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Financing FAQs at

All types of credit, from good to bad, can qualify for an auto loan. No credit, no problem! We will work with you to secure a no credit car loan if your situation demands it. Parkside Total Auto Care has strong relationships and is committed to finding you the perfect car loan company to suit your car finance needs.

  1. What is car financing? - Car financing allows you to purchase a vehicle by borrowing money and paying it back over time with interest. This option helps you spread the cost into manageable monthly payments.
  2. How do I qualify for car financing? - Qualification depends on factors such as your credit score, income, employment history, and current debt levels. We look for steady income and a reasonable credit score. Even if your credit isn't perfect, there are special financing options available.
  3. What credit score do I need to finance a car? - A credit score of 660 or above is generally ideal for securing the best rates. However, financing options are available for lower scores, though higher interest rates may apply.
  4. Can I finance a car with bad credit? - Yes, financing is possible with bad credit. There are programs designed to assist those with lower credit scores. While you might face higher interest rates, making consistent, on-time payments will help rebuild your credit.
  5. How much should I put down on a car? - A down payment of 10-20% of the car's price is recommended. A larger down payment can lower your monthly payments, reduce the overall cost of the loan, and potentially improve your interest rate.
  6. What's the difference between leasing and financing a car? - Leasing is like renting a car for a set period, usually 2-3 years, with an option to buy it at the end. Financing allows you to own the car once the loan is paid off. Leasing typically has lower monthly payments, but financing provides ownership at the end.
  7. Can I pay off my car loan early? - Yes, most lenders allow early payoff, though some may charge a prepayment penalty. Check your loan agreement for details. Paying off early can save on interest costs.
  8. What is the typical loan term for financing a car? - Loan terms generally range from 36 to 72 months, with some lenders offering up to 84 months. Shorter terms mean higher monthly payments but lower overall interest costs.
  9. What's the difference between APR and interest rate? - The interest rate is the cost of borrowing money expressed as a percentage. APR (Annual Percentage Rate) includes the interest rate plus any additional fees, providing a more complete picture of the total cost of financing.
  10. Can I trade in my current car to lower the cost of a new car? - Yes, you can trade in your current vehicle, and its value can be applied towards the down payment of a new car, reducing the amount you need to finance.
  11. What happens if I miss a payment? - Missing a payment can lead to late fees, impact your credit score, and potentially result in repossession of the vehicle. If you're having trouble with payments, contact your lender immediately to discuss possible solutions.
  12. Can I refinance my car loan? - Yes, refinancing involves replacing your current loan with a new one, often with better terms or a lower interest rate. This can reduce your monthly payments or shorten your loan term. Your credit score and the vehicle's value will influence whether refinancing is beneficial.
  13. What should I consider before financing a used car? - Consider the car's age, mileage, and condition. Older cars might have higher interest rates, and some lenders may have restrictions on financing vehicles that are older or have high mileage.
  14. How does financing affect my credit score? - Financing a car can positively impact your credit score if you make on-time payments. However, missed payments or defaulting on the loan can significantly harm your credit score.
  15. Do I need full-coverage insurance when financing a car? - Yes, full-coverage insurance (both collision and comprehensive) is typically required while there is an outstanding loan to protect the lender's investment in the vehicle.