Frequently Asked Questions

Did you know that the most important factor in getting financing via a car loan is your credit score?

Q: How much income must I have?

A: The usual minimum income required is about $1,500 per month. But this amount varies among lenders.

Q: How much will my monthly payment be?

A: This is determined by several factors such as amount of purchase, interest rate, term and down payment. To help figure out your payments, we have a payment calculator on our web site.

Q: What if I don't have money to put down?

A. We have many programs that allow you to put zero money down, or when down payment is required, allow you to defer all or part of it.

Q: What if I have a bankruptcy?

A: Whether it's a discharged Chapter 7 or an active Chapter 13, we have many lenders who specialize in Auto Loans for people with this specific need.

Q: What if I have a new job?

A. Everybody changes jobs. Your ability to make regular, on-time payments is the important part.

Q: What if I have a trade-in?

A: Trade-ins are welcome, whether they are running or not. If you owe money or have a clear title, we can help.

Q: What if I have had repossession?

A: Many of our customers have had repossessions in the past. Our business is helping you, the customer, re-establish credit.

Q: What if I'm a first-time buyer?

A. The biggest challenge for first-time buyers is typically related to not having a large credit file for the lenders to review. We can still help you get behind the wheel at a local dealer.

Q: What if I'm disabled or on Social Security?

A: Being on disability does not hinder your ability to obtain financing. Social Security is recognized by lenders as income and can be used in determining what size loan you qualify for.

Q: What if I'm self-employed?

A: Being self-employed in most cases is not a problem. Having verifiable income is the key.

Q: What if my trade-in has a larger balance than what my car is worth?

A: In most cases buyers can get a little extra help from the bank to overcome negative equity, or what is commonly referred to as being "upside down"in your trade-in. This takes the form of rolling the negative equity of your previous vehicle into the loan of the new one.

Q: Are there any fees associated with your auto loan application?

A: This is an absolutely free service.

Q: Can I get an auto loan even if I have bad credit?

A: While it might take a little bit more work, the answer is "yes". BarNone works closely with a network of partners that specialize in helping people with bad credit buy a car. So even if you've been turned down before, we invite you to try again with us because we believe we can help anybody.

Q: How long does the application process take?

A: The process begins the moment you fill out an online application or call 1-800-BarNone. We immediately begin working on your behalf to help you secure a loan to purchase the car, truck, or SUV you need.

Q: If I buy a Pre-Owned Vehicle, how can I be sure it is reliable?

A: All of our dealers offer Protection Plans and Extended Warranties that will cover your vehicle and give you peace of mind.

Q: Is the BarNone program for new cars or used cars?

A: We deal with Franchised Dealers ONLY and they provide both new and used cars. Our financial experts will help you determine the best situation for you.

Q: What is the interest rate for my auto loan?

A: Interest rates are determined by the actual lenders and are influenced by several factors, including the severity of credit problems, the amount of down payment, and the degree of credit risk. Your auto loan expert will explain these factors, and tell you exactly what your interest rate will be.

Q: What kind of vehicles can I get through your service?

A: Our nationwide network of auto dealers provides all types of vehicles, both new and used. Sport utilities, vans, trucks, passenger cars, luxury cars, and sports cars.

Q: Will it help if I have a co-signer on the loan?

A: If your co-signer has good credit status, this will definitely help your chances of getting an approval.