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You have questions concerning auto loans, car refinance, auto insurance or warranty? Check our FAQ section, where you will find a great variety of answers from highly qualified specialists.
How can I benefit by using Frequently asked questions about auto loan, refinancing, insurance and warranty?
Our website is for anyone who knows what type of auto loan or auto insurance they want and who is looking for a low cost auto loan or auto insurance with fast and easy approval. Check out the rates on the other websites, and then come to us for a low cost, efficient loan on the Web! It's fast, it's easy, and it's totally online.
What’s the procedure to apply for your financial products online?
The procedure is extremely simple, all you need to do is just fill up the application form at our Frequently asked questions about auto loan, refinancing, insurance and warranty website and submit it online. The approval takes place immediately after you submit the application on any of the business days.
Is my application and financial information secure?
We respect our customer’s privacy needs in managing their personal finances. Our site uses a variety of security measures to maintain the safety of your personal information. All sensitive information transmitted between your browser and our website uses 128 bit Secure Socket Layer (SSL) encryption technology.
What happens after I apply with
Frequently asked questions about auto loan, refinancing, insurance and warranty on this website?
You will receive an e-mail within 24 hours of submission of your application. This e-mail will indicate the status of your application and the next steps you need to take.
Is there an application fee?
Frequently asked questions about auto loan, refinancing, insurance and warranty never charges applicants a fee to qualify for any of our products.
Does the online form obligate me to taking out a loan?
No. When you fill out our online application, you are only stating that you wish to have our agents approve you and contact you to discuss your options. You may still ask us any questions, and withdraw your request at this time. If you are ready to proceed, you may confirm your information and agree to terms with one of our representatives.
What is a vehicle service contract/extended warranty?
Once the manufacturer's warranty expires, you have nothing to protect you from expensive vehicle repairs. Most vehicles come with a 3 year/36,000 mile bumper-to-bumper warranty. Once that expires, you have no protection against breakdowns or failures. Our service contract assures that for a specified amount of time and/or mileage, both parts, labor and sales tax (if applicable) required for replacement or repair of covered mechanical systems in your vehicle will be paid.
Are the extended warranties insured?
A solid extended warranty company will offer you three layers of protection, the administrator, the insurer and the reinsurer. Insurance provides peace of mind, however the administrator is the company that handles claims. They are often NOT the company selling you your warranty. Their financial strength is the most important factor in buying an extended warranty. We administer our own warranties and have documented financial stability.
In addition to our financial stability, all our extended warranties are insured. Insurance provides peace of mind but most important is the financial stability of the administrator, as they pay for your vehicle repairs. And if that's not enough, all plans come with a money back guarantee. You'll be hard pressed to find a more financially stable administrator than us. We can't reiterate how important that is.
What is Wear and Tear coverage?
Wear and tear protection is the highest level of coverage one can purchase. We provide coverage for parts that break as well as those that wear out. It is a much broader level of coverage than the mechanical breakdown only plans offered elsewhere. All our plans include coverage for wear-and-tear failures.
Many extended warranties exclude repairs needed due to "wear and tear." A large number of car repairs are needed because a part wears out from a long period of use, not because it was poorly built.
Many extended warranties define "mechanical breakdown" as a defect in parts and workmanship as supplied by the manufacturer, or a defect that makes the part unable to perform the function for which it was designed. Often, they will state that the gradual reduction in operating performance (wear-and-tear) is not covered.
Service contracts that exclude wear and tear will not cover repairs needed because a part's performance has gradually deteriorated because of normal wear and tear, unless a mechanical breakdown has occurred.
The more miles on a car when a repair becomes necessary, the more likely it is that the repair will be needed because a part wore out, rather than because the part broke due to poor manufacturing. Again, many extended warranties do not cover parts that wear out.
Before buying an extended warranty, you should carefully review what is covered and not covered to see whether wear and tear claims are excluded from coverage. That way, if it is not clear whether a repair is needed due to a manufacturing defect or simple wear and tear, it is more likely that the service contract company will pay for the repair. It is a mistake to assume that a repair agreement will cover every repair your car may need.
What is the no In-Service date program?
