Elden's Auto Sales FAQ's
At Elden's Auto Sales, we understand that each guest we work with comes with their own unique financial situation, whether that involves an unfortunate financial burden or experience like bankruptcy, repossession, or divorce, or you’re just a first time car buyer looking to get an affordable loan that will help you build your credit score. While each guest is unique, we do get asked many of the same questions with each new inquiry or purchase.
Listed below, you’ll find answers to the most frequently asked questions at Elden's Auto Sales. Don’t see an answer to your burning question? Give us a call at (719)315-6227 and we’ll d our best to help you out.
Can I Get Approved Over the Phone
For your own protection, we cannot give a phone approval. We offer many different lending options and do not want to misinform you over the phone in regards to how we may help you find a reliable vehicle that fits your needs and your budget. It will save you time and money to come in and sit with a Finance Specialist so we may offer you the best service we can, and help find and finance a vehicle that is right for your specific situation and financial goals.
How Much Will I be Approved For?
Your pre-approval amount is based on a number of factors, including but not limited to your credit score, your credit payment, your employment history, your residency, and personal and professional recommendations. Pre-approval amounts vary from guest to guest, and we always encourage you to schedule an appointment with a finance specialist to best figure out if our finance program works for you and your needs.
I've Been Turned Down Before, Can You Really Help Me?
Yes! Our approval isn’t based on your credit score it’s based on the stability of your situation and your budget. Most importantly, we’re here to help you establish or re-build your credit. If you’ve struggled to get financing at traditional new and used car dealerships, then our finance program may be right for you.
What Are Your Requirements for Financing
Our Financing is Simple! When you vis the dealership, its best to bring proof of income (i.e. Paystubbs, SSI or Retirement Award letters, etc) As well as your most recent checking account statement
Can I Get a Loan Even If I Have A Bankruptcy
Here at Elden's, We can work with you even if your bankruptcy has not been discharged.
In a Chapter 7 case, you should get your Notice of Discharge from the bankruptcy clerk of court at least 90 days after your meeting with the creditors.
If you are in a Chapter 13, the process is significantly different. A Chapter 13 is a continuous proceeding that typically takes between three to six years to complete. If you need a new car while you are still in Chapter 13, you will need permission from the bankruptcy court before you can buy one.
Can I Get Approved Without a Down Payment?
You may get approved with no down payment required, or you may be asked to bring in an initial investment in order to get you the right vehicle at the right payment amount. For a more favorable approval, our average customer brings in a down payment of around $1,375.00. Ultimately, your down payment requirement will be determined based on your current financial situation. All guests are encouraged to ask us about using a trade-in (see below), and to check out our current sales promotions for extra savings and to help cover auto ownership start-up costs.
What is My Trade In Worth?
All trade-ins are appraised on an individual basis, and we will help you find the CMV (Current Market Value) of your vehicle to be used for your purchase at Elden's Auto Sales. Simply bring the vehicle to our office. Once you’ve arrived, the total appraisal process should take roughly 15 minutes, and can be completed while you’re applying for credit for a new-to-you car.
Do I Need A Co-signer?
A co-signer may be taken into consideration for a buyer who does not comply with all the credit requirements. The income of the buyer, however, must meet all income and budget guidelines without reliance upon the income of the cosigner.
I Have Good Credit, Can I still Buy From Elden's?
Here At Elden's, We specialize in financing drivers with bad and no credit, but we do have exceptional financing for qualified buyers that starts at 6.99% in partnership with local lenders. Call us or Come By anytime to discuss the vehicle(s) you are interested in, and financing options
I Have No Credit, Can I Get Approved?
We will review your application and follow-up to discuss your financing and auto options, and how we can help you establish your credit. Also, we encourage you to ask about our first-time buyer programs to help ease the transition into automobile ownership.
