FREQUENTLY ASKED QUESTIONS
Have a question? Please check our knowledge base first.
- WE CAN COMPLETE A FILE VERY QUICKLY.In most cases it depends on how quickly you can find the right machine or trailer and provide the right paperwork. A normal deal takes roughly 3-4 days to complete however we have done many deals in under 24 hours.
- YOU DON'T!We never collect any money directly from our customers, any down payment will be sent to the dealership or private seller.
- THE INTEREST RATE WILL VARY FROM CLIENT TO CLIENT.Some clients have a better credit history than others, therefore they are entitled to a better interest rate. As soon as we have a pre-approval, we can review your interest rate, payments, and the amount that you are approved for.
- WE SPECIALIZE IN DEALING WITH CUSTOMERS WITH CREDIT ISSUES.Most of our customers will qualify with no down payment. We have a very high number of customers who get approved right away.
- ABSOLUTELY NOT!We have many outside-the-box ways that we allow as proof of income.
- YES!We can organize delivery for you and have it built into your monthly payments.
- NO, IN MOST CASES YOU WILL CALL THE LENDER AND GET THE OUTSTANDING PRINCIPAL AMOUNT REMAINING ON THE LOAN.The lender will then hold that amount with no more interest accruing for 10 days. This will give you time to organize the sending of the money to the lender.
- TECHNICALLY SPEAKING, YES YOU CAN SELL YOUR MACHINE WITH A LOAN ATTACHED TO IT.Technically speaking, yes you can sell your machine with a loan attached to it. However, if you default on the loan, the lender has the right to repossess the car to cover the outstanding loan balance. If there is no machine to repossess, then there will be severe consequences. If you use the machine sale proceeds to repay the loan, you won't have anything to worry about.
- PAYING AN INSTALLMENT LOAN OFF EARLY WON'T IMPROVE YOUR CREDIT SCORE.It won't necessarily lower your score, either. However, keeping an installment loan open for the life of the loan could help maintain or increase your credit score. We recommend keeping the loan open for at least 6 months to see any changes to your credit score.
- WHEN YOU PAY OFF YOUR LOAN EARLY, YOU CLOSE ONE OF THE ACCOUNTS ON YOUR CREDIT REPORT.This can cause a dip in your credit score because you've lost a product in your credit mix and consistent monthly payments have stopped. If you make payments on time and in full, and your loan is one of the only accounts on your credit report, you might want to consider keeping it open. And we doubly recommend keeping the account open if it is one of the oldest accounts on your credit report.
- THE INTEREST RATE THE LENDER CHARGES DEPENDS ON THE LENDER'S SET PRIME RATE, THE BORROWER'S CREDIT SCORE AND THE VEHICLE ATTACHED TO THE LOAN.Every payment you make is composed of part interest and part principal. Your payment stays the same, but the interest and principal payment breakdown differ every month. Usually, interest is larger at the beginning of the loan and gets smaller and smaller as the loans term goes onward.