Does SAFCo make automobile loans directly to consumers?
SAFCo deals directly with Franchise and select Independent dealerships as a sub-prime auto lender. When you are ready to purchase an automobile, visit a reputable dealership in your area and ask them about financing with SAFCo.
What is the maximum loan from SAFCo?
The maximum loan amount is $25,000 plus taxes, fees, and approved amounts for service contracts and GAP insurance. The maximum length of the loan is 72 months.
How old can the vehicle be?
SAFCo finances vehicles up to 10 years old.
What is the down payment requirement?
Under normal circumstances, we require a minimum of $1,000 cash and a total of 20% of the vehicle sale price (including the $1,000 cash). Certain situations may require more down payment. However, a positive credit history may allow for a lower down payment.
Does SAFCo help establish credit?
Yes, absolutely! Helping to build and rebuild your credit is priority number one at SAFCo. Every 30 days, SAFCo reports to all three major credit bureaus. So, making your payments on time will help improve your credit. To learn more about building your credit, visit How SAFCo can Help and Your Credit Explained.
What if I have bad credit, no credit, a repossession or bankruptcy?
These situations are considered on an individual basis. As long as you have a stable, verifiable job, address and phone, you are generally eligible for a loan with SAFCo. Our goal is to help you establish your credit for a better tomorrow.