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Frequently Asked Questions

 

How much will I qualify for?

The loan amount that you qualify for is based on a number of factors. We use state of the art special finance options to determine the exact amount.

 

Question How much of a down payment will I need?

The down payment that you need is based on a number of variables. Our Representative will discuss these variables with you. Many of our customers even qualify for a zero down payment.

 

Question Can I use my trade as a down payment?

YES YOU CAN!! However, additional cash may be required if there is a lien on the automobile you are trading in.

 

Question Will inquiries effect my credit rating?

Yes. Every time a creditor checks your credit it places an inquiry on your credit report. Inquiries can add up, which will negatively affect your credit. For this reason, too many inquiries can actually make getting an auto loan more difficult.

 

Question What are the minimum qualifications for an auto loan?

There are no minimum qualifications! Each application is evaluated based on the credit profile and equity position of the applicant. An applicant with a good credit rating, for example, may not have to meet certain income and job requirements, whereas an applicant with a recent repossession or bankruptcy would.

 

Question Will I qualify if I had a repossession less than a year ago?

If the repossession wasn't included in a bankruptcy and there is still an outstanding balance on the vehicle, we can still help. A greater down payment may apply and the vehicle selection may be limited.

 

Question I have had a bankruptcy in the last year? Do I still qualify?

If the bankruptcy has been discharged, Magnum Finance Inc can help. Apply Today!

 

Question Will a Cosigner help?

Yes. A cosigner may be required for a buyer who does not meet all of the credit requirements. However the buyer must still meet all of the income and budget guidelines required, without reliance upon the income of the cosigner.

 

Question How can Michigan Online Credit help if I've been turned down before?

Magnum Finance Inc evaluates your credit profile, available inventory, income, and debt factors to ensure that each application has the best possibility of approval.

 

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Testimony's

Paul "It's the place to go!"


Steven "Excellent service, they treated me like family."


Wayne " Good place to go when you have credit problems. They were the only place that would finance me"


Eric " Up front, honest, really took care of me!"


Paula " They don't hesitate to get an approval for you. No matter how bad your credit is!"


Robert " This is the third time I've bought from them. They always treat me well. I will and have referred my family and friends. I've never had any problems with them!"

 

Deb " I have been really pleased!"

 

Robert " You can get whatever you want! "

 

Teresa " I will definitely send my friends. You guys are fair and I like all of you!"

 

 

 

Question What are the payments?

 

Your payments are based on your credit profile and the vehicle that you are purchasing. A weekly, bi-weekly, or monthly payment can be set up to best fit your particular needs.

 

Question What is the interest rate?

 

Great Question! Interest rates are based on your credit profile, the exact vehicle that you are purchasing and the equity position of the loan. We will get you the best rate based on your credit profile. The higher the credit rating and down payment, the lower your interest rate will be. The model year of the vehicle you are purchasing plays an important role in the interest rate. The older the vehicle, the higher the interest rate.

 

Question I have never established any credit. Will I still qualify?

 

YES! Michigan Online Credit has the programs to assist you.