| Loans on cars faq's | |||
If your question is not answered below please email us at info@bhmfiancial.com |
|||
| Q:What type of car do I need for this loan? |
|||
A:You can get this loan with any vehicle that is no more than 8 years old and has no more than 180.000 kilometers traveled on the odometer. see all requirements
|
|||
| Q: How fast can I get
a loan? |
|||
A:It is totally depended on you. If you qualify, we can usually give you loan approval within one hour from the time you submit the Loan Application to us (during normal business hours). When you receive loan approval you will be asked to provide a few items so that we can verify your residence, income and employment. Then, when we receive confirmation that you have signed the loan documents, we can fund the loan instantly by electronically transferring the funds directly into your account. The total amount of time it will take to complete the loan process from Application to funding depends on how long it takes you to get everything to us. If you send us the items we need to process the loan immediately after you receive loan approval, the entire loan process can be completed in just a few hours |
|||
|
|||
A: No. Our main concern is not your credit history but that you have enough equity on your asset. Bankruptcy and other forms of bad credit will not disqualify you for a loan. If we feel that you have sufficient income to make the monthly payments and repay the loan, then we will be able to approve you for a loan. |
|||
| Q: How much can I borrow? |
|||
| A: We loan up to 70% of the wholesale value of the vehicle, and take various factors into consideration such as the year, make, model, mileage, and condition of the vehicle. We will also consider your debt to income ratio as well as your ability to repay the loan and make the monthly payments. | |||
| Q: What if the car is not
paid off? |
|||
| A: For us to make a loan, the car must be paid off - or almost paid off. For example, if you owe less than 25% of the wholesale value of the vehicle, you may still qualify for a loan. | |||
| Q: What if the vehicle is
not registered in my name? |
|||
| A: Only the registered owner can sign the contract | |||