At
Frequently asked questions about auto loan, refinancing, insurance and warranty we offer a no in-service date program. All our traditional auto warranties begin on the day you buy them, not the in-service date of the car. Quite simply, we offer you more time than the others. If you purchase a 4 year /100,000 mile warranty today, it will expire 4 years from today or when your odometer reaches 100,000 miles. Beware of plans that start your coverage from the day the vehicle was purchased brand new (in-service date). .
Do you cover damage due to overheating?
We do NOT have an overheating exclusion in our contract. While many warranty providers shy away from damage caused by overheating, we take a much different approach. Although damage sustained when a vehicle overheats can be severe, we take care of all repair costs for covered components provided the vehicle does not overheat due to negligence and provided you act immediately to prevent unnecessary damage when your vehicle overheats.
What benefits do you offer?
When you experience a mechanical breakdown, we are there with you even before you file your claim. In addition to the most comprehensive coverages and fastest claims handling in the industry, your agreement includes the most comprehensive peace of mind benefits package in the industry. Assistance is available 24 x 7; you'll never be stranded on the side of the road with no one to call. Best of all, it's all part of your fully insured agreement.
Our plans provide protection for you 24 hours a day, 7 days a week. All our plans include FREE membership in a nationwide roadside assistance plan. Simply call the toll free number anytime you need help. This benefit is extended to you for the full term of your warranty agreement. This is a true roadside assistance plan, not a limited reimbursement plan. Need a tow? Flat tire changed? Lock your keys in the car? Run out of gas? Just call the toll-free number and help will be on the way.
Where can I take my vehicle for repairs?
Repairs can be made at the repair facility of your choice (dealer, national chain, local mechanic) anywhere in the United States. We have an extensive database with thousands of repair facilities who have already accepted our plans and can even help you locate a reputable repair facility anywhere in the US. You will not find a plan more widely accepted than ours.
How are claims paid?
Frequently asked questions about auto loan, refinancing, insurance and warranty
lets you use the repair facility of your choice (dealer, national chain, local mechanic) and pays your claim quickly and efficiently over the phone via our corporate credit card. Simply present your Membership Card to the service professional, who in turn will contact our claims department. You simply pay your deductible (if any). There is no paperwork, no need to lay out any money and no limit on the number of claims you may have. We cover parts, labor and even sales tax, if applicable.
How does the deductible work?
With
Frequently asked questions about auto loan, refinancing, insurance and warranty, each repair visit, no matter how many items need to be fixed will only require payment of one deductible. Many plans offer a zero deductible option where you'll never reach into your pocket for a covered repair. Some plans even cover the deductible on your manufacturer's warranty.
Do I really need an Extended Warranty?
There are many reasons to purchase a vehicle extended warranty. Your vehicle is one of your biggest investments. An extended warranty will ensure it is always in the best mechanical condition. With the complexity of today's vehicles, one major repair often costs more than the extended warranty. Hourly labor rates can top $100 or more per hour in some markets.
Since our extended warranty is transferable, it increases the resale value to potential buyers. Who wouldn't want to own a vehicle that comes protected from repair bills? Our contract also provides for a pro-rated refund for the life of your contract should you sell your vehicle and elect not to transfer the warranty to the new owner.
Why buy it now? I'm still covered by the manufacturer.
A common misconception is that by waiting to purchase extended coverage, you will get coverage for a longer time. Much like life insurance costs rise as we age, the cost for a car warranty will rise as the vehicle ages and accrues mileage. You will be offered the longest terms and the lowest rates for newer vehicles with lower mileage.
We understand that you may have a warranty from the manufacturer. Our coverage is simply an extension of that, not double coverage. The manufacturer's warranty has been factored into your price quote. The more factory warranty you have remaining, the lower the cost and greater the length of the warranty extension. In other words, you are paying for tomorrow's coverage at today's rates.
Waiting may also carry other risks. Coverage costs rise as repair rates do. Labor rates have been steadily rising over the past few years. It is not uncommon for a repair facility to charge $100 or more per labor hour. As more repair data becomes available for your vehicle, its costs may also rise. These factors can cause the rates for your vehicle to rise should you elect to delay purchasing coverage.
What if my repair facility won't take your plan?
