Frequently Asked Questions

City Auto Loans > Questions & Answers
Read the most commonly asked questions we are asked by our customers and website visitors. Some of the most frequently asked questions we receive pertain to direct loans. City Auto Loans is not a direct lender, but rather a car buying service, specializing in helping people who would have difficulty qualifying for direct loans.
QI understand that you assist people who are trying to get a loan to buy a car. What limitations are there on what you can do for me? AAt this time we are unable to finance motorcycles, finance automobile purchases through private parties, refinance current loans, or arrange financing for purchases from non-network dealers.
QCan I use my trade for a down payment? AYes! Additional cash, however, may be required if there is currently a lien on the automobile that you are trading.
QWhat type of car can I get? AThe typical auto loan from City Auto Loans is for a new car or a one-or-two year old car with less than 36,000 miles. Nearly every vehicle financed through City Auto Loans is eligible for Extended Factory Protection so you won't have to worry about unexpected repairs.
QI'm currently in a Chapter 13 bankruptcy. Will I still qualify? AYes. 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 for more information.
QCan I use an auto manufacturer's employee discount (A-Plan, GMS, etc)? AYes! Let your finance manager know that you qualify for the discount and it will be applied to your new car purchase.
QWill Cosigners help? AA 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.
QI've tried other online services and local auto dealers. How can City Auto Loans help when others can't? AIt starts with our credit application. Many other websites collect only enough information to obtain your credit report. Our application is the most comprehensive in the industry. It was designed by scores of experienced finance managers who have placed tens of thousands of loans for people with special needs. Our application takes into account variations among numerous lending score cards, allowing our finance managers to evaluate your credit profile quickly and accurately.
QWill inquiries effect my credit rating? AIf 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.
QI've never had credit before. Will I still qualify? AYes! City Auto Loans has several First-Time Buyer programs.
QWhat are the interest rates? AA 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. City Auto Loans is full spectrum. We will get you the best rate based on your credit profile. The higher your credit rating and down payment, the lower your rate will be. Also, the model year of the vehicle plays an important role. Rates generally increase 1 point per model year. The older the car, the higher the rate.
QHow can I apply? AApply right now from the comfort of your home in less than 5 minutes with our easy auto financing application.
Easy Auto Financing