Frequently Asked Questions

Answers You Need

Do I need a huge up-front payment?

The Queen of Car Loans won’t slam you with an unreasonably huge down payment along with your auto loan.  Please keep in mind that if a large up-front payment is sprung on you at the last minute, it could be a sign that you aren’t at a reputable dealer.

Does applying for a car loan impact my credit score?

Yes. As part of the application process, The Queen of Car Loans makes an inquiry to one of the three major credit bureaus to review your credit report.  Each inquiry appears on your credit report and may affect your credit score.  You may contact any of the three major credit reporting agencies – Experian, Equifax or Trans Union – and get a copy of your credit report at any time.

Can I get an auto loan even if I have declared bankruptcy?

At The Queen of Car Loans, I can help you get a car loan event if you have filed for bankruptcy.  If it hasn’t been fully discharged you may need an authorization to incur debt from a bankruptcy trustee first

Can I get a loan even if I haven’t had any credit before?

Yes.  It doesn’t matter if you have no credit or bad credit, we can help you get an auto loan at a rate you can afford.

Can I get a loan even if I’ve had a vehicle reposed?

Yes.  The Queen of Car Loans can help you qualify for a bad credit auto loan even if you’ve had a car repossessed.

Can I be self- employed and qualify for an auto loan?

Self-employed applicants may qualify for an auto loan if they meet the established credit criteria.  Please note that we may require income verification before finalizing our credit decision.

What Constitutes “Good Credit”?

Consumers with good credit will have demonstrated a “paid as agreed” credit history for at least three years.  Good credit consumers have had “paid as agreed” installment credit such as a mortgage or an auto loan within the last three years.  Major derogatory items such as a repossession or bankruptcy should have happened over three years ago.
“Unapplied for” derogatory items on a credit report such as medical bills and civil judgments from non-creditors are often ignored.

What Represents “Fair Credit”?

Consumers with a “fair credit” history will have demonstrated a “paid as agreed” credit history for a least two years.  They may have an occasional late payment.
Consumers without a “paid as agreed” installment credit such as a mortgage or auto loan within the last two years should have substantial good revolving credit.  Major derogatory items such as a repossession and bankruptcy happened over eighteen months ago.

What Makes “Situational Bad Credit” or “Slow Pay”?

Consumers with a situational credit problem can usually be identified with a significant economic disaster or event that caused the credit situation.  For example:  divorce; illness or injury; loss of employment; bankruptcy due to medical problems; credit card debt; or loss of income.

What Constitutes “Bad Credit or No Credit”?

Consumers with little or no applied for credit may have numerous unapplied for charge-off accounts such as bad checks, unpaid medical bills and utility bills, small unpaid charge accounts, and unresolved repossessions over two years old.

What Makes “Really Bad Credit”?

Consumers with credit problems that cannot be isolated to a single event or have a long term history of bad credit.  For example:  Multiple bankruptcies; multiple repossessions outside of bankruptcy at different times; significant bad credit after a bankruptcy; currently delinquent on all existing obligations; repossessions less than one-year old; or a history of writing bad checks over a long period of time.