QUESTIONS & ANSWERS

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NOTE: Freedom Auto Financing does not make any decisions if reference to your auto loan approval process. With that being said, here are some frequently asked questions. We have provided some basic answers using principles that the lending industry usually applies.

I applied and have not been contacted yet?

If you have submitted an application, and have not been contacted, please email your information and reason for the email to [email protected]

What amount can I get pre approved for? How much will I need for a down payment? What will the interest rate be?

There are many factors that determine the amount an individual may qualify for, down payment required, and the interest rate. These factors range from your credit profile, income, debt, expenses etc. After you’ve applied, a specialist will contact you directly and address your specific situation.

Will you accept a trade in?

Per our partners, the answer is yes in most cases. But remember to take into consideration the amount of equity that the vehicle has.

Will inquiries affect my credit rating?

Traditionally, several inquiries on your credit report are interpreted as negative by creditors.

What are the monthly payments?

Every situation is different, but there are basic factors that usually determine your monthly payments. For an individual with a higher credit score, a larger down payment, and essentially financing less, the payments will most likely be lower. And in the situation where an individual has a low credit score, a low down payment and finances more, the payments will typically be higher.

I’ve filed for bankruptcy/and or I have had a repossession, can I still apply?

In some cases the answer is yes, and in others the answer is no. For this type of question you will need to speak with a specialist that will evaluate your specific situation.

I’ve never had credit before. Can I get approved for an auto loan?

Although we cannot guarantee that you will be approved, we are pleased to inform you that our partners have several First Time Buyer Programs.

Can I use Freedom Auto Financing to finance a vehicle through a private owner?

No. Freedom Auto Financings’ services can only be used to purchase automobiles from dealerships that are within our network of partners.

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

We recommend that you consult with a specialist first. They will do their best to place you with a dealer that best fits your needs before you start shopping around. Every time you visit a dealership, they want to run your credit prior to knowing whether they will approve you or not. If several dealers perform a credit report inquiry, and are unable to approve you, this could hurt your credit rating and decrease your chances of approval.

Didn’t find the answers your looking for?

We are here to help! This should be our company slogan but it’s what we do. If our FAQ list didn’t have the answers you’re looking for, please submit your question below. An email will be sent shortly with your answer to the email address provided. We may even add your question to our FAQ page!

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