Nissan Finance Information

Who can apply

If you are faced with one of the following issues, Family Nissan can help you rebuild AND drive.

Bankruptcy

We have lenders on standby that can assist if you have completed your Chapter 13 or Chapter 7 Bankruptcy. Even though Bankruptcy may remain on your credit for up to 10 years, the best way to move past this is to re-establish with new credit... and a vehicle loan is one of your best opportunities here.

Unfortunately, we cannot help if your Bankruptcy is still open and has not yet been dismissed or discharged.

Repossessions

In the event that you have had a vehicle either voluntarily or involuntarily repossessed, you can get another loan. With many of our lenders, you will be eligible after one year. A handful of lenders will accept 6 months, and we have even obtained approvals for shorter time periods. Be warned, however, the size of your down payment will have the most impact on getting a lender to take the risk again.

Slow Payments

Our lenders know that things come up. In most cases, we can help even if you have slow credit card payments, high balances, charge-offs, medical bills, and other less-than-perfect payment history.

If you are a homeowner and you had some slow payments or are in a loan modification, in most cases, we can help. The lenders understand and want to get you a loan to help keep your budget in place with an affordable payment.

Loan Requirements

The requirements for being considered for an auto approval are not difficult. You must be employed or receiving some sort of regular benefits like disability or social security, at least 18 years of age, and a citizen or registered permanent resident of the United States.

So apply today! Upon completion of your application, one of our loan officers will be in touch with you to discuss your particular situation. Generally, a two-year history is required in order for our lenders to consider you for a loan.

You can be conditionally approved before you walk in the door if you can provide us with your proof of income:

• Pay Stub no more than 30 days old
• 3 months of bank statements
• A signed Request for Transcript of Tax Return 4506-T form is required for all self-employed applicant(s) to verify income from previous 2 years tax returns.

What to Bring

It’s the day you have looked forward to – the day you drive off in your new vehicle! We will need to do a little paperwork before you leave – so please double check and make sure you bring everything we’ll need. The process will be quicker and easier.

We will need:

Valid Driver's License that is current.

6 Personal References with name, address, phone number, and relationship.

• Minimum 2 Family Members required.

Additional Documents:

• Telephone or utility bill no more than 30 days old
• If you’re a Registered Foreign Permanent Resident, make sure you have your ID

Proof of Income

• Pay-stub less than 30 days old and showing year-to-date income
• 2 years of Tax returns if you are self-employed

Insurance Information

• Policy Number, Company, Agent, Agents Address & Phone Number, and Expiration dates
• If you don’t have full coverage insurance, please let us know as we can help.

If you do not find your question listed below, don’t hesitate to contact us. We happily respond to every inquiry.

How much can I get pre-approved for?

The loan amount that you will get pre-approved for is based on a number of factors. They are based on income, and age of the vehicle, and the overall risk assessed by the lender. All documents must be turned in before a true number can be given.

Will my trade qualify for money down?

Yes! Additional money, however, may be required if there is a lien on the automobile that you are trading.

Will inquiries affect 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.

Will Cosigners help?

A Cosigner may be considered for a Buyer who does not comply with 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.

What are the monthly payments?

Monthly payments are based on your credit profile and the vehicle you are purchasing. Newer, lower mileage cars qualify for extended terms. The best payments are on less expensive cars that have less than 50,000 miles.

What are the interest rates?

Rates are based on your credit history and the equity position of the loan. We will negotiate the best situation we can based on your credit profile. The higher your credit rating and down payment, the lower your rates will be. Also, the model year of the vehicle plays an important role.

I've had a vehicle re-possessed less than a year ago. Can I still pre-qualify?

If the repossession was not included in a bankruptcy and there is still a balance on the account, you can still pre-qualify. Greater money down requirements will apply and vehicle selection will be limited to newer cars that are still under factory warranty.

I've had a bankruptcy. Can I still get pre-approved?

As long as the bankruptcy is discharged, yes you can. We can help you re-establish once your Bankruptcy is complete and you have received your discharge letter.

I've never had credit before. Can I get approved for an auto loan?

Family Nissan often has several First Time Buyer Programs that are available with our lenders and manufacturers. These programs will help you not only qualify but also, occasionally, reduce the cost of the vehicle.

I've been turned down before. How can Family Nissan get me approved?

With the relationships we have built with our lenders for selling quality vehicles and the years of experience helping people with a problem get back on track, we ensure that each application has the best possibility of approval prior to submission.