Finance FAQ

Questions:

What types of loans do you offer?

How do I apply for an auto loan?

If I already have a relationship with a bank or credit union, why should I finance through Reliable Imports?

What is the benefit of using a national lender through Reliable Imports instead of my local bank or credit union?

What is a simple interest loan?

How long is my interest rate valid?

How much will I qualify for?

How much down payment will I need?

Can I use my trade for a down payment?

What are the minimum qualifications?

What are the monthly payments?

What are the interest rates?

Will Cosigners help?

Should I find a car first before applying for an auto loan?

Challenged Credit:

What type of car can I get if I have challenged credit?

Will inquiries affect my credit rating?

I've had a repossession less than a year ago. Will I still qualify?

I've been turned down before. How can Reliable Imports help?

I've had a bankruptcy. Will I still qualify?

I'm currently in a Chapter 13 bankruptcy. Will I still qualify?

I've never had credit before. Will I still qualify?


What types of loans do you offer?

We currently offer the following types of loans:

Cars, trucks, SUV's, RV,s and Service Contracts!

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How do I apply for an auto loan?

Simply call 1-866-924-1349 or click the link provided.

Click For Finance Form

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If I already have a relationship with a bank or credit union, why should I finance through Reliable Imports?

Reliable Imports has access to over 40 lending institutions including credit unions. This allows us the opportunity to better any interest rate or term your credit union or bank may offer. Many times we will have a relationship with your credit union as well! Plus this allows you the opportunity to obtain bank relationship with a different lending institution!

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What is the benefit of using a national lender through Reliable Imports instead of my local bank or credit union?

Our lending institutions report to all 3 credit bureaus-Trans Union, Equifax and Experian. Also, due to the high volume of business Reliable Imports does with our national lenders, this allows you, the consumer to take advantage of competitive interest rates and terms that are not offered through local banks and/or credit unions.

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What is a simple interest loan?

Simple interest is a method of allocating monthly loan payments between interest and principal. The amount of your payment allocated to interest is calculated based on your unpaid principal balance, the interest rate on your loan, and the number of days since your last payment. For example, if we receive a payment and it has been 29 days since your last payment, then you will be charged 29 days of interest on the unpaid principal balance of your loan. The remainder of your payment is credited to principal and reduces the unpaid principal balance on your loan.

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How long is my interest rate valid?

Interest rates on approved loans are valid for 30 days from approval.

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How much will I qualify for?

The loan amount that you will qualify for is based on a number of factors. Please feel free to call 1-866-924-1349 and speak to a finance specialist or click apply online and complete the application to be contacted.

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How much down payment will I need?

The down payment amount that you will need is based on a number of factors. Credit worthiness is the major factor in determining the down payment amount. We have several lending institutions we use that require no down payment.

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Can I use my trade for a down payment?

Yes! Additional cash, however, may be required if there is a lien on the automobile that you are trading or if the bank requires it.

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What type of car can I get if I have challenged credit?

The typical sub prime auto loan from our group of lenders is for a new, one year, or two year old car with less than 50,000 miles. Nearly every vehicle financed through Reliable Imports and Motor Homes is eligible for Extended Factory Protection so you won't have to worry about unexpected repairs.

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Will inquiries affect my credit rating?

If you're shopping around for a special finance car 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.

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What are the minimum qualifications?

There are no minimum qualifications! Each auto loan application is evaluated based on many determining factors such as, your credit profile, loan to value, down payment, loan term, payment to income, debt to income, etc. After you apply, a financial specialist will call or e-mail you to discuss your application.

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I've had a repossession less than a year ago. Will I still qualify?

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

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I've been turned down before. How can Reliable Imports help?

Our Reliable Imports staff will evaluate your credit profile, available inventory, income, as well as debt factors. Our process ensures that each application has the best possibility of approval prior to submission.

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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.

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What are the interest rates?

A very good question for which there is not a direct answer. Rates are based on many different factors. Reliable Imports is full spectrum. We will get you the best rate 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. Rates generally increase 1 point per model year. The older the car, the higher the rate.

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I've had a bankruptcy. Will I still qualify?

As long as the bankruptcy is discharged Reliable Imports and Motor Homes can help. (Apply today link)

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I'm currently in a Chapter 13 bankruptcy. Will I still qualify?

Yes. However, it may take longer to process your loan. You have to obtain an "Authorization to Incur Debt" from the trustee of your bankruptcy. This normally takes two to three weeks. Please consult your bankruptcy attorney.

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I've never had credit before. Will I still qualify?

Yes! Reliable Imports and Motor Homes has lending institutions with first time buyer programs.

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Will Cosigners help?

A cosigner may be considered for a Buyer who does not comply with all the credit requirements. The income and credit worthiness of the Buyer, however, must meet all the income and budget guidelines without reliance upon the income of the cosigner.

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Should I find a car first before applying for an auto loan?

We recommend that you consult with one of our financial specialists first by calling 1-866-924-1349. The can determine how much you qualify for before you start shopping. This method will increase your chance of approval and decrease the number of inquiries on your credit.

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