Loan Programs
Application
Loan Programs
What are Direct Purchase Loans?
Direct Purchase Loans are loans where we secure the vehicle financing
for you up-front. This lets you "Have your Loan in your Pocket before you go Shopping".
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What types of purchase loans are you currently offering?
We now offer purchase loans for both new and used vehicles, as well as private party purchase. If approved,
these loans may be used to purchase autos, trucks, motorcycles, and recreational vehicles.
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What is the difference between a Private Party Purchase and a Dealership Purchase?
A Private Party Purchase is a vehicle purchased from a private individual and a Dealership
Purchase is a vehicle purchased from a franchised automobile dealership.
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What is a Franchised Dealer?
A Franchise Dealer typically carries lines of one or more new car makes and operates as a
franchisee of the vehicle manufacturer. However, some Dealer Groups carrying pre-owned
vehicles may be considered as Franchised Dealerships. Our staff will gladly help you
determine whether or not a dealership is franchised.
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What are Refinance Loans?
A refinance loan allows you to pay off your existing loan on a vehicle. There are various
reasons why an individual would want to refinance their vehicle. Many are not happy with
the interest rate they received when they purchased their vehicle. Some apply because
they want to add or remove a name from the title. The majority of customers that apply are
looking to lower their monthly payment. This may involve lowering the interest rate and/or
extending the term of the loan. Whatever the reason, our refinance staff is here to help
you make the best decision for your situation.
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What is a Lease Buy-Out?
A Lease Buy-Out allows a customer that has been leasing a vehicle, to obtain a loan on the
residual balance of the auto plus any applicable fees and/or taxes. This is also considered
a refinance loan. This is typically done when the lease is up; however, in certain circumstances
customers may be able to refinance before their lease has come to term. Our qualified staff
can assist you with any questions you may have pertaining to your lease buy out.
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Application
What types of interest rate can I expect?
We are able to offer competitive rates for a wide range of credit scenarios. By
evaluating your credit history, work history, and income, we will determine the
best possible rate for your particular situation.
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What types of refinance rate can
I expect?
We are able to offer very competitive refinance rates. Along with evaluating the
customer profile, the year, make, an mileage of the vehicle is taken under
consideration.
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Are there limitations as to the type of vehicle I can purchase?
Some of our products do have certain guidelines as to the year, make, and mileage of the vehicle. Your
loan specialist will go over all of these with you when they contact you
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I have some credit problems in the past. Can I still apply?
With over 80 years of automotive industry experience, we at Direct Auto Loan Center are aware that
re-establishing car credit can be very frustrating to a consumer. Our lending partners have programs
especially designed to help customers that have had credit problems in the past.
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My credit is good, but very limited. Can you help me?
It has been said that purchasing a car is sometimes more difficult than purchasing your first home.
Again, we look at the whole customer profile so that we can help that first time car buyer.
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I would like to add my spouse to the title of my car. How can I do this?
By applying for a refinance loan, you are able to add qualifying spouses to your new loan. This
in turn allows your new lender to add the spouse to the title.
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My ex-girlfriend/boyfriend is on my current loan. Can I refinance in my name only?
As long as you qualify for the refinance loan in your name only, the other party
can be removed. Just let your loan specialist know this, so they can send the
appropriate documents to be signed, in your loan package.
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How long will this process take?
Usually, the approval process takes less than an hour; however, it can take up to 24 business
hours for a decision. Once your loan has been approved and you've talked to a loan specialist,
a loan package is sent, over-night, to you. With the loan in your pocket, you are ready to enjoy
a stress-free shopping experience!
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