Q: Do your sales people work on commission?
A. No! Our sales people are paid flat amounts based strictly on volume. The sales people at other dealerships are motivated to try and sell you a car for as much money as possible and are therefore less motivated with credit challenged customers, customers that owe money on trades, or customers with little money down. At Mile High Car Company, whether you buy a car for $5,000 or $50,000, our sales people get paid the same. Their job is to get you the best possible deal on the car of your choice, regardless of your situation.
Q: What do you mean by Guaranteed Credit Approval?
A. Our Guaranteed Credit Approval program is set up exclusively for customers with credit challenges. We guarantee your credit history will not prevent you from receiving a written approval for vehicle financing.
Q: Can I get an auto loan even if I have bad credit?
A. Absolutely! Mile High Car Company works closely with a network of partners that specialize in helping people with bad credit buy a used car that fits their needs. Even if you've been turned down before, we invite you to try again with us. This is our specialty.
Q: What if I have excellent credit?
A. We have fantastic programs for those with excellent credit including Credit Union Direct financing that offers some of the best interest rates in the area.
Q: Can I get a vehicle history report?
A. Definitely. We recommend never buying a vehicle without viewing a history report. We provide a free AutoCheck history report on every vehicle in inventory.
Q: Can I get a copy of my credit report?
A. Yes, but not from us. We are happy to show you your credit report and go over it with you. However, due to privacy laws, we cannot give you a physical copy of your report. We recommend visiting annualcreditreport.com for a free copy of your credit report.
Q. How much will my monthly payment be?
A. There are many factors that go into calculating monthly payments such as amount of purchase, interest rate, term, and down payment. With hundreds of banks, thousands of programs, and a wide selection of cars, your best bet is to contact us with your budget and we'll see what we can make work for your specific situation.
Q. Do you offer military financing?
A. First of all, thank you for your service! Our founder and President served in the Army and the Marine Corps for many years. As a result, our organization is committed to offering excellent financing products to the military. This certainly includes members of the Armed Forces with credit challenges.
Q. What if I don't have money to put down?
A. We want to talk to you anyway! We have many programs that allow you to put zero money down. Let us know how much you are working with and we will try and fit the finance program to your needs.
Q. What if I have a bankruptcy?
A. No problem! Our Guaranteed Credit Approval program can get you approved for a vehicle regardless of where you are in your bankruptcy process.
Q. What if I have a new job?
A. Not to worry! Our banks look at dozens of factors beyond just job time. We understand that everyone changes jobs from time to time and we still have ways to get you financed.
Q. How much income must I have?
A. The minimum income required by most of our finance companies is about $900 per month, but there are exceptions to every rule. This minimum income amount varies widely among lenders and some won't require any income with a qualified co-signer. If limited income is a concern, give us a call and let us take a look at your specific situation.
Q. What if I have a trade-in?
A. All trade-ins are welcome, running or not. We also specialize in trading customers out of a negative equity position. If you have a trade, we would love to talk to you about it.
Q. What if I have repossession?
A. Many of our customers have had repossessions in the past. Our business is helping you, the customer, re-establish credit and move beyond the challenges you've had in the past.
Q. What if I'm a first-time buyer?
A. We have programs specifically suited for you. While you may not have had the opportunity to establish a record of on-time payments, we can help you get there and get you behind the wheel at the same time.
Q. What if I'm disabled or on Social Security?
A. Being on disability does not hinder your ability to obtain financing. Social Security is recognized by lenders as income and can be used in determining what size loan you qualify for.
Q. What if I'm self-employed?
A. Being self-employed in most cases is not a problem. Sometimes, proof of income may not be required at all. If it is, having verifiable income is the key. Often we can use tax-returns, bank statements, or cancelled checks. Give us a call and we'll do whatever we can to work with you.
Q. What if my trade-in has a larger balance than what my car is worth?
A. Being "upside-down" in a trade is a tremendous challenge for most dealers because their cars are already priced well over retail value. In our case, we regularly buy vehicles at a tremendous value specifically for trading customers out of negative equity situations. Often, this means we can trade you out of your upside-down trade-in while rolling over little or no negative equity.
Q: How long does the application process take?
A. Filling out the credit application physically or online only takes a few minutes. After the application has been submitted, the bank may request additional information such as paystubs, phone bills, bank statements, or they may not request anything. Every bank and every program is different but we'll help you get everything completed as quickly as possible.
Q: What is the interest rate for my auto loan?
A. Interest rates are determined by the actual lenders and are influenced by several factors, including the severity of credit problems, the amount of down payment, and the degree of credit risk. Your auto loan expert will explain these factors, and tell you exactly what your interest rate will be.
Q: Will it help if I have a co-signer on the loan?
A. Usually this does help. However, you may not need a co-signer or the co-signer may not help. Every situation is unique.