It is rare that a repair facility will not accept our plans as we pay them immediately and utilize industry standard manuals to determine pricing. When they find out they do not have to bill us, they are eager to accept the business we refer to them. In addition, they also want your routine maintenance business, so it is rare that they will turn down the rest of your business. We would be happy to call your repair facility to establish a relationship before you buy. We also maintain a database of tens of thousands of repair facilities that have already accepted our plan; yours may already be there. In the rare event a repair facility will not accept our direct credit card payment, we will reimburse you promptly for the authorized amount.
What if I want to cancel my warranty?
Our agreement contains full details on refunds. You have either 30 or 60 days to obtain a full and prompt refund. After that, you are entitled to a pro rata refund of the unused portion of your contract. Unlike some companies, we do not pro rate your refund from the in-service date of your vehicle.
Is my warranty transferable?
Absolutely, for a modest ($50 or less) transfer fee, you can transfer the auto warranty to another private purchaser of your vehicle. Vehicles with extended warranties typically offer much higher resale values because the buyer knows they are not going to get hit with huge repair costs.
How do I enroll my vehicle with Frequently asked questions about auto loan, refinancing, insurance and warranty?
You may purchase your agreement online using our state-of-the-art, secure software. We'll simply need your Vehicle Identification Number (VIN) and an accurate odometer reading. It takes only 7 minutes to protect your vehicle from the high cost of future repairs.
Once enrolled, you will receive your instant quote which will include full details on coverage and the roadside assistance plan. A Warranty Direct membership card will also be included.
Where do I get my Vehicle Identification Number (VIN)?
Your VIN is located in several areas and is a unique 17-digit identifier of your vehicle. The most common are:
What are the interest rates for my auto loan?
Interest rates are determined by the actual lenders and are influenced by several factors, including the severity of credit problems, the amount of down payment, and the degree of credit risk. Your auto loan expert will explain these factors, and tell you exactly what your interest rate will be.
How long does the application process take?
You will be contacted very promptly by the Regional Processing Center handling your loan request. The approval process is usually within several minutes to a few hours.
Can I get an auto loan even if I have bad credit?
Of course! Our lenders will work with you every step of the way to help you get approved! Our lenders specialize in helping you get the auto loan you deserve.
Will it help if I have a co-signer on the loan?
If your co-signer has good credit status, this will definitely help your chances of getting an approval.
Are there any fees associated with your auto loan application?
This is an absolutely free service.
What kind of vehicles can I get through your service?
Our nationwide network of auto dealers provides for all types of vehicles, both new and used. Sport Utilities, Vans, Trucks, Passenger Cars, Luxury Cars and Sports Cars.
If I buy a Pre-Owned Vehicle, how can I be sure it is reliable?
All of our Dealers offers Protection Plans and Extended Warranties that will cover your vehicle and give you peace of mind.
Is a down payment required?
No, you will not have to make a down payment.
When will my first monthly loan payment be due?
Your monthly payments will fall on the due date you specify on your loan application - and your first payment will be due on the first occurrence of your due date. For example, if you select the 15th of each month for your payment due date and your check is funded on the 10th day of October, then your first payment would be due on the 15th of November. Note: If the first payment falls on a weekend or holiday, the payment will be due on the next business day.
If I choose to sell my car to another individual, can my loan be assumed, or taken over, by that person?
No, your loan is not assumable by another party.
What loan amount should I request?
We suggest that you apply for an amount greater than the amount you think you'll need in order to give yourself some flexibility. Remember that your actual loan amount will be the amount you fill in on your check. For a new or used purchase from a dealer, this can include the sale price of your vehicle, taxes, licensing and registration fees, credit insurance, extended warranty/service contracts, and any other fees, less the value of your trade in and/or down payment.
What is the largest loan amount I can get?
You may apply for a loan amount up to $75,000. However, we suggest you apply for a loan based on your need. If you apply for a loan greater than that which you qualify for, we will let you know. You may then decide whether to proceed with the loan.
What if I want to pay my loan off faster than planned? What If I want to pay it off all at once? Are there any penalties for prepaying my loan?
No, you may pay off either a portion of your loan or the entire amount at any time without incurring any penalties. Any payment you make above your regular monthly payment is usually applied to the principal balance of the loan.
Can I finance the purchase of a vehicle that will be used for business purposes?
