Financing Assistance

What Down Payment is Needed?

The answer is it will vary depending on your credit history, personal budget goal and monthly income. A higher down payment usually benefits your being approved. Every person's situation is unique. Lenders prefer a down payment as it lowers the risk associated with your loan.

What Documents Is Needed?

The lender will require documentation that supports what you put on your loan application such as:

  • 30 Days Pay stubs
  • 2 Months Bank Statements
  • Valid Driver Licence
  • Valid Auto Insurance Card

How Do I Get My First Auto Loan?

Usually the lender will require a co-signer on your first auto loan. If you do not have a co-signer option, another option is to get approved with alternative credit and stable work history. Here are items you need when you apply:

  • 30 Days Pay stubs
  • 2 Months Bank Statements
  • Valid Driver Licence
  • Valid Auto Insurance Card
  • 12 Months Proof of Residence in Your Name
  • 6 Months Proof of Utilities Paid On Time In Your Name. Electric, Water and/or gas
  • No Charge Offs or Delinquent Bills Showing On Your Credit Report.

Will Getting My Loan Approved Be Affected If I Have Current Auto Loan?

Yes. In most cases the lender will require that loan to be paid off as most people find it difficult to make monthly loan and insurance payments on 2 vehicles.

Tennmotors will buy your trade in which makes this process much easier. We will appraise your vehicle and determine your KBB fair market value. Here are some needed items if you are considering trading in your vehicle.

  • Contact Your Lender and Get A 10 Day Payoff on Your Current Loan.
  • Provide Us Your Title, Loan Documents and Maintenance Records.
  • Provide Both Sets of Keys
  • Begin to Take Out Personal Belongings or Bring a Box or Bag

What is Required To Get A Auto Loan With Poor Credit?

It is very common good people find themselves having poor credit. There are lenders that specialize for poor credit customers. Here are some requirements you can expect:

  • A Larger Down Payment of 20% or more
  • Higher Interest Rate of 24% or More
  • Shorter Length of The Loan
  • 30 Days Pay stubs
  • 2 Months Bank Statements
  • Valid Driver Licence
  • Valid Auto Insurance Card

How Long Does It Take to Get Approved?

Once submitted with needed documentation, you can expect an approval decision the same business day except on the weekends.

Is Tennmotors A Buy Here Pay Here Dealership?

No we do not offer this option but we can assist most customers in securing you a auto loan.

Tennmotors is here to answer any questions you may have. Please call us , 423-397-2472, and we will do our best to assist you in any way we can.