Frequently Asked Questions on Driver Credit.

Frequently Asked Questions

What is Driver Credit?
Why should I use Driver Credit?
What are the requirements for a Redemption Auto Loan?
How does a 722 redemption work?
Is there a minimum credit score required for a loan approval?
How do I know what interest rate I can expect?
How long does it take to get an auto loan?
What should I expect while getting an auto loan?
Do you offer used car loans?
Do you offer car refinance loans?
Do you offer car title loans?

Driver Credit is dedicated to simplifying the process of acquiring an auto loan. We match you with a lender in your area that is eager to speak with you about your application.

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2. Why should I choose Driver Credit?

Driver Credit assures all approved applicants are contacted by a lender in their area within 24 - 48 hours.

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3. What are the requirements for a Redemption Auto Loan?

Filed Bankruptcy
Must live in one of the following states: Alabama, Alaska, Arizona, California, Colorado, Florida, Georgia, Hawaii, Illinois, Indiana, Iowa, Kentucky, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Oregon, Pennsylvania, Utah, Virginia, Washington, and Wisconsin
Have at least 6 months of Employment Apply Today for your Redemption Auto Loan

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4. How does a 722 redemption work?

If you have filed Chapter 7 bankruptcy or plan to file Chapter 7 bankruptcy then a 722 Redemption Loan is something you should be aware of. It allows you to keep the car you have instead of losing it in difficult times. Even if you owe more money on your automobile then it is currently valued at, a 722 Redemption Loan can make it possible for you to take control of your current financing troubles.

There is a bankruptcy law that benefits Chapter 7 filers, but it is based on their individual case. The Car Redemption law, 11 USC § 722 "Redemption" says that a Chapter 7 bankruptcy filer that is upside down on their loan (owes more on the car then it is worth) can have the courts force the current lender to release the lien on the vehicle to the filer so they own the car outright.

The only issue is that the filer has to payout the value of the car in cash to their current lender. Take for example:

Car Value = $4,000
Amount owed to current lender = $10,000

The filer must pay out $4,000 in cash to the current lender to be given the lien to the car. In the extremely rare case that the filer has $4,000 to pay their current lender they can own the car, but this is generally not the case of a Chapter 7 filer.

A 722 Redemption Loan eases the difficulties of paying the current lender. The filer can apply for a new loan to cover the costs of the amount owed on the loan. Thus, lowering their monthly payments and the loan balance so they can keep the car they have and get a fresh start!

The 722 Redemption Loan must be approved by the Bankruptcy Court and handled by your bankruptcy lawyer. Upon qualification, you can start Lowering Your Monthly Payments and Loan Balance. There is no down payment required on the loan; all fees for legal services are included in the loan. A 722 Redemption Loan is often called Car Redemption, Redemption Car Loan, and sometimes just a 722 Redemption. If you have a bankruptcy lawyer already or plan to file Chapter 7 then make sure to ask them about it. Talk to a local bankruptcy lawyer to find out if you qualify to file bankruptcy. There is no harm is hearing how you can regain control of your finances! Also, there is no fee for a consultation and you are not obligated to use the services being offered to you. Get a Free Consultation from a local bankruptcy lawyer in your area today. There is a way to keep your car even after you have filed Chapter 7 bankruptcy and it is a 722 Redemption Loan.

The Benefits of a 722 Redemption Loan are:

• Lower Interest Rates - Help in lowering your current Car Loan and Car APR
• Simple Payments - A payment plan that meets your budget
• Rate Reduction Program - After several months of continued on time payment your financing rate will
automatically be lowered.
• We work with you - We want to match you with the best loan to help you through this time.
• Rebuild your Credit - All credit agencies will review your loan status and if positive, increase your credit
score!

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5. Is there a minimum credit score required for loan approval?

There is no minimum credit score to submit an application with Driver Credit. Submitted applications are matched with lenders in your area based on the lender’s subjective ranges for acceptable credit scores. Driver Credit works with many lenders who specialize in loans available to those with bankruptcies or bad credit.

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6. How do I know what interest rate I can expect?

Driver Credit does not supply interest rates. Complete an online application to receive a quote from a lender.

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7. How long does it take to get an auto loan?

Once you have submitted an application, Driver Credit instantly matches you with a lender in your area that will contact you within 24 - 48 hours to discuss the specifics of your application.

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8. What should I expect while getting an auto loan?

Once you are matched with a lender, they will call you to set up a meeting regarding your loan. Your preparation for this meeting is essential in accelerating the loan approval process. We recommend having the following prepared prior to your appointment:

Financial Items:

Credit Check – Get a credit report on yourself
Reference Checks – Prepare a list of your references with the name, phone number, and address of each person
Co Applicant Requests – Have the contact information available for a co-applicant, should one be required.

Other items to prepare:

Trade Ins – If you are planning to trade in your vehicle, make sure that it is clean and in good running condition.
Realistic Monthly Payments– Make sure that you are deciding on a financial payment plan that is manageable for your income. Use our Car Loan Calculator to find a payment that you can afford.

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9. Do you offer used car loans?

Driver Credit does not offer used car loans, however we do have relationships with partners who can offer used car loans.

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10. Do you offer car refinance loans?

Driver Credit does not offer car refinance loans, however we do have relationships with partners who can offer car refinance loans.

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11. Do you offer car title loans?

Driver Credit does not offer used car title loans, however we do have relationships with partners who can offer car title loans.

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