submission.


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 under 50,000 miles. If you have an idea of the amount you want to finance and the interest rate you will qualify for use our Payment Calculator to estimate your payments.

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.  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 generally increase as model year gets older. The older the car, the higher the rate.

The bottom line is that Carite wants to see you in the lifestyle you’ve worked hard to achieve and if getting a car with a bad credit car loan is what it takes then we’re happy to help. Carite will help you get a guaranteed car loan that you will drive off happy with.