FAQ

 Frequently Asked Questions

 

Call Us Today at 866-809-6596 or apply online  

blue-right-arrow-bullet-pointWhat paperwork should I bring in to my appointment?

Please bring your driver’s license, a recent pay stub, a current phone or utility bill and your title (if you are trading in a car) to speed up the process.

blue-right-arrow-bullet-pointHow much money do I have to put down to get approved?

The amount of the down payment can range from no money down to thousands down depending on your credit history, the lender, the vehicle you buy and the payment amount. 

blue-right-arrow-bullet-pointMost dealers require you to finance newer cars, but I want to buy an inexpensive car for under $5,000, can it be financed?  Does it matter how many miles are on it?

Honda City Credit has lenders that will finance all used cars, there are no year, mileage or dollar amount restrictions.

blue-right-arrow-bullet-pointDo you accept trade-ins?

Yes, we accept trade-ins.  The Honda City used car manager  will appraise your car for fair marketvalue.

blue-right-arrow-bullet-pointDoes trading in my car help me to get approved for a bad credit auto loan?

Trading in your car helps when it is paid for or if it worth more than you owe on it.  The value of the trade-in is deducted from the purchase price and also decreases the amount of sales tax you pay.

blue-right-arrow-bullet-pointI can’t find my title what can I do?

You can go to the Motor Vehicle Department to get a duplicate title.  Locations and hours can be found online at their website http://www.dot.wisconsin.gov/about/locate/dmv/scmap.htm or by calling 414-266-1000.

blue-right-arrow-bullet-pointI did not receive my title, is Wisconsin a title holding state?

As of July 30, 2012, Wisconsin is a title holding state.  Titles will be sent to the lien holder and you will receive a Confirmation of Ownership until the vehicle is paid off when they will send you a title.  If you purchased your car before July 30, 2012 you will have a title.

blue-right-arrow-bullet-pointCan I trade in my car if I owe money on it?

Yes, we will deduct the value of your trade-in from the purchase price of the new vehicle and then add the amount you owe to pay it off.

blue-right-arrow-bullet-pointWhat is negative equity or being upside down and can I still finance a new car?

Being upside down or having negative equity means you owe more on your trade than it is actually worth.  Yes, at Honda City Credit you can still finance a new car when you are upside down.

blue-right-arrow-bullet-pointCan you help customers with a low or no credit score?

Yes,  Honda City Credit works with all credit scores.

blue-right-arrow-bullet-pointI had a repossession can you get me approved for a car loan?

In most cases we can.  If your repossession was more than a year ago or the balance was discharged under bankruptcy, Honda City Credit can obtain auto financing.  If the repossession was very recent you may need a cosigner.

blue-right-arrow-bullet-pointDo you work with foreclosures?

Yes, Honda City Credit works with customers who have foreclosures.

blue-right-arrow-bullet-pointI am behind on my house payments but I need a car, can you help?

Yes, Honda City Credit has a lender that will approve auto loans if you are late on your mortgage.

blue-right-arrow-bullet-pointDo I have to carry insurance to finance a car?

Yes, when you finance you need to have full coverage comprehensive and collision with a deductible of $500-$1000.  The state of Wisconsin requires all drivers to carry liability insurance http://www.dot.wisconsin.gov/drivers/vehicles/ins-req.htm.

Can you finance a car after a bankruptcy?

Yes, Honda City Credit finances cars after a bankruptcy.

blue-right-arrow-bullet-pointWhat do the lenders consider when approving a car loan?

The lenders look at a combination of factors:  credit score, income, amount of debt, employment history, time at your residence, credit history, down payment and loan to value on the vehicle are some of the factors.

blue-right-arrow-bullet-pointWhat is loan to value (LTV)?

The loan to value is a calculation showing the amount you borrow as a percentage of the book value of the vehicle you purchase.  For example, if you borrow $8,000 on a vehicle with a value of $10,000, the LTV is 80%.

blue-right-arrow-bullet-pointI was told I have “subprime” credit and need a subprime auto loan, what does this mean and can you help me?

Generally, this relates to credit score.  A “subprime” credit score is typically a score under 620.  Honda City Credit specializes in subprime auto loans.  We have a dedicated loan specialist and lenders to offer the best subprime auto financing options to our customers.

blue-right-arrow-bullet-pointWhat credit situations qualify for auto financing at Honda City Credit?

Honda City Credit assists customers with no credit, poor credit,bad credit, good credit, bankruptcy, foreclosure, repossession,late payments, past due bills, mortgage modifications, low or no credit score to name a few.

blue-right-arrow-bullet-pointHow much does it cost to apply for a bad credit car loan?

Applying for a bad credit car loan is free with Honda City Credit.

blue-right-arrow-bullet-pointCan you finance a car with no credit?

Yes, Honda City Credit finances cars for customers that do not have credit.

blue-right-arrow-bullet-pointI receive fixed income, can I finance a car?

Yes, however you must meet the lender’s minimum income requirement.

blue-right-arrow-bullet-pointWhat is the minimum income required to get approved?

The lender’s have different minimum requirements, so it depends on which lender’s will approve the application.  Generally, the major banks want to see at least $1700 per month and the smaller finance companies will consider $1500 per month.

blue-right-arrow-bullet-pointCan you finance a car if you have really bad credit?

Yes, Honda City Credit finances cars for customers with really bad credit.

blue-right-arrow-bullet-pointI have unpaid bills on my credit report, do I have to pay them off so I can get approved for a car loan?

Honda City Credit finances customers with unpaid bills.  The bills do not have to be paid for you to get a car loan.

blue-right-arrow-bullet-pointCan I get a vehicle history report when I buy a vehicle from you?

Yes, Honda City provides Carfax vehicle history reports  with all our used cars and on our website www.hondacity.net.

blue-right-arrow-bullet-pointWhat do your lenders consider when approving a loan?

Lenders that help customers with bad credit will look at verifiable income, time on the job, time at the address, and your debt(bills, rent) in relation to your income are some of the most common factors considered.

blue-right-arrow-bullet-pointWhat bus route can I take to get there?

Honda City Credit is located directly on Bus Route 28:  Milwaukee County Transit System website

blue-right-arrow-bullet-pointI am in a Chapter 13 bankruptcy, can I purchase and finance a vehicle?

Yes, Honda City Credit works with customers that are currently in a Chapter 13 bankruptcy.  We have a lender that specializes in auto loans while customers are in a Chapter 13 bankruptcy.  Once we have lender approval, we submit a request to your attorney and the Chapter 13 Bankruptcy Trustee. 

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