Finance Here FAQ

faq


What do I need to bring with me when I go to Shannon Motors to apply for a loan?

In order to Fast-Track your approval, please bring the following items with you to the dealership:

  • Driver’s License
  • Proof of income
  • Proof of residence (a recent utility bill, lease, mortgage, or bank statement)
  • Copy of your Cell phone bill or Home phone bill
  • Name, address, and telephone numbers for at least 6 local references

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What if I’m self-employed?

Being self employed in most cases is not a problem.

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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.

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What if I have a repossession?

Many of our customers have had repossessions in the past.

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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.

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How much income must I have?

The usual minimum income required is about $1,200 per month, but this varies from lender to lender.

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What if I’m a first-time buyer?

We have many programs for first time buyers.

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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.

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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”.

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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 secure financing for their automotive needs.

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