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Frequently Asked Questions

Pick the Payment customers have a lot of questions and we've got many of the answers here in this FAQ section. Click a question to find out the answer! If you want to speak to us further, you may contact us at anytime.

1. How much will I need to put down on a vehicle?

Whatever works for your budget! Any more than that may cause you to miss your first payment. Money down can certainly help and is recommended, but we realize that money down may not work for everyone. Pick the Payment will work with what makes sense for you. After all that's what we do. Pick your car, pick your down payment, and Pick the Payment!


2. How long does it take to get a vehicle with bad credit?

Pick the Payment will contact you within 15 minutes Monday-Saturday 9AM-9PM. Our dealers can react to your needs as they arise. If you need a car fast, we can help. The staff at Pick the Payment is trained in dealing with bad credit and auto loans for clients who need special assistance in getting into a vehicle. Dealing with Pick the Payment will be the best car buying experience you have had.


3. If I don't like the car, can I just return it within 3 days?

If you live in a state like California that has a provision in the law that says you can (currently). Most states do not provide for this and once you sign your contract you are the rightful owner of the vehicle. This law actually protects the dealer from unscrupulous customers (sounds odd but there are more of them than bad car dealers in the world) so that they aren't just providing no charge rental units to people who are only interested in a joy ride. Buying a car should be taken seriously and if you don't like the car you should not buy it.

Pick the Payment dealers are more interested in finding the best vehicle for your needs so that you will return to buy additional vehicles and tell your friends and family about us. Most dealers have no problem letting a customer take a car for an hour or two on an extended test drive to make sure their client likes the car. Just ask your dealer if you are not sure about buying a certain type of car.


4. If I use a co-signer, will the car loan show up on my credit report?

In most cases yes. It is good to check with the Pick the Payment dealership who can confirm this with the bank that will be financing your vehicle. It's a great question and it's important for you to be building your credit as it is due you. Pick the Payment dealers understand how important this is and will do everything they can to get you the credit you need.


5. What if I am upside down on my current vehicle and have bad credit? Can I still get an auto loan? What if I am upside down on my current vehicle AND have bad credit?

Don't worry, your situation is just like 75% of the customers who contact Pick the Payment. We understand what it takes to get you out of a high interest rate loan that has contributed toward you being upside down on your car loan. Pick the Payment dealers stock inventory that can make your deal happen even if you have negative auto equity. Don't be discouraged, just be patient and flexible. Let our network of experienced dealers work with you to get you the vehicle that is right for you no matter what the situation.


6. What is my interest rate going to be?

Pick the Payment and its dealer network do not sell money; we want to get you into a car and at the payment you need. With that said, our desire is to get you the lowest possible rate for your situation so that the payments are low and affordable. Rates will vary with credit situations. The good news though is that we often times get our customers single digit interest rates and if you have a trade in and have been working on your credit by paying your car payments on time, there's a good chance we will get you a lower rate than the one you have now.


7. How does a guaranteed auto loan work?

Most of the time these loans aren't guaranteed at all; that's the sad truth. However, there are dealerships that really do offer a program that can get you into a car in almost all instances. These programs usually require a minimum income and a fair amount of money down, but if you are dealing with a reputable dealership (especially one in the Pick the Payment network), the demands aren't too unreasonable if your credit has really gotten that bad. A guaranteed auto loan usually consists of a shorter term loan as well and should allow for you to rebuild your credit and move into another loan.


8. Can a co-signer have his or her name taken off of a car loan during the term of the loan?

Only if it is refinanced. There is no method through titling or re-titling at a certain period of time that will get your co-signer off of a loan. Do not listen to dealerships that tell you you can take a co signer off after 6 months or some finite period of time. It does not work that way. Pick the Payment dealers are interested in setting you up in a loan that is not the one you need.


9. Can I get a loan if I have terrible credit but my co-signer has great credit?

Yes. And in fact it is an excellent way to save you thousands of dollars in unnecessary finance charges. Most lenders will give you a much better rate if you have a strong co signer. Pick the Payment dealers will do what they can to connect you to a lender who will be suited to your situation.


10. Does it matter if I am first or second on the car loan so that it gets reported to the credit bureaus?

No it doesn't. As long as the lender or bank will be reporting to the bureaus then you will receive credit as does the other person on the loan.


11. Can I use my social security and/or pension as income for my car loan?

Absolutely. In fact some lender will allow the dealership to "gross up" your social security income as it is earned tax free. That means that they may credit you up to 125% of your income meaning that if you get $1000.00 per month in social security income you would actually be able to tell the bank you earn $1250.00 per month. When qualifying for a loan every little bit helps. Pick the Payment dealers know how this works and will get you connected with the lender who will give you the best financing situation.


12. If I have an open bankruptcy, can I get a car?

In some cases with permission from the trustee you can. If you are in an open Chapter 7, almost always the answer will be no?almost always. Best advice is wait til you're discharged from your 7 or find a dealer that knows how to work with an open 13. Pick the Payment dealers will be able to help direct you.


13. What if I total a car and the insurance does not pay off the total balance? Do I still owe money?

First word YES, second word GAP. GAP stands for guaranteed asset protection. There are so many terrible insurance companies out there who do not want to give you what your car is worth that it's almost always advisable to get GAP coverage on your car loan. Why take a chance on being responsible for thousands of dollars you may owe the bank if this happens when for a few dollars per month you can have peace of mind. Please discuss GAP with the finance manager or sales manager at your Pick the Payment dealership.


14. Should I buy a new or used car if I have bad credit?

The answer really depends on how good the rate is on this loan and how long you plan on keeping the car. If the rate is really high buy a used car and trade soon once your credit improves. If you get a decent loan and will be staying in the car for at least 4 years consider buying new. Pick the Payment will do what you decide makes the best sense for you. We do a great job of offering a cheap used car or a low new car payment.


15. How much does it cost to get a bad credit car loan?

Absolutely nothing! Matching you up with dealerships that specialize in bad credit car loans is completely free. Pick the Payment has become the leader in assisting people with their bad credit auto financing needs. Finding a dealer who works with lenders that can help you get into a vehicle, has never been faster or easier. All you have to do is fill out a contact us form or call 800-955-6534, and you can be on your way to getting an auto loan.


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 Did You Know?

Pick the Payment is a network of dealerships who specialize in making car buying easy and affordable. Every transaction is secure and confidential. You won't be buying from a "Buy Here Pay Here" car lot, you will work with reputable new car franchised dealerships. Good credit or bad credit, when you buy a car with Pick the Payment, no one needs to know the difference. Get started now and shop pre-qualified in 3 easy steps!

Pick the Payment works perfect if you any of you've experienced any of the following:

  • Less than perfect credit
  • Bankruptcy
  • Need an affordable vehicle
  • Looking for finance options