Frequently Asked Questions
You Asked. We Answered.
Welcome To Our FAQ's Page
We wanted to take a few minutes to answer a some of the common questions that we receive from time to time.
We're here to take as much time as you need in your vehicle purchasing decision process. We're not here to sell you cars in 10 minutes or to rush you through paperwork so that you end up going home thinking, "Well, that process was terrible." After all, this may be the second biggest purchase you'll make in your life and we want you to feel comfortable with that process from beginning to end.
We feel that it is important to take a few minutes to read through the top six questions that we receive. These questions and answers will help you get started moving towards a place of a good, solid understanding of who we are and how we operate. So if you would, please scroll down and check out some of the most common Q's and our A's.
Thanks for coming to visit us. We're glad you're here and we look forward to working with you.
Your Questions. Our Answers.
Is carloanCalifornia.com a bank or a lender?
No. www.carloanCalifornia.com is NOT a bank or a lender. We are a licensed, bonded and insured California based pre-owned vehicle Dealer, Broker and Wholesaler. This is your landing place to position you properly with Car Loan California and their lending partners to get you on the road or back on the road in a quality pre-owned vehicle.
We are certain that with a little time, effort and patience, we can match you with the right pre-owned vehicle from our inventory which with consistent and diligent attention from you to the financial obligations that come with owning a vehicle, you can be well on your way to an improved financial condition in your life.
Can you explain the different credit tiers?
Sure. There are various levels of credit worthiness. Like most things in life, there are categories into which an individual's credit profile falls. Credit scores generally range from 300 to 850*. Although each lender considers credit scores differently when making their lending decisions, the ranges are commonly understood to be as follows:
- Deep Sub-prime credit starts at 300 and goes to 500
- Sub-Prime credit starts at 501 and goes to 600
- Non-Prime credit starts at 601 and goes to 660
- Prime credit starts at 661 and goes to 780
- Super Prime credit starts at 781 and goes to 850
* Note: ranges above are those used by Experian Automotive for automotive finance market analysis and trending purposes. Other industries and lenders may use other ranges based on unique scores, portfolio and industry trends.
Here's an interesting perspective when it comes to credit score ranges...notice how they're only about 60 or 100 points within each range for the most part? That's how close you are to improving your overall profile. What does this mean for you? It means that regardless of where you're at, your goal should be to move in a direction towards Excellent credit. If you're in a Challenged or Subprime Credit category, that's ok. Credit profiles are a marathon. Not a race.
How will a car help me establish or re-establish good credit?
As a collateralized asset, a vehicle is one of the fastest, if not the fastest way, to prove to future lenders that you are committed to developing a healthy credit profile or to improving an existing credit profile. While there are no guarantees in life, It is altogether possible that within 12 to 18 months, you can be well on your way to establishing a solid credit profile or be making significant improvement of an existing challenged credit profile.
Why does it work that way? Well, think of it this way...a lender needs to see consistency and stability. They need to see that their clients are meeting their obligations when it comes to the money they have loaned to them. Without that consistency, they have no way to determine to whom they should loan money, what they should loan it for and on what terms they should loan it. Banks and other lenders can't be in the business of just throwing darts at a board and crossing their fingers hoping the dart hits a bullseye. Know this about lenders...they want to be in the business of lending money. They do not want to be in the business of repossessing cars. Their goal is to develop a long term relationship with you and your family and in most cases, that starts with a vehicle loan.
We conduct our business here at Car Loan California with the understanding that we will work hard to find the right lender to finance your future as compared to your past. You've heard us say it a few times in other places but know that you can count on us to do our part and we'll need to be able to count on you to do yours when it comes to the financial responsibilities that come along with owning a vehicle.
An improved credit profile is possible and achievable with a little time, a little patience and a lot of effort. We'll stress again that there are no guarantees. With time, patience and effort, you can be on your way to establishing or re-establishing your credit profile through diligent and timely attendance to the financial responsibilities that come with vehicle ownership.
I don't have any credit. Can you still work with me?
Absolutely. We can work with everybody. Credit profiles develop over time and they can take years and years to grow. They don't happen overnight. They can, however, become distressed overnight. Events such as a bankruptcy, a repossession or a missed payment on a credit card can all send your credit profile off the road and into the guardrails. That is ok. Those things just "happen" in life.
Maybe you've just graduated high school or college and you're looking to secure your first vehicle. Through Car Loan California's lending sources, we are certain that we will be able to get you in the right car for your situation and moving in the right direction. Your credit profile will dictate which borrowing opportunities you will have now and in the future and we're here to help you get started in the process with a well structured arrangement with one of our lenders. New credit or no credit...our lenders specialize in your situation.
I think my credit is in rough shape. How can you help?
There are different levels of "rough shape" and we understand that. Life just "happens" and when it happens to present difficulties, the order of priority always kicks in. Our lenders understand that which is why both Car Loan California and our lenders are committed to working with you to land you in the right quality vehicle and the right financing opportunity regardless of what your history says. Our primary lender finances your future. Not your past. We are committed to working with only lending partners that are committed to you, the client, regardless of your situation. With the purchase of a pre-owned vehicle from Car Loan California, your diligent attention to on-time payments will be a big factor in keeping your relationship strong as you work towards an Excellent credit profile.
One car. One step at a time. One month at a time. One payment at a time. One mile at at time.
How do I get started?
See the red button below that says "APPLY NOW"? By clicking that button, you will be rerouted to www.carloanCalifornia.com's Financing Application on which you'll be able to get started on your Application for one of our quality pre-owned vehicles. The application is simple and very standard and it is the first step in your journey towards getting back on the road in a quality pre-owned vehicle from Car Loan California.
After filling out the Financing application, Car Loan California will develop a client folio for you which will allow us to get to work on the appropriate positioning of your current credit profile to one of our quality pre-owned vehicles.
Car Loan California's inventory ebbs and flows so patience is the key to your success in moving towards that first step in your journey. Our goal is to align you with the right vehicle. Not just any vehicle. We will take this opportunity to again stress that in the same way that challenged credit profiles do not happen overnight, sometimes it can take time to match you to the appropriate vehicle. We are here to work with you and for you and not to rush you into the wrong vehicle because in the end, that's not how we approach business. We will not waste your time presenting you with vehicles outside of your budget.
I have a question specific to my situation. Where can I read more about that?
We're often asked about specific situations so we wrote a page for each of them. We refer to them as the following and you can click on any and all of them to be routed to our discussions about these situations: