Financing FAQ

Posted Friday, Jun 23, 2017

How we are different:

With many changes in the economy over the last 5-10 years in the Sacramento area, we’ve found that a lot of people are in unique situations when it comes to financing a car.  Historically a strong credit score and proof of income have been the most important factors in getting approved for financing, but in today’s economic climate it helps to be a little creative.  That’s why at Petrol Auto Sales we have partnered with several full spectrum lenders that offer financing solutions to ALL credit types and income situations.  Many people who may have been declined at larger dealerships are able to find a car and financing that works for them here at Petrol Auto Sales.  If you’re not sure whether or not you qualify, check out our FAQ’s below, or Apply Online.


Lending FAQ:

I just started my new job, can I still get financed?

Yes!  Most of our lenders require only one pay check stub to show proof of income, and have no minimum job time requirements.

I’m already on one or more car loans, can I get approved for another?

Who makes the payments on those loans?  Do you have enough money left in the monthly budget to make another payment?  If you do then you can probably be approved for another car loan!  Generally our lender partners will ask for an explanation of why another car is being financed, and look to see that the current car loans are being paid on time.  With both of those things in line, expect to be able to finance again!

I want to trade in my car, but I’ve been late on a few of the payments, can I still get approved?

Yes!  While every loan is unique, and we’ll need a complete application to approve you, we can say that having been late on a current auto loan will not exclude you form being able to finance another car, especially if you’re trading in your current loan.

So I can trade-in my car before it’s paid off?

Of course you can.  We will factor the trade-in as part of the deal, and include the pay-off of your current loan.  You will no longer be responsible for making payments on your trade-in.

I talked with another dealership, and they told me I could be approved, but not on the car I wanted.  What gives?

Most of the time when there are credit challenges lenders finance based not only on your history, but also on the risk of the vehicle.  Different vehicles tend to have different risk factors for the bank.  At Petrol Auto Sales we try and stock in demand vehicles, which score well with lenders, and therefor tend to be easier to finance than some other cars.  If you don’t see what you want, let us know and we can probably find one for you!

I’m currently in the middle of a bankruptcy, can I still finance a car?

Not all bankruptcies are created equal. While some clients may have to wait until their BK is discharged, many of our current bankruptcy clients are eligible to finance a car while still going through the bankruptcy process.  Apply online to find out for sure.

I’ve had a repossession in the past, will that effect my ability to get financed?

While repossessions do add an additional challenge to getting an approval, our lender partners offer special programs for our clients who have had prior repos.  Generally with a down payment as little as $1,000 you can drive home today!

I can’t prove my income, does that mean I can’t get approved?

No it does not!  We have special programs for self employed, cash, or under the table employees.  When applying online please include all income, even if you can’t prove it, and we can discuss the details once we’ve received your application.

I am on a limited budget, and can only afford a small payment, do you have anything for me?

Yes!  Many of our clients are just starting out, or reestablishing themselves, and need affordable transportation. We try and always stock a variety of reliable low priced cars that are also inexpensive to operate and insure, so you can get to work, school, or take care of your family.  Even if you don’t see anything online that appeals to you, send in an online request.  Often times we have several vehicles available that aren’t listed on the website, and we’re getting new inventory all the time.

What’s the lowest down payment you can accept?

Many clients qualify for $0 down! No money down loans will depend on a number of factors, including  your credit, as well as the vehicle you select.  To find out for sure if you qualify, apply online.

Do you accept trade-ins?

Yes! We love trade-ins! Without trade-ins a lot of our inventory has to come from auctions, so it’s always preferred to buy from the owner.

Can I use my trade-in as a down payment?

Yes! If you still owe some money on your trade, not a problem.  We just need to establish the value of your trade in relation to what you owe on it.  The best way to do that is always to bring the car in for us to see.

Why can’t you give me an estimate of what my car is worth without seeing it?

Values on pre-owned cars vary widely based on condition.  Without seeing a vehicle it’s impossible to come up with an accurate assessment of the condition of the car, so guessing at a value would be unfair to both parties.  If we guess too low, that’s not fair to you, and if we guess too high we might have to adjust the value of the car after seeing it.  That can change the whole make-up of the deal, so it’s best if we can just see the car and make sure we make you a fair and accurate offer.

For any other financing questions, please submit a request on our Contact Us page, or Apply Online, and let us show you how easy car buying can be!