Frequently Asked Questions


When you have no credit history lending institutions just don't know enough about you and your ability to pay back a loan.
  • You do not have anything on your credit report at all.
  • You have not borrowed any money within the last seven years.
  • You have not borrowed money in the past.
  • Some people who do not borrow money may not have a credit history.
  • If you are in college you may not have a credit history, unless you have taken out student loans.
  • If you have never had credit that doesn't mean you have a zero credit score, rather you have the absence of a score; like being credit invisible
How do I get pre-approved for a loan?
The amount of the loan that you will be pre-approved for considers many factors.  However, you may a general idea of the amount by first determining your credit profile.

Will inquiries affect my credit rating?
When creditors check your credit, it places an inquiry on your credit report.  If you are shopping around be aware that inquiries add up, and it may have a negative impact on securing a loan.

What are the monthly payments?
If you have an idea of the amount of money you want to finance and the interest rate you will qualify for then use our payment calculator to estimate your payments. Your monthly payment is based upon your credit profile and the vehicle you are purchasing. When repairing your credit look for a less expensive car, and consider that this may be a stepping stone to your dream car down the road.

When I qualify how much is the down-payment?
Again this is based upon a number of factors, unique to all applicants, yet generally speaking if you have bad credit the biggest down payment possible is a positive note that the lenders will consider.

Will a trade qualify as a down payment?
Trade-in vehicles are considered as a down payment, but you still may need to subsidize the down payment depending on the cost of the vehicle and whether there is a lien on the vehicle that you are trading-in.

Do I need a co-signer?
The income and the budget guidelines of the buyer must be met without relying on the co-signers income. However, a co-signer maybe helpful if the buyer does not comply with all credit requirements.

What are the interest rates?
Interest rates are based upon your credit profile and the equity position of the loan.  Colorado Credit Repair will get you the best rate possible based upon your credit profile.  The higher your credit rating and down-payment the lower your interest rate will be.

Contact us if you have a question we have not answered!

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