FAQ

Your Car Finance Questions Answered

Every day, we receive dozens of inquiries about the ins-and-outs of financing a car. In an effort to answer your questions and make the answers easy to find, we’ve broken down the questions we get most frequently into categories.

Please follow the links below to get immediate answers to your questions. We hope this resource is helpful to you!

Learn More About Car Loan Qualification with Ignition Financial

I was pre-qualified, but when I began filling out your application, it said I didn’t qualify and wouldn’t let me continue. Why?

There are many factors that can disqualify an applicant. Your credit score, of course is a factor, but so is the age of your vehicle. These factors are weighed as you move through the process.

Will I get approved for the same rate posted in online offers?

Maybe. Yes, if you meet all of the criteria for...

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Learn More About Car Loan Qualification with Ignition Financial

I was pre-qualified, but when I began filling out your application, it said I didn’t qualify and wouldn’t let me continue. Why?

There are many factors that can disqualify an applicant. Your credit score, of course is a factor, but so is the age of your vehicle. These factors are weighed as you move through the process.

Will I get approved for the same rate posted in online offers?

Maybe. Yes, if you meet all of the criteria for that car loan offer. If you do not, you may be approved if possible at the best terms available.

What are the qualifications for an auto loan refinance?
  • Have made four or more vehicle payments

  • Employed or have verified sources of income

  • Must be able to verify all necessary income to qualify

  • Minimum income of $1,900 gross monthly

  • 2007 or newer auto

  • 120,000 miles or less

  • No repossessions

  • No open bankruptcies

  • Not past due on current auto loan or mortgage loan

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Questions About Your Credit Answered

Is this a hard inquiry on my credit report?

Yes. You are applying for an extension of credit for an automobile loan, so an inquiry from Ignition Financial and a separate inquiry from the lender will appear on your credit report. However, according to myFICO.com, “most Credit Scores are not affected by multiple inquiries from auto, mortgage or student loan lenders within a short period of time.” Credit inquiries like these are most often treated as a single...

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Questions About Your Credit Answered

Is this a hard inquiry on my credit report?

Yes. You are applying for an extension of credit for an automobile loan, so an inquiry from Ignition Financial and a separate inquiry from the lender will appear on your credit report. However, according to myFICO.com, “most Credit Scores are not affected by multiple inquiries from auto, mortgage or student loan lenders within a short period of time.” Credit inquiries like these are most often treated as a single inquiry, minimizing the impact to your credit score.

I have a low score, can I get refinanced?

We have lenders in our network that offer refinancing to individuals with a credit score as low as 575. If you don’t know your score, we encourage you to pull your credit score annually for free. To determine your credit score, visit AnnualCreditReport.com. Ignition Financial uses Equifax to assess credit scores, but each of the lenders in our network has its own process, so it will not matter where you pull your report from.

Why is your credit score lower than what I show?

Different credit bureaus will pull different scores. Ignition Financial uses Equifax to evaluate your application. However, our lenders may use another reporting agency and have their own process and criteria for evaluating your credit. myFICO.com has valuable information about differing credit scores.

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Questions About Your Vehicle Answered

I have over 100k miles on my car, can I apply?

Yes. But some lenders may require credit scores above 650 for high-mileage vehicles. However, we encourage you to check back every three months by contacting your Loan Advisor as our lender base changes.

What if I owe more than the vehicle is worth?

Apply. Often times, we can handle a lot of under equity situations, and still get you a better deal.

Do you refinance motorcycles?

No.

Questions About Your Current Loan Answered

What if I am past due on my current auto loan?

Bring it current, let it report on your bureau as current and then apply. Be ready to explain why it was late.

If your account is only a few days past due, we may be able to help. Please call 844-586-3646.

Should I stop payments to my old lien holder when I get approved to refinance my car?

No. Make all payments on time until your prior loan is paid off, and you have a zero balance.

More Questions Answered!

Are there any pre-payment penalties for paying a car loan off early?

No. We only work with lenders that offer fixed rate, simple interest loans with no prepayment penalties. Most car loan lenders will offer 100% refinancing options with no out of pocket expenses.

I want to purchase vehicle at a dealership/friend/private party. Can I get a car loan from Ignition Financial?

No. We specialize in refinancing.

When can I speak to a Advisor?
  • Advisors are available...

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More Questions Answered!

Are there any pre-payment penalties for paying a car loan off early?

No. We only work with lenders that offer fixed rate, simple interest loans with no prepayment penalties. Most car loan lenders will offer 100% refinancing options with no out of pocket expenses.

I want to purchase vehicle at a dealership/friend/private party. Can I get a car loan from Ignition Financial?

No. We specialize in refinancing.

When can I speak to a Advisor?
  • Advisors are available Monday-Friday from 8am-5pm. We are closed Saturdays and Sundays.

  • Apply online. A Loan Advisor will contact you within 24 business hours.

Still don’t see the answer to the question you have? Please contact us!

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Ignition Financial Street BBB Business Review

LOCATION

8300 N Mopac Expy
Suite 220
Austin, TX 78759
281.520.3800
TeamIF@ignitionfinancial.org