No, Frequently asked questions about auto loan, refinancing, insurance and warranty finances only personal-use vehicles.
Ask our auto insurance counselor for the following discounts if you:
When you get a ticket or have an accident you become a higher risk. Statistically, the chance of having an another accident increases proportionately to how many tickets and accidents a driver has already had, so insurance companies adjust their rates to accurately reflect the increased exposure to future claims based on this higher risk.
Check your policy or ask your insurance agent. Your policy may specify rentals only for pleasure, like vacations or special events, but not business. Make sure you understand exactly how much your policy covers. Limitations may cover repair, but not losses incurred while the rental is being repaired. The policy limits may or may not cover replacement if the car is totaled. If you carry only liability, you may not have rental car coverage at all.
If in doubt, buy the rental coverage. It´s much cheaper than discovering after the fact that you don´t have adequate coverage.
Property damage coverage, which is usually required, protects and covers damage you cause to someone else´s property. There is no deductible for this.
Physical damage (also called comprehensive and collision) is usually optional. Collision covers damage to your car if you collide with another automobile or object. Comprehensive covers damage from fire, theft, vandalism, weather, windshield, or animal-related accidents. Both typically have separate deductibles.
Other drivers who your permission to use your auto are frequently covered. To make sure, check your policy or ask your agent. Find out if there are limitations regarding your policy and how they apply to other drivers.
In most states you´re legally required to carry a specified amount of bodily injury and property damage coverage. Even if it´s not required, it´s a good thing to do.
Comprehensive and collision insurance is not required by the state, but may be required if the vehicle is financed or leased.
Consider what would happen if the car was stolen or seriously damaged in an accident:
If you expect to stay longer than 30 days, it´s a good idea to change your insurance. Though your policy covers you anywhere in the U.S., there may be differences from state to state. Significant differences can be minimum limits; one state has $15,000/30,000 and another has $50,000/100,000, for example. There may be other differences too. Find out what those differences are. In most cases, only military personnel are allowed to reside in one state and maintain residency in another. If you are planning to register your auto in another state, you will need to purchase insurance in that state.
The leasing company will require you to pay the remaining lease payments as well as any penalties for mileage, wear and tear, or warranties. You also won´t get your security deposit back. To decide whether to purchase GAP (the difference or gap between the market value of your vehicle and what you still owe on it); review your lease or loan agreement, which covers the difference between your loan or lease and the insurance proceeds you receive for your damaged or stolen auto.
Most companies don´t charge for a person with a learner´s permit or require that the learner be named on a policy (but some do). However, once your son gets his permanent license, he must be covered under your auto insurance, unless he won´t be driving. Newly licensed drivers are involved in more accidents than more experienced drivers, so their rates are considerably higher. For his protection, and for the protection of your financial assets, you may want to review your insurance limits and coverage. Your son´s premiums can be kept lower if he maintains at least a B average in school, keeps deductibles high, and if he drives an older, standard model car (rather than a sports or luxury car).
I plan to buy a new car. Do I need coverage for this car before I drive it off the lot?
Your new car must be insured before you drive it off the lot. If you have a policy in force, the new car will be automatically covered for 30 days. However, if you cover a new car under an existing policy without notifying your insurance company, some companies may change some of your coverage limits until they have received notice from you about the new car, and decided they want to insure it. When you buy a car, new or used, is a good time to review your coverage and check prices among competing companies. Start by getting quotes for the year, make and model of the car you plan to buy. If you´re considering more than one make and model, checking the price of insurance may help you decide. Although two cars may seem the same, the repair costs may be dramatically different, and that will have a significant impact on your insurance costs. And, if you are financing the car, you will be required to purchase comprehensive and collision coverage by your lender or leasing company.
My daughter will be going to college in another state, and taking her car with her. Do we need to change her insurance?
If the car is registered to you, and she is not considered a resident of the state where she is attending school, she can be covered on your policy. Check with the State Department of Motor Vehicles to determine whether the car needs to be registered in that state, and your insurance changed accordingly.
Is anyone who drives my car covered?
In most cases, yes, as long as they have the permission or reasonable belief from the insured that they can use the vehicle. The insured is the person named on the insurance policy and their spouse if applicable.
