Hit the Road with a GO! Auto Loan!

Your car…the freedom, the possibilities, the fun! If you’re 16 or older and have a steady part-time job, you can apply for a GO! Auto Loan. It’s a great way to gain some wheels—and a good credit history. There’s a lot to consider when buying your first car—and Rivermark is here to help you do it right. Just click on the questions below to find out more.

• How do I know if I qualify for an auto loan?
  • If you’re at least 16 and have a steady part time job or other regular income then you’re probably eligible for a GO! Auto Loan.
• How much income do I need to have?
  • Your car payment cannot exceed 60% of your monthly take-home pay. For example, if you bring home $300 per month, then your car payment cannot exceed $180. The maximum GO! Auto Loan amount is $9000. A five-year loan for $9000 is approximately $200 per month (give or take some dollars depending on the current annual percentage rate).
• Does it matter how long I’ve been on the job?
  • In most cases, you will be required to have 6 months at your current job and one year in the same line of work. After all, you’ll have your loan for several years. It’s important to have a track record of being able to hold a job to show that it’s likely your steady income will continue.
• How much can I get a loan for?
  • The maximum loan amount is $9000. This amount will keep your payment reasonable and allow you to get a good reliable (and of course, a very cool) car.
  
  
  • What about the add-ons? As you’ll learn in the Auto Buying Tutorial, auto dealers make substantial profits on these add-ons. Plus, auto manufacturers provide plenty of “undercoating” and “rust-proofing” at the factory—no matter what a car salesman might tell you. Also, you should know that Rivermark offers bumper-to-bumper mechanical breakdown policies—often for a lot less than dealers charge. You can add up to $2000 to your loan for a mechanical breakdown policy and up to $500 for GAP Insurance. However, the loan to value limit of 85% will still apply.
• What kind of car can I get with a GO! Auto Loan?
  • You can choose a car that is a 1994 model or newer with no more than 100,000 miles.
• I don’t have any credit yet. Is that OK?
  • Of course! That’s what the GO! Money program is all about—getting your credit history established the right way. As long as you don’t have any bad credit, having no credit is no problem!
• Will I need a co-signer?
  • If you are under 18, you will need an adult co-signer to qualify for your GO! Auto Loan.
• Do I need a down payment?
  • Maybe. A down payment is always a good idea—but you don’t necessarily need one to qualify for your loan. You can get a GO! Auto Loan for up to 85% of the Kelley Blue Book retail value of your car (this is known as Loan to Value). If you follow all of the tips in the Auto Buying Tutorial, you probably won’t need a large down payment because you will be able to negotiate a fair price on your purchase

Find out more now!