FAQ About Getting A Used Car Loan in Vermont

 
Auto Finance Questions

At Central Vermont Auto Mart, our team of auto loan specialists frequently fields questions about obtaining used car loans under various circumstances. Many people encounter difficulties securing loans for used cars or trucks, prompting us to collaborate with vendors to offer assistance.

Currently, we collaborate with over 15 vendors to create loan options for individuals with diverse credit requirements, including those who may find it challenging to secure conventional financing.  With over 75 years of collective experience in auto financing, our team is eager to assist you. If you have any questions or require assistance with financing a used car in Vermont, we are at your service.

Our aim is to assist individuals who have encountered financial difficulties in the past to regain their financial footing. These loans are tailored specifically for those who may struggle to secure conventional financing.

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In just a few short minutes, you can fill out our secure online pre-approval form! Our finance team will review your situation take care of the rest!

Frequently Asked Used Car Loan Questions

A repossession can damage your credit score, but obtaining a used car loan might be a quick method to enhance it. Even with a repossession on your record, there are measures you can take to secure a used vehicle.
Sometimes, it's possible to opt for no money down loan if you are in a good equity position or have a higher credit score. However, it's advisable to save as much as possible before committing to a new loan. Accumulating savings for a down payment can lessen the loan amount needed and might improve the likelihood of securing a lower interest rate from the lender. Depending on your credit history and the vehicle you're purchasing, lenders may sometimes mandate a down payment.
Occasionally, you may need to provide more details about your business and income compared to traditional employment, but generally, being self-employed does not pose an issue.  Have questions, contact one of our auto loan specialists.
Yes, lenders are willing to finance vehicle taxes, registration fees and title fees, provided the equity equation remains with in their guidelines in most cases.  For those instances where they won't advance these funds, you will need to come up with the funds to complete the purchase.
Lenders look at more than just your current length of employment for a loan.  They look at your ability to repay the loan, which depends on more than just length of employment.  They will look at how long you were at your previous job and for continuity.  Lenders may require recent paycheck stubs and other documentation to approve your used car loan.
Our team of seasoned professionals is dedicated to guiding you through the car loan process. We will devote time to thoroughly explain all your loan options and address any inquiries you might have, ensuring that you feel confident and well-informed.
Even if you handle your payments and finances responsibly, you may still owe more than the value of your assets. This can happen even if you make timely payments and handle your finances wisely. In such a situation, the amount you owe could exceed the value of your assets.

You are not alone; we work with many customers that find themselves in the same equity position for one reason or another.

It's important to find a vehicle that you can get a loan for. This is true even if you have some negative equity to carry over.
Even with responsible financial management and timely payments, it's possible to owe more than your assets are worth. You are not alone, this scenario can occur despite wise handling of finances, where your liabilities may surpass your asset value.

Securing a loan for a vehicle is crucial, even when dealing with negative equity. Fortunately, we offer a wide selection of vehicles and have a credit team dedicated to making things happen!
If you've filed for bankruptcy, we can help you secure an auto loan. Our team is knowledgeable about lenders who are willing to work with you under these circumstances, and we'll diligently work to find you a suitable vehicle.

Please be sure to have copies of your discharge papers or current status of court ordered payments from any loan you still are responsible for.  We will need this to assist you.

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