Finance Here FAQ
- What if I’m self-employed?
- What if I have a trade in?
- What if I have a repossession?
- What if I don’t have money to put down?
- What is my interest rate?
- What if I have a new job?
- What if I’m Disabled or on Social Security?
- How much income must I have?
- Do you report to the major credit reporting agencies?
- What if I’m a first-time buyer?
- What if I owe more than my trade is worth?
- How much will my monthly payment be?
- My credit is really bad. Can I afford a vehicle as nice as what Shannon Motors has in inventory and can I get approved?
- How do I make payments?
- If I am traveling out of town and have a repair problem, will my service contract still be good?
What if I’m self-employed?
Being self employed in most cases is not a problem.
What if I have a trade in?
Trade ins are welcome – running or not. If you owe money or have clear title we can help.
What if I have a repossession?
Many of our customers have had repossessions in the past. Our business is helping you, the customer, re-establish credit.
What if I don’t have money to put down?
We have many programs that either allow you to put Zero Money Down, or when down payment is required, allows you to defer all or part of it.
What is my interest rate?
Interest rate is determined by the lender. In short, the greater the risk they feel exists the more interest rate they will apply. However, in most states the law protects the consumer with a maximum interest rate of 17.95% on all 2001 and newer vehicles.
What if I have a new job?
This is mostly a myth. Everybody changes jobs. What they are looking for is your ability to repay the loan.
What if I’m Disabled or on Social Security?
Being on disability does not hinder your ability to obtain financing. As far as Social Security goes, who could argue that you have a pretty secure income?
How much income must I have?
The usual minimum income required is about $1,200 per month, but this varies from lender to lender.
Do you report to the major credit reporting agencies?
All of our loans are 100% bank-financed and payment history is reported monthly. Some places will tell you they do, not disclosing that they do so only after the loan has fully been repaid.
What if I’m a first-time buyer?
We have many programs for first time buyers.
What if I owe more than my trade is worth?
In most cases we can get a little extra help from the bank to overcome negative equity.
How much will my monthly payment be?
This is determined by several factors: amount of purchase, interest rate, term and down payment. To help, we have added a payment calculator located in the menu under “Finance”.
My credit is really bad. Can I afford a vehicle as nice as what Shannon Motors has in inventory and can I get approved?
Yes, we specialize in helping people with no credit, slow credit, bankruptcies and even repossessions. We will not help you purchase a vehicle you cannot afford.
How do I make payments?
There is a number of ways to make your payment. You can have your payment set up ACH to occur automatically. You can pay in person at the Shannon Motors Johnston location by credit, debit card, money order or check. We also have a drop box at the Johnston location for after hours, for either money orders or checks, which will be posted to your account the next business day. You can mail your payment to the lender, or we can take your payment by phone for a small processing fee if that works best for you.
If I am traveling out of town and have a repair problem, will my service contract still be good?
Absolutely, if you happen to have a problem while you are away, contact your selling location service department immediately so we can start the repair assistance process, which includes determining the nearest, fastest way to get you back on the road.