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10 Most Frequently Asked Questions
Do I need to have good credit to qualify for any of your car finance programs?
Yes.
You need to have a credit score of, there or about, 650 or better.
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Do I need to obtain my vehicle from you to get financing from you?
No.
We can provide financing or re-financing on your collector car regardless of where or when you purchased it. I.e. Pre-purchase Approval
Cash-outs do carry some limitations. We will need a recent certified appraisal on all Cash-outs and Lease Backs.
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What type of cars do you specialize in?
We specialize in super exotics, high-end, ultra luxury, muscle, classics, hotrods, antiques and even vintage race cars too.
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Is there any difference from how traditional auto financing works compared to specialty car auto finance?
Largely yes but once funded the financing works basically the exact same way. Although searching for the pieces to the jigsaw puzzle, of finding the vehicle and or getting it paid for, then finding a carrier to get it home safe, is challenging even for us and we have over 30 years of experience in this exact field.
Every car deal has its own unique characteristics, some have simularities, but are never the same, when you are dealing for instance with a 40 year old car title with a title transfer issue. That car could have changed hands many times and each time carries it's own unique characteristics. Lots of history in old cars and even not sold old.
Traditional Auto Finance is basic cookie cutter everyday simple business in comparison; you find a local used car, you walk into a local bank and you get a loan relatively quick and simple.
Specialty vehicles sometimes can be more challenging because they are special and unique in every way. You are probably not only concerned with how and where you may find the vehicle, but also how safe it may be to send or carry the funds to pay for the vehicle once located. "You have no Idea who you will be meeting"
There are also too many incontrollable variables that can happen along the way. Like seller issues or as for another example, your CPA could be out of town and at that very moment, you cannot provide the proof of income needed to fund the loan, just as a few examples. There are many instances that could come up unexpectedly, as can happen from time to time.
These sellers want to sell their vehicle to the first person with the funds. It is much safer and there is more control of the sale when a professional loan broker is contracted to simplify the process and handle all the documents and issues that may come your way.
Pre-Purchase Approval. Buy with Confidence! Get approved before you shop. This will enable you the luxury to deal with “ like letter of credit strength” for when you are ready to negotiate with the seller; being at a dealership, your next swap meet find, or even an auction purchase as well.
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I live out of state, can I still finance through you?
Yes.
We process leases and loans nationwide from the comforts of your home or office via telephone and email.
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Can you provide me with a transport service if the car is too far for me to travel and take delivery?
Yes.
Motorcars Financial has a system in place we subscribe to, that is sort of like an eBay® for truckers, where the drivers are able to bid for your load. The transport professionals we use can supply us with many delivery options for you to your home or office. Such as enclosed containers to protect your investment, even while carrying your vehicle to you.
Enclosed trailers will usually share a premium fare and the transport service fees may also vary among products that each of the different individual car carrier service company’s offer. Delivery fees are also subject to vary due to the market value. Such as load value and fuel cost.
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Is it safe to buy a car across the country without traveling to see the car first?
Most of our lenders will send an appraiser/inspector to check the car out before funds are sent out to pay for the vehicle. This provides assurance to you on your investment and the bank's collateral as well.
If you need an appraiser for a car you would like us to locate or a car you have located and you are paying cash for your new investment, we will gladly refer you to one of our several nationwide appraisal vendors.
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Do you offer vehicle warranties?
Yes.
We have a warranty product that basically extends the warranty the car came from the factory with, even for Maserati (Factory like Exclusionary Coverage). Our Automotive division specializes in providing unique warranty options for all automobiles, including classics with no mileage limitations. We're the leader in the industry, offering unlimited mileage, 1-5 years coverage and even three or more deductible choices, supporting all foreign and domestic automobiles, and we are proud to be the only warranty company to offer a more budget minded inclusionary coverage for exotic automobiles guaranteed -- even Ferrari, Lamborghini. Please visit our simple automated Warranty page so you may customize your breakdown coverage to best fits your extended service plan needs.
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How does a finance broker help me get the right financing I personally need?
In most occasions, with your good credit we can have you qualified for the car you want within about 24 hours. While most banks will ask you for 20%-30% down payment, as their standard lending policy, we have an ongoing daily personal relationship with the credit buyers of many variable lending institutions. This enables us to overcome many loan process challenges the under qualified order takers, of today's banking institutions, just don't have the authority to perform such as, less down payment or a more flexible term. Including, but not limited to, 90% financing, state sales tax, transport delivery, warranties, administration, loan origination, and documentation fee reimbursement.
The professional finance broker also provides a more secured payment process once you have decided on the perfect vehicle, other than the traditional ways, such as cash or wire transfer where there is minimal paper trail.
We can even help you with your business equipment and corporate fleet needs. Commercial Equipment and Business Financing
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Can you give me details about your fees and deposits?
