FinanceFAQs

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IAD Auto

  • Sales: 301-658-7567
  • Service: 301-637-5162
FINANCE FAQS

We're here to help you with your auto Loan needs. At IAD Auto we proudly serve the Washington DC, Prince Georges County, Montgomery County, Howard County, Anne Arundel County and Metropolitan Washington DC areas.

Our auto finance team is here to help you. You have questions and we have answers. There is almost no financial situation that we are not confident we can help you find the right vehicle for you.  From beginning to end, our finance specialist will be able to provide you with the answers to any of your concerns.

IAD Auto Automotive Finance FAQ's

Q: What happens next in the loan approval process?

A: Our dealership business manager will take your loan application to one or more lending sources in order to secure a loan for you. This process does not negatively impact your credit score; it is only a review process wherein the banks or credit unions review your credit qualifications. Once a preferred combination of rate and term is found, the business manager finalizes the loan with that lending source and the winning lender will begin communicating with you personally. For most loans, this process takes place within 2 weeks.

Q: Is my loan approved once the IAD Auto dealership business manager approves it?

A: The dealership business manager is a dealership employee who gives you a preliminary loan approval based on your credit qualifications. IAD Auto business managers will not approve the sale of a vehicle unless they are confident that they will be able to secure you a loan based on your credit qualifications, but ultimately the bank or credit union makes the decision to fulfill your loan request.

Q: What do I do if I receive a letter from a bank or credit union stating that my loan request is denied?

A: Because different lenders have different qualifications for getting a loan, and because credit qualifications vary dramatically, it is possible that a lending source may deny your loan application. If a lending source denies a loan application, they are required by law to notify you personally. Please note, however, that this does not invalidate your vehicle purchase. Your dealership business manager will already know about this denial and will have already begun working with one of many other available sources to secure a loan for you. We are successful at this the vast majority of the time, and this should not be a concern to you. If you receive a loan request denial and would like to contact the dealership to ensure that we have secured a loan for you, please call the representative you were working with at IAD Auto. 
 
Q: Will additional information be required for my loan?

A: Possibly. We collect all the information generally required to complete the loan process during the vehicle sales transaction. Sometimes, however, a lender will require other specific documentation based on your individual situation. The dealership will contact you for this additional documentation. We ask that this documentation be submitted as promptly as reasonably possible in order to ensure timely delivery of your license plates.

Q: When will my trade be paid off?

A: Once the loan on your new vehicle has been secured and the funds have been received by the dealership, the trade payoff amount is disbursed to the lien holder on your old vehicle. If a payment on your current loan is due, we recommend making that payment. This will ensure that no missed payments show up on your credit report. Your bank will refund any excess funds received by your bank once the lien has been released.

Q: How and when will I receive my vehicle license plates?

A: Once the loan on your new vehicle has been secured and the funds have been received by the dealership, our business office submits the necessary paperwork to the state's Department of Motor Vehicles (DMV). The DMV processes the transaction and sends the vehicle plates to the dealership. IAD Auto business office will then contact you to let you know that the plates are ready and set a time for you to come in and have them installed. The time required to get the plates will depend on two primary factors: the amount of time required by lending sources to approve your loan and the amount of time required by the DMV to process your registration and return your plates.
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