About Drop The Payment – Frequently Asked Questions & How it Works
At the Drop the Payment, we want you to get the right deal regardless of your personal credit history. If you have had trouble finding a new or used car and financing to go along with it, Drop the Payment can analyze your credit situation no matter how bad your credit is and connect you with a dealership who understands your special issues! Have you had a bankruptcy in the past that is standing in the way of owning the car of your dreams? Are you currently upside down in a car loan with high car payments that are dragging you down? Your solution to re-establishing your credit could be just a few clicks away.
Drop The Payment is dedicated to getting you into a car or truck with an affordable monthly payment. We understand that there may be questions that you have about the car buying process here at DropThePayment.com, so we’ve listed some of the most common questions that we are asked along with answers to those questions. Of course, if there is a questions not listed below, please give us a call and a representative will be happy to speak with you.
1. Will I need a down payment for my purchase??
It is possible that you may not need any money for a down payment for your vehicle, however each car buying situation is different. This may depend on the total amount of the vehicle, your income, your credit history, and other factors.
2. What is my interest rate going to be?
DropThePayment.com works with many dealers in order to get you into a car that you can afford. Your interest rate is determined by the bank the dealership utilizes and is based on your credit history, length of credit history, and current income.
3. Is there an application fee to find out what I qualify for?
No! There is no application fee to find out what you qualify for and there is no social security number required for a simple quote either! Finding out what you qualify for is quick, easy and free!
4. What Documents do I need to bring with me to buy a car?
First, it’s important to see what you qualify for. Be prepared to bring in your drivers license, social security card, pay stubs, pension or social security income, as well as other items that may be suggested to you. If you plan to trade in your current vehicle, bring in the title of that vehicle (if you have it). If you still owe money on it, no need to worry, just visit the local DropThePayment.com dealer.
5. Can I buy a car with an open bankruptcy?
In some cases with permission from the trustee, you can buy a car. If you are in an open Chapter 7, almost always the answer will be no…almost always. The best advice is to speak to your dealer to see how they may be able to help.
6. Will a dealership take my trade if I owe more on the car than it is worth?
Yes. Each dealer is interested in working with you regardless of your trade in or what you owe. Our dealerships are ready to do an appraisal on your vehicle and will do everything possible to get you into a car that you can afford by trading you out of your current vehicle.
7. Can I use my social security and/or pension as income for my car loan?
Absolutely. In fact some lender will allow the dealership to “gross up” your social security income as it is earned tax free.
8. Will I need a co-signer?
That depends on your current credit situation. Each one is different, but your dealership will do what they can to work with your directions.