Motorcars Financial, LLC is a professional finance brokerage firm. While traditional finance brokers and lenders add points to the lenders buy rate compounding their commission over the term of the vehicle loan. By doing so, they are inflating the buy rate by 3 to 6 points, which can add 1000's of dollars to your luxury or specialty car loan. We simply charge the client a one time reasonable flat fee, which enables us to lower the client's over all cost of financing their vehicle by collecting a arranged finance fee. RE approved finance fee
In respect to the terms stated in the initial issuance of the letter of credit. The terms of approval can change after 30 days, due only to physical changes surrounding the initial approval. R.E. changes in the daily finance market, or the client’s personal financial position changes, etc.
NO RISK APPLICATION FEE
No Risk Application Fee - due to the over abundance of bad credit applicants. Motorcars Financial chooses to collect a non-refundable $19.00 application fee; once your loan funds, the application fee will be deducted from your finance fees.
If, for any reason, the application is turned down by any of our lending institutions, Motorcars Financial, LLC recommends Omega Credit Repair and Counseling Services of McKinney, Texas to help you resolve any credit issues you may have. No matter where you live in the USA, these guys are very good at what they do.
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· GOOD FAITH DEPOSIT
Vehicle Locates & Approved Leases - Motorcars Financial does not collect a loan origination fee on leases, but all leases will require a $500.00 Good Faith Deposit, once approved. The Good Faith Deposit will be fully refunded to you once the lease has funded.
All good faith deposits are needed to be paid up front before we will begin a search for a particular vehicle, add any aftermarket products or purchase vehicles on a client’s behalf.
This deposit is fully refundable should we be unable to secure financing, find the car you are looking for or can't do the trade-in, for whatever the reason may be on our behalf.
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· APPROVED FINANCE FEE
If you are applying for car financing and we are processing the finance documents for, a.) a Pre-Purchase Approval (Letter of Credit), b.) an arranged purchase, or c.) re-finance or cash out, there will be an approved finance fee due at the time your new loan is approved.
The pre-purchase approval allows you to deal from strength when negotiating with the seller. This will also speed up funding once the purchase price and other arrangements, have been agreed upon between you and the seller. You may use the letter of credit to acquire a vehicle from an individual, a dealer, or can be used for purchase at a swap meet or an auction such as eBay. Once your loan is approved, your app fee will be deducted from your Approved Loan Fee.
Vehicle loan amounts up to $30,000 are processed for a base rate fee of $299.99; amounts over $29,999 will be calculated at 1% of the financed amount.
Once we have all the information and personal documents we need from you, in order to process your arranged financial documents, we will send your finance contracts to you via email or overnight delivery. We will also be here to answer any and all questions to help you along the way while signing your contracts.
Then once the lender reviews and accepts your contracts, your pre- arranged financing should fund within 48 hours.
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- CASH OUT / LEASE BACK - APPROVED FINANCE FEE
Due to the present complications in the in the banking community, there is a 1% non-Refundable service fee due at time of approval on cash out / lease back financing. We apologize for any inconvenience this may cause, these types of loans are very tough to secure in the today's economy. see re-finance page
$500.00 minimum fee on all Cash-out / Lease-Back Finance Arrangements ONLY
All fees will need to be paid in full before actual vehicle finance contracts can be sent out on your behalf.
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Our vehicle finance brokerage service is to provide you with approved financing. Once the financing is approved such services are rendered. If you decide during the loan process cycle that you no longer wish to use our services, you must contact us via email so we can have a "STOP LOAN PROCESS NOTICE" IN WRITING.
If you fail to notify us in writing before before we have your loan approved or decide after your application for credit is approved you no longer need our services, you will be billed for the minimum approved loan fee of $299.99.
In House Credit - An in-house credit will be issued, for any monies collected, towards any of our products or services. This in-house credit will stand until business is final.
Approved Loan Fee Refund - Client must provide proof of lower loan rate by providing new loan documents.
Motorcars Financial, LLC subscribes to Credco to obtain your credit file from all three main credit reporting agencies. We pull an Auto Credit related report as well as other finance responsibilities you may carry. Motorcars Financial reserves the right to report any and all unpaid debts we may carry on a client’s behalf.
Note: Most lending institution's loan approvals are honored for 30 days. Due to the possibilities of changed structure, pertaining to either the lending institution's terms or client financial status, that could have occurred since time of original loan approval. The loan will need to be processed again at no additional cost to the client.
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Some of the above terms are held to market availability and are due to change from day to day. You’re Motorcars Financial Transportation Specialist can answer any questions you may have pertaining to your vehicle needs. Please don't hesitate to ask them to clarify any questions that you may have. If you have not talked to one of our specialist please call us at 877-855-3273 we're waiting for your call.
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