Credit FAQ

Questions and Answers About Our Financing

Have a question about how auto financing works with bad credit? Or just wondering how GOSSETT MOTOR CARS can HELP?

1. How do I apply?
   Our application process is fast and simple. Fill out the short online form with your information and click submit.


2. How long will it take to get approved?
   Once we have your application, we will contact you within 48 hours about what your options will be.
    
3. What are the requirements?
   Our basic requirements are simple: a valid driver's license, proof of residence, a monthly income of at least $1,200/mo, and you must be at least 18 years of age.
    
4. Why can you approve me and other dealers can't?
   Gossett Motor Cars is an accreditated CAC (Credit Acceptance Dealer) and we believe that everyone deserves a second chance. Other dealerships may not have the same ability to offer a nationwide network to obtain financing for you.
    
5. How much am I approved for?
   Once you have completed the application process, WE WILL work with YOU TO better determine how much you can be approved for.
    
6. What is my interest rate?
   Your interest rate will be determined by how much you borrow and the length of the loan term. These are based on your credit profile and the equity position of the loan. Gossett Motor Cars will get you the best rate based on your credit profile. The higher your credit rating and down payment, the lower your rates could be.
    
7. Can I use my trade-in as a down payment?
   Yes! Depending on your vehicle's value and the price of the car you are buying, it is possible that your current car could serve as your down payment.
    
8. What kind of car can I get?
   The vehicles you can qualify for will vary based on your approval amount and loan terms. You will be able to choose from a variety of quality, well-maintained vehicles.
    
9. How much will my monthly payments be?
   This will depend on the amount borrowed, down payment, interest rate and length of the loan, along with any additional terms and conditions. You can get a general idea of the amount by first determining your Credit Profile and then using our Payment Calculator.
    
10. Do I need a co-signer?
    It is possible that you may need a co-signer, but that can be determined once you find the vehicle you are interested in.
     
11. I've had a bankruptcy. Do I still qualify?
    Gossett Motor Cars works with many customers that have had Bankrupty in their past and that are currently struggling with that unfortunate situation. We will work diligently to help you get back on the road to good credit.  Qualification will be based on other factors such as income and length of residence.
     
12. 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.
     
13. I've never had credit before. How can I get approved for a vehicle loan?
    Gossett Motor Cars has several First Time Buyer Programs that you may qualify for.