Tag Archives: car loan

Vehicle purchase after repossession

Many customers do not know what to do for their next vehicle purchase after a repossession.  At John Amato Hyundai Superstore we specialize in establishing and re-establishing credit even after a vehicle repossession.

What is the Vehicle Repossession Process?

The vehicle repossession process is pretty straightforward.  First, you may receive a letter stating  your loan payment is past due.  This does not always happen.  If it is specified in  your loan contract, you will get a letter.  A few days after the letter is sent,  you will get a phone call from the loan company stating that the payment is late and what you plan to do to avoid repossession.  After a “grace period”  expires the loan company hires a repossession company and they take the vehicle.  You will then receive a letter telling you how much you owe for the loan payments and repo fees.

After Repossession

It may feel like the world stopped because your vehicle was repossessed.  But, in fact it was a vehicle that you could not afford.  It is however a large step back in your financial life, but it won’t stop you from moving forward.  Lenders have been loosing the reigns on the car loan requirements and are now willing to assist customer with problems in their credit.

A vehicle repo can greatly lower your credit score and move you down the standings in credit categories.  At John Amato Hyundai Superstore, we don’t turn away customers that have had issues in the past.  We are here to finance your future  not your past.   We work out a deal that fits you into a budget, but there are a few things that you can do to help

Determine Where your Credit Stands and Repair it

You know your credit score is going to go down because of the repossession.  But it may not be as bad as you think.

Auto loans can be a complicated process and getting approved should not be your only concern.  You want to get favorable terms on the loan as well so  you can afford your payment.  This is all determined by what your credit report says to the lender.  For example, your score is not the only factor

Other factors that impact your loan is:

  • Slow payments or late payments on loans
  • Defaults on loans
  • Repossession
  • Bankruptcy
  • Collection notices

Anyone with these on their credit report will be subject to higher interest rates because they pose a risk to the lender.  You must re-establish your standings for long term loan.  You need to repair your old debt for better future loans and debt.

If you are behind on payments on other loans, you need to bring those payments current.  This shows lenders that you are making an effort to make good with your creditors.  Remember, that rebuilding your credit is not an easy or quick process. It takes time, commitment and discipline to stay on top of your bills.  But, in the end it is worth it to receive better interest rates and terms in the future.

 

Be Prepared when you Visit John Amato Hyundai Superstore

Having a down-payment is generally a requirement of anyone with less than perfect credit looking to get an approval for an auto loan.  The bigger the down-payment the more options you may have.  Having a down-payment tells lenders that you have control over your finances, which in turn, means they are more favorable to approve your loan application

 

If you don’t have a down-payment, you can trade in your vehicle, whatever equity you have in your vehicle will be used as a down-payment.

After you have figured out your money situation, and schedule a time to come into John Amato Hyundai Superstore Milwaukee, you need to bring in the following items to turn into the lender

  • Valid Driver’s License
  • Current Proof of Income (pay stub)
  • Bill with your name and address on it (utility bill)

You should always bring in the documentation the same day of your visit, so it does not interrupt the loan application with the lenders.  It makes the process go by quicker and smoother and will allow the lender to see that you are organized and serious about making a purchase.

When you are speaking with the finance manager at John Amato Hyundai Superstore, keep in mind they are making sure that everything you say is accurate, so it is best to be completely honest.  Do not lie about past credit or income.  If that happens your loan application may be automatically declined.

Set your Goals Realistically.

You have already been down the road with a vehicle you could not afford the payments on , so do not do that again.  Instead come to terms that in fact the car  you can afford may not have navigation or leather or a sunroof.

Look at cars that fit into your budget and the parameters that the lender set up.  You need to show the banks that you can make on time payments, they are giving you a second chance.  Stick to a vehicle with what you need for now.  Make your payments on time and your  credit will improve, then the next vehicle will probably have all the options that you wanted.

As We See It

Repossession is not the end of the world, it is only a minor set back that you need to correct.  You do not have to give up all hope of ever owning a vehicle again, because we can help you.  We are a special financing dealership that has the tools and experience to get you into another vehicle.  Which in the end rebuilds your credit score.

 

Get started today by beginning your application at John Amato Hyundai Superstore Milwaukee

Dealership Financing is right at Amato Hyundai Milwaukee

When you are ready to start the search for your next vehicle but need financing to complete the transaction, do not forget about the many benefits dealership financing has to offer to its customers.  At John Amato Hyundai Superstore’s financing department, we specialize in finding the right auto loan for your specific financial needs.  Even if you have experienced credit issues in the past, our dedicated team may still be able to find you a finance package that makes sense for your budget.

Our dealership has been working with a network of lenders that know everyone has different needs where auto-loans are concerned.  Whether you are looking to finance a new or pre-owned vehicle from John Amato Hyundai, we are sure to find the right financing deal so you can drive off our dealership lot as a satisfied customer.

One of the many benefits of dealership financing is the fact you never have to leave our building to go through the entire car buying process.  You can pre-qualify for an auto loan, select the Hyundai model that you liked best, and complete the entire transaction with ease.  Our financing department is experienced and our sales team is knowledgeable so we assist you in making the best purchase decision as possible.

Another benefit of dealership financing is the ability to find loan packaging that are not available through other lenders. Our network of lenders may have exactly the right solution for your auto loan needs that traditional lenders and banks do not have.  We can review the various options for which  you qualify so you can choose the right loan package for your budget.

Finally, dealership financing may make you eligible for the many deals and special offers available from our dealership as well as the manufacturer.  You never know what kind of great deals we are offering unless you keep in touch with us.  Utilize our store services to discover the vehicles in our inventory and the many sales and services available at our dealership.  Don’t forget to check out the various specials we have going on so when you are ready to purchase, you’ll know exactly what we have to offer.

Contact our Hyundai financing department today to get pre-qualified for the right auto loan.  We here at John Amato Hyundai Superstore are here to make your entire car buying experience is pleasant and leave our dealership lot happy in your new Hyundai