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Frequently Asked Questions
1. How fast will my application be processed?
You will hear back from a Midwest Motor Loans credit representative within 20 minutes of your
submission of the application.
2. What if I have a bad credit history or have declared bankruptcy?
Midwest Motor Loans offers a wide range of loan Packages to meet the needs of customers with
strong credit histories as well as those who have experienced credit problems. If you do not have
perfect credit we will, at your request, attempt to find a lender who can help you. Simply fill out the
credit application online and press submit.
3. What is GAP insurance?
Used cars will depreciate as much as 20-30% in the first 2-3 years*. As a result, insurance payouts
can be much lower than the vehicle purchase price-even for those with full insurance coverage. GAP
(Guaranteed Auto Protection) insurance is additional protection to cover this "gap" between what you
owe on a financed vehicle and its actual cash value, which is usually lower.
As an example, let's say that you borrow $26,000 for a new car and it is destroyed in an accident one
month later. In the eyes of the insurance company, that vehicle has likely depreciated up to 30% (or
about $7800) immediately after you drove it off the lot. Without GAP insurance, you could pay the full
difference between what you owe to your lender and what your insurance company pays out to you!
Please note that GAP insurance is cancelled after refinancing a vehicle. Those who plan to refinance
for greater savings, and are currently covered, will need to reapply to maintain it.
* Actual rates of depreciation vary based on a number of different factors
4. Do I need a down payment?
It depends on the lender and their requirements. We have many no money down programs available.
5. How do I apply for a used car loan?
The fastest method is through our online credit application. All you need are a few minutes with our
easy to use application. Our process is free and there is no obligation.
6. What kind of vehicle can I get from Midwest Motor Loans?
Auto loans will be advanced for any kind of vehicle chosen by our customers. From used vehