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CARNOVA Financing Guidelines

At CARNOVA, we understand that everyone's financial situation is unique. If you're considering financing a car with a credit score less than 650 and a monthly income less than $2500, our financing program may be the right fit for you. Our goal is to provide you with a path to vehicle ownership and credit improvement. However, there are certain criteria you should be aware of before applying. Here's a detailed guideline to help you through the process:

1. Credit Score and Income Requirements:

  • Credit Score: If your credit score is less than 650, you may still be eligible for financing, but it's important to manage your expectations. Lower credit scores may result in higher interest rates.
  • Monthly Income: Your monthly income should be at least $2,500 to be considered for financing. This helps ensure that you can comfortably manage your car loan payments alongside your other financial responsibilities.

2. Down Payment or Co-Signer:

  • If your credit score is less than 650, you may be required to make a minimum down payment of $2,000. This down payment is essential for securing your loan and may vary based on the vehicle's price.
  • If making a substantial down payment is not feasible, consider having a co-signer with a stronger credit history. A co-signer provides additional assurance to the lender and may help you secure more favorable loan terms.

3. Documentation Required:

  • To streamline the financing process, make sure to bring the following documents when applying for a car loan:
    • Proof of identity (driver's license, passport, or state ID).
    • Proof of residence (utility bill, lease agreement, or mortgage statement).
    • Proof of income (pay stubs or tax returns).
    • Bank statements.
    • References (personal and professional).
    • Proof of insurance (once the loan is approved).

4. Past Repossession or Bankruptcy:

  • Having a history of repossession or bankruptcy may affect the outcome of your loan application. However, we work with a subprime lending company that specializes in helping individuals with poor credit histories.

5. Rebuilding Your Credit:

  • CARNOVA's financing program is designed to provide you with the opportunity to rebuild your credit. Making timely payments on your car loan is a positive step in improving your credit score over time.

6. Not a Buy Here Pay Here Program:

  • CARNOVA is not a "buy here, pay here" program. We work with a reputable subprime lending company to ensure you have access to financing options tailored to your unique situation.

7. Managing Expectations:

  • It's important to have realistic expectations. Given your credit score and income, you should be prepared for a higher interest rate and a larger down payment requirement. Securing financing may be challenging with these circumstances, but we are here to assist you in finding the best solution for your automotive and financial needs.

We encourage you to carefully consider these guidelines before applying for financing with CARNOVA. Our goal is to help you secure a vehicle and improve your credit score, but being informed and prepared will increase your chances of success. If you have any questions or need further clarification, please don't hesitate to reach out to our team. We are here to assist you in finding the best solution for your automotive and financial needs.

 Incomplete applications will not be processed.


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