Frequently Asked Questions

Does application cost anything?
Application to car loan costs nothing and comes with no obligation for the borrower.

What is the time within which I hear about my approval?
Auto finance is given top priority. Thus, borrowers get same day decision on their auto finance application.

What explains the difference between the rate on the Web site and the rate one receives?
Several factors determine the rate of interest that a person has to pay. These include the borrower’s credit history, the type of vehicle being financed, etc. Besides there are daily changes in rate. By the time one applies and accepts the offer, the rate might have changed.

Now that my loan is pre-approved, what’s next?
Pre-approval is the in principle decision offered to borrower on the basis of his application for car loans. After pre-approval, borrower can go shopping for his desired vehicle. The rate promised during pre-approval is good for 30 days. Vehicles purchased from dealers need to have a purchase order faxed by the dealer. Then the borrower will have to sign a few papers. These papers can also be faxed to the borrower to be filled and signed without coming to our office.

Does it help if I have a cosigner?
Cosigner is a person who assumes responsibility for a loan in case the principal borrower fails to do so. Having a cosigner will be very helpful in increasing chances of approval.

What types of automobiles can I apply for?
Auto finance is available for all types of vehicles at Modern Auto Financing.

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