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Here are some answers to some commonly asked questions about our company and the automotive financing services we offer. If you have additional questions not listed below, please feel free to visit our Contact Us page or *e-mail us directly. (*please include your e-mail address in your message)
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How is Majestic Motor Cars different than most other online dealerships who offer financing services?
Unlike other dealers who simply get your credit information and submit it to any lender -- overlooking the assistance, information and follow-through you really need---Majestic Motor Cars builds a customer profile prior to submitting your information to the lender. We work directly with the lender to get you approved. We simply do more, and if for some reason you don't get approved, we help you understand what you can do to help your situation. We don't just leave you hanging like most other dealers that just gather credit information and just "pass it on."
Majestic Motor Cars offers you professionally trained Credit Managers to do everything possible to help arrange your loan.
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How do I know if I can qualify for a loan to purchase a vehicle?
If you have a job that can be verified, YOU ARE APPROVED!!! Even if you are currently involved in a bankruptcy, your loan application is virtually approved.
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Does buying a pre-owned vehicle really help me re-establish my credit ?
Yes, when checking with the credit bureau, many lending institutions look at automobile loans closer than any other type of loan (other than home loans) to verify your credit standing. Secured credit cards are no help at all--you are really borrowing your own money with the glory of having a piece of plastic in your wallet. Buying a car from a "buy here, pay here" lot that does not report to the credit reporting agency is simply not very smart because it does not help your credit record at all.
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My credit is not perfect. How can I get a car loan with no money down?
Very easy, the first step is working with the right dealership who has access and relationships with lenders who specialize in lending money to consumers with credit issues.
Once a consumer has established their budget, they then select a vehicle that falls within that budget to get a loan with no money down. Example: If the loan payment is $350 per month and the consumer qualifies for a $350 per month payment, then it’s possible to buy the car or SUV with no money down. Along with the monthly payment being in-line with the lender’s requirements the value of the vehicle has to be in-line with the lenders guidelines as well. So to keep it simple if a consumer wants to buy a vehicle that costs $15,000 and the bank only wants to lend them $14,000 then the consumer will have to pay the difference out of their pocket. But if the vehicle costs $15,000 and the bank wants to lend $15,000 then the consumer can purchase the vehicle with no money down.
At Majestic Motor Cars we have relationships with lenders that know how to get consumers the car or SUV of their choice with very little and in most cases no money down, no matter how bad the credit situation is.
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How do I know what kind of monthly payment I will qualify for?
The amount of monthly payment a consumer qualifies for in most cases is based upon their income. Most lenders will not lend a consumer money where the loan payment exceeds 20% of their monthly income along with the car payment and all their other bills exceeding 50% of their gross monthly income. In the lenders terminology your payment cannot exceed 50% of your debt to income and 20% of your payment to income.
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How long after I file for bankruptcy do I need to wait before I can get approved for a vehicle loan?
Most lenders will extend credit to purchase a vehicle the day a consumer’s bankruptcy has been discharged if filed under chapter 7 and if a consumer has filed a chapter 13 bankruptcy most lenders will extend credit with the trustees permission and as long as the consumer is halfway through their plan. Majestic Motor Cars specializes in helping consumers obtain auto financing after dealing with bankruptcy; we even can get you approved for the vehicle of your choice before your bankruptcy has been discharged. Don’t wait apply today and ride today!
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How can Majestic Motor Cars help me get a loan to buy the car or SUV of my choice?
We take pride in assisting individuals and families reestablish their credit and drive the vehicle of their choice all at the same time. When you apply to Majestic Motor Cars we will get a customer statement to determine what your needs and want are, we then take that information and set you up with a lender to fit your credit situation . It’s pretty simple just apply today and ride today!
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Why should I choose Majestic Motor Cars?
The team at Majestic Motor Cars has over 50 years of experience in the finance and automobile Industry. What really sets Majestic Motor Cars above the rest is that we are a local company that lives and works in the same city and state as you. We shop, bank, and work in the same places that you do.
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