There are some exclusions, so you would need to look at your particular insurance policy to make sure. Remember, everyone in your household must be listed on your insurance policy if they have a license. For example, if a girlfriend you live with uses your car, she may not be covered if you did not list her on your insurance policy. On the other hand, if you live separately, she could use your car with your permission and be covered.
What are the best liability policy limits?
It is generally accepted among insurance agents that the state minimum policy limits are not enough. Most insurance professionals would agree for the average driver the best liability limits to have are 100/300/100. This means:
- 100,000 per person for bodily injury
- 300,000 per accident for bodily injury
- 100,000 per accident for property damage
Since in most areas medical treatment is in fairly the same range, the last limit, per accident for property damage, is the one you may want to take into account if you are not the average driver. If you live in an area where you feel that if there was an accident, that was your fault, and property damage may exceed 100,000, you may want to consider higher limits. Remember, property damage is the other person's car and any other property damaged during the accident if you are at fault. In some areas one's landscaping can cost over 100,000!
What is the difference between comprehensive and collision?
Collision coverage is when you have a collision with something like another car. Comprehensive coverage is when it is anything else other than a collision such as fire or theft. Most people would have both coverage's when using the car on a regular basis. Sometimes when one is just storing a car they may only keep comprehensive coverage since they are not using it on the road therefore, it is unlikely to be in a collision.
What are the minimum policy requirements?
Liability is required in every state unless you can prove financial responsibility otherwise. Requirements for financial responsibility and minimum liability requirements depend on your state rules. Limits vary widely from state to state and, if you carry the minimum limits, when you drive into another state you will automatically assume that state's minimum liability requirements.
How does my driving record affect my insurance premium?
The premium you pay is a direct reflection of your driving record for the past three to five years depending on the insurance company. Insurance companies order driving records from the DMV of your residence state and from other states where you've been licensed. Statistics show that drivers with tickets and accidents are more likely to have accidents than drivers with clean records.
Why is it harder to get insurance if drivers in my household have bad driving records?
Many companies will not insure you if you live with a relative who has a poor driving record. If your teenager has a poor driving record, you may have trouble getting a preferred rate because he or she is defined as an "insured" under your policy.
Some companies will exclude this person by name from the insurance policy. Many companies will not insure anyone in the family unless every driver in the household meets their requirements.
What is Auto Refinance?
Auto refinancing works much like home refinancing process. You pay off the remaining balance on your existing auto loan with another loan. By refinancing your car loan, you can reduce your monthly payments and/or interest rate.
How does Auto Refinance work?
Your new lender will pay off your existing loan and receive the title to your car from your old lender. You then receive a new payment book and make out your new lower payments to the new lender. While the customer must give their approval, the whole transfer process is taken care of by the two lenders. You will be sent the necessary documents to sign, and then the new lender will finish the rest.
When should I consider refinancing my car loan?
Auto refinancing is most valuable to individuals with less than stellar credit. Car companies advertise amazing interest rates, but only extend those rates to a limited number of buyers. If you didn’t qualify for a low interest rate on your car purchase, an auto refinance loan has the potential to save you money.
How can I save money with an Auto Refinance loan?
Refinancing your auto loan can save you money provided that:
Do all cars qualify for refinancing?
No. Exact requirements vary among lenders, and may depend on your credit rating. In general, most lenders will only refinance late model vehicles with relatively low mileage. Commercial vehicles, RVs, conversion vans, salvaged vehicles, lemon law cars, and gray market vehicles usually do not qualify. Some lenders will not refinance Daewoo, Kia, or Suzuki vehicles either.
Will pulling my credit report lower my credit score?
Not necessarily. Most credit scores are not affected by multiple inquiries from auto or mortgage lenders within a short period of time. Typically, these are treated as a single inquiry and will have little impact on the credit score.
I just started my current auto loan, do I have to wait to refinance it?
No. There is no minimum waiting period. You can refinance your current auto loan as soon as you wish.
How much money can I save through Auto Refinance?
The amount you will save by auto refinancing can vary based on the balance of your current loan, how much lower your new interest rate is compared to the old one, any changes in the loan term etc. During the application process the new lender will give you all the details on how much you will save each month.
Do you accept Auto Refinance Applications by Phone or Fax?
In order to keep our service free for consumers we only accept applications via our website.
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