831 Cobb Pkwy N. Marietta, GA 30062
A pick payment allows you to pay the rest of your down payment within a 30 day time frame.
For example: Let's say we are asking $599 down. You only have $399 to put down. You can pay $100 with first payment and $100 with second payment or just pay the whole $200 within a week or within 2 weeks or whatever. As long as it's paid within a month.
We generally don't like to do pick payments on vehicles less than $399 down because that is already a very low down payment. However, on down payments higher than $500 down we will generally allow a pick payment of $100 to $300. Nothing is set in stone and each deal is unique and we will try and make it work to your budget and application requirements and approval.
Each situation is unique so it's really hard to say and have a set criteria but in general these below will raise questions and hurt an approval or require more down or a better co-signer.
WE ACTUALLY LOOK AT 3 THINGS 1) CREDIT 2) INCOME 3) STABILITY.
WE THEN TAKE A SNAPSHOT OF ALL THOSE 3. IF YOU ARE WEAK ON ONE BUT STRONG ON THE OTHER TWO IT MAY WORK. IF YOU ARE WEAK ON ALL 3 IT'S VERY TOUGH TO FINANCE. IF YOU ARE WEAK ON 2 OUT OF THREE BUT VERY STRONG ON ONE IT MAY WORK. EACH SITUATION IS UNIQUE BUT THESE 3 THINGS BELOW MAY HURT YOUR CHANCES OF APPROVAL OR REQUIRE MORE TO BE PUT DOWN OR A BETTER CO-SIGNER.
1) More than 2 repos in the last 5 years
-Be tough to finance unless a very good reason or you have some other vehicles on credit that have been paid off that can offset those repos.
2) Income less than $2000 month
-We generally find it's very tough for the ratios to work out if you are bringing in less than $2000 month. You may be limited on the vehicle to bring payments lower or put more down to get payments lower so the ratios work out. Not saying you won't get approved just be prepared for putting more down or choosing a cheaper vehicle or getting a co-signer that can back up the deal with more income.
3) Poor stability
-If you move a lot or have a lot of different jobs then that could hurt unless you are stable now and the money is good.
4) Very bad credit
-If you have very bad credit meaning lots of charge-offs, not paying small credit card balances, multiple bks, etc then it's tough to get approved for a large loan like a vehicle. If you just have some slow credit or some bad with good credit or limited credit then chances are better but if everything is bad on credit then there is no good track record of paying bills so it makes it harder to justify a car loan and insurance if haven't paid any other bills. To offset that larger risk we may ask for more down.
5) Young with no or very limited credit and income under $1800
-We get a lot of apps on people under 24 years old that really have no credit, short time job and income under $1500 or $1800 month. Most these apps also live with parents.
Since all 3 factors are weak we will require a parent to co sign to clean up the deal and help try and push it through. So if we ask for a parent or larger down that is why. There is no credit to go on and the income is too low.
6) Drive for Uber, Lyft, etc.
-We do not sell vehicles for commerical use and we would require a very large down to even consider it.
First let's say if you put enough down most anyone will get approved. The main question we get is how do we qualify for the low down? It is true not everyone will be approved for the low down and many will need $1000, $1500 or $2000 down to get approved which honestly is not much to put down on a vehicle but to qualify for the extremely low down payments we offer we like to see.
1) Someone with past credit issues or low beacon that is having a hard time with traditional financing on a new or 1 or 2 year old vehicle but is established now and has good job with good income and some good credit as well as bad credit. Having recent paid off cars is great and a big boost to getting approved. Having a repo but having some other good credit or paid off cars will help as well. Having good job now and good income helps a lot as well as good job time and time at address.
You don't have to be perfect to qualify for the low downs we just would like to see people that are established now with income of $2500 or more, some good credit or not much bad credit and now in a good position to afford a vehicle and pay it on time.
Basically, who have had some good and bad credit but now in a good position to finance and pay on a car again.
The down payments are very real. 98% of our deals we do each month are with the low down payments.
We have naturally progressed to low down payments over time because people have less and less in savings over the last 10 years and just don't have the $1000 to $2000 that we used to get on down payments 15 years ago. We would love to get higher down payments but people just don't have it but still need a quality used vehicle.
Therefore, being in business so long and having a cash reserve we can float the expenses required to sell a vehicle and offer these low down payments. The vehicles are not of any lesser quality because of it. We honestly have the lowest down payments around. It is almost unheard of in our business.
Now, you don't have to put the low down payment down. You can put more and I would suggest it. When you do the payments will be lower, the term will be better and the interest charges will be less. It just depends on if you want to pay less now or pay less each month with payments.
We also have extremely good terms. We recently saw someone get approved at another place with $1000 down and we had the same car for $499 down. Our interest rate was 10% lower than the other place and about $10,000 less in interest with us over the course of the loan and our loan was 3 year 10 months and the other place was 5.5 years. That is a huge savings with us. Massive savings.
So not only do we have very low down payments we also have high quality used vehicles and a lower interest rate by far then most places which translates into shorter loan terms and huge savings on interest.
If we cannot get you approved with our low down most the situations $1000 to $1500 would get you approved which is still very low so even though you may get turned down for the low down you still may be approved.
Our ratios are as follows
50% of the apps we get qualify for the low down payment listec
30% of the apps we get would be approved with a higher down of around $1000 to $1500
10% of the apps we get would be approved with a better co-signer
10% of the apps we cannot approve at all under any circumstances.
So we have about an 80% approval rate with a down payment less than $1500. That's incredible but most people don't have it so we generally just get the low down payments.