Frequently Asked Questions

Whatever works for your budget! Money down can help lower your monthly payment even more and is recommended, but we realize that money down may not work for everyone. Drop the Payment is flexible and will work with what makes sense for you. After all, that’s what we do! Our Drop the Payment network of dealers can provide you with information about monthly payments based on having a down payment as well as with no money down.

Drop the Payment will contact you right away on Monday-Saturday during the hours of 9AM-9PM. Our dealers work with all bad credit situations including those who have financial judgments, foreclosures, repossessions, credit card debt, divorce, student loan debt, and more. If you need a car fast, we can help! The representatives at Drop the Payment specializes in helping customers with bad credit and auto loans find special assistance with getting loan that helps them drive away in a vehicle. Working with Drop the Payment will be the best and easiest car buying experience you have ever had.

In most cases, yes. It is good to check with the Drop the Payment dealership who can confirm this with the bank that will be financing your vehicle. It’s a great question and it’s important for you to be building your credit as the months go by making on time payments. Drop the Payment dealers understand how important this is and will do everything they can to get you the credit you need.

Don’t worry, your situation is just like 75% of the customers who contact Drop the Payment. We understand what it takes to get you out of a high interest rate auto loan that has contributed toward you being upside down on your car loan. Why pay a high price for a vehicle that’s worth less than what you owe? Drop the Payment dealers stock inventory that can make your deal happen even if you have negative auto equity. Don’t be discouraged, just be patient and flexible. Let our network of experienced dealers work with you to get you the vehicle that is right for you no matter your situation is.

Drop the Payment and its dealer network do not sell money; we want to get you into a car and at the payment you need. With that said, our desire is to get you the lowest possible rate for your situation so that the payments are low and affordable. Rates will vary with credit situations. The good news is that we often times get our customers single digit interest rates and if you have a trade in and have been working on your credit by paying your car payments on time, there’s a good chance we will get you a lower rate than the one you have now.

Most of the time these loans aren’t guaranteed at all; that’s the sad truth. However, there are dealerships that really do offer a program that can get you into a car in almost all instances. These programs usually require a minimum income and a fair amount of money down, but if you are dealing with a reputable dealership (especially one in the Drop the Payment network), the demands aren’t too unreasonable if your credit has really gotten that bad. A guaranteed auto loan usually consists of a shorter term loan as well and should allow for you to rebuild your credit and move into another loan.

Only if it is refinanced. There is no method through titling or re-titling at a certain period of time that will get your co-signer off of a loan. Do not listen to dealerships that tell you you can take a co signer off after 6 months or some finite period of time. It does not work that way. Drop the Payment dealers are interested in setting you up with an auto loan that you can afford to pay. Once you have enough credit to purchase a vehicle without a cosigner, Drop the Payment can help you through that process.

Yes. In fact, it is an excellent way to save you thousands of dollars in unnecessary finance charges by having a cosigner listed on your auto loan. Most lenders will give you a much better rate if you have a strong cosigner. Drop the Payment dealers will connect you to a lender who can work with your bad credit situation.

No, it doesn’t. As long as the lender or bank will be reporting to the bureaus, then you will receive credit as does the other person on the loan.

Absolutely. In fact, some lenders will allow the dealership to “gross up” your social security income as it is earned tax free. That means that they may credit you up to 125% of your income meaning that if you get $1000.00 per month in social security income you would actually be able to tell the bank you earn $1250.00 per month. When qualifying for a loan, every little bit helps. Drop the Payment dealers know how this works and will get you connected with the lender who will give you the best financing situation.

In some cases, with permission from the trustee, you can. Our Drop the Payment partners are able to work with those who have an open Chapter 7 or Chapter 13. Our Drop the Payment network of dealers knows how this works and in many cases, can even help your situation.

First word is YES, second word is GAP. GAP stands for guaranteed asset protection. There are so many terrible insurance companies out there who do not want to give you what your car is worth. It’s almost always advisable to get GAP coverage on your car loan. Why take a chance on being responsible for thousands of dollars that you may owe if this happens? For only a few dollars per month you can have peace of mind. Please discuss GAP with the finance manager or sales manager at your Drop the Payment dealership.

That depends on what works best for your lifestyle. A new car gives you peace of mind and reliability and protection over future repairs because the new car would be under warranty. A used car can give you more flexibility with lower monthly payments because you have a wide price range, including older used vehicles that may only cost a few thousand dollars and are still in great running condition. Our Drop the Payment representatives can talk to you about what may work best for your lifestyle.

Absolutely nothing! Matching you up with dealerships that specialize in bad credit car loans is complimentary. Drop the Payment has become the leader in assisting people with their bad credit auto financing needs. All of Drop the Payment services offered, including a complimentary credit check, are of no cost to you.

Finding a dealer who works with lenders that can help you get into a vehicle has never been faster or easier. All you have to do is fill out a contact us form or call 800-955-6534, and you can be on your way to getting an auto loan.

Are you ready to stop overpaying?

Tired of paying too much for your current vehicle? Do you think your interest rate is just too high for your current situation? You are not alone. Millions of people apply for car loans every day hoping to find a way to lower their current payment. Finally the solution is here. With Drop the Payment, our network of dealerships specializes in low interest rates that create lower car payments that get people into nicer, newer cars or trucks. Make no mistake, Drop the Payment is the right choice for you.

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