Frequently Asked Questions

Here are some answers to the most common questions 247 Auto Finance get asked:

What are the Typical Requirements?

There are no nationwide standards, however, the typical requirements for someone considering a vehicle loan are as follows:

  1. 18 years of age or older
  2. Currently reside in United States
  3. Current legal United States citizen or legal resident
  4. Full time employment or guaranteed fixed income
  5. Monthly income of at least $1,500 gross
  6. Gross income refers to an individual's pre-taxed monthly income. This income should be verifiable through proof of income such as tax records. Fixed income such as social security, disability insurance, child support, alimony, or public assistance should be included in your monthly income. Seasonal employees or temporary employees at their agency for less than six months would not qualify.

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What if I have a low or no credit score?

We understand that not everyone's credit score is perfect. We work with a huge network of lenders and auto dealerships that specialize in providing auto financing to people with past credit problems.

Score plays a big part in regards to how a dealer or lender views your credit. For example if you have a below average credit score of 570 some people may tell you that you have bad credit but this is still well above a truly bad credit of less then 500.

  1. Terrible Credit Scores | 400-425
  2. Awful Credit Scores | 425-450
  3. Bad Credit Scores | 450-500
  4. Poor Credit Scores | 500-525
  5. Subprime Credit Scores | 525-550
  6. Below Average Credit Scores | 550-575
  7. Slow Credit Scores | 575-600
  8. Less Than Perfect Scores | 600-625

Please note that not all bad credit is equal when it comes to low credit vehicle loans. Lenders often separate bad credit into two types: situational and habitual credit. For example, if one has low income, a patchy job history and frequently missed payment deadlines, they would be viewed as habitual and thereby viewed an adverse risk.

However someone who has a higher than average income, a good job history and generally makes timely payments until an unexpected event occurs, such as a major illness, may be viewed more favorably even if both parties had the same credits scores. This is because the calculated risk is lower. Lenders often believe that someone who habitually misses payments will keep doing this in the future.

Below are some examples of situational bad credit and habitual bad credit.


  • bankruptcy due to medical issues, loss of income
  • divorce
  • illness or injury
  • loss of employment


  • multiple issues, not single event, long history
  • multiple bankruptcies
  • significantly bad credit after BK
  • currently delinquent on all existing obligations

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What is the interest rate on my car loan?

Interest rates will vary according to a number of factors, including your credit report information, car loan amount and the type of vehicle selected. When your auto financing application is approved, a credit processor will contact you and provide specific details regarding the loan amount you are approved for, interest rate, monthly payment and all other terms. Remember, you are under no obligation to accept any car loan terms offered to you.

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Will I need a down payment on my car loan?

If you have good credit, you may be able to get auto financing with little or no money down. If however, you've had some credit problems in the recent past, you'll most likely be required to have some type of down payment, usually equal to 10% of the selling price of the vehicle, or $1,000, whichever is greater.

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Are there fees associated with your service?

There are no fees to apply for auto financing with 247AutoFinance and no obligation to accept any of the terms of any loan offered by one of our participating lenders or auto dealerships. Finance terms and related finance costs from the dealership you are connected with will vary depending on your personal credit score.

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What happens once I complete the auto finance form?

Once you complete our auto financing form, your information is connected with our network of auto financing partners. If you are selected, you will be contacted directly and taken through the process of finalizing your auto financing.

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What type of vehicle can I purchase?

If you get approved for an auto loan through one of our direct auto finance partners, you can go to any franchise auto dealer in your state to buy a car. If however, you get approved for a car loan through one of our participating auto dealers, you’ll need to purchase a car from them, however, they have the option to search other local dealerships to find the car that meets your criteria.

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Is my information safe on this site?

Yes, we use industry standard security protocol and enhanced 256-bit data encryption technology to ensure that your information is safe and secure while on this site.

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What is a Bad Credit Car Loan?

A bad credit car loan is when an individual with a credit score that is considered subprime applies and receives an auto loan. A subprime credit score is usually considered any FICO score below a 640. People with such scores are considered a "high risk", and are often denied by traditional lending sources.

Because they are denied by traditional lenders such as local banks, credit unions, or lending arms of car manufacturers such as Ford Credit or GMAC, people with low credit scores are often forced to seek financing through alternative options. Such options often include local automobile dealers and/or local finance companies which are likely to charge them a higher interest rate to offset the higher risk of defaulting on the loan.

If you do not know what your credit score is, the Fair Credit Reporting Act entitles you to a free copy of your credit report once every twelve months through We encourage potential car buyers to read and be aware of what their credit report says before applying. You can also check your credit report for errors to avoid being penalized for old information.

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What is a Cosigner?

Cosigners – If you know a parent, family member, or friend who has good credit and trusts you enough to take on the risk of the loan with you then you can save yourself thousands over the course of the loan and expand your options back to more traditional lenders.

Take a look at the following example based on a $15,000 auto loan.

Months to Repay 20% Rate with no Cosigner 10% Rate with a Cosigner Monthly Savings Total Savings
72 $359.29 $277.89 $81.40 $5,861.15
66 $376.45 $296.40 $80.06 $5,283.65
60 $397.41 $318.71 $78.70 $4,772.16
54 $423.44 $346.09 $77.35 $4,177.08
48 $456.46 $380.44 $76.02 $3,648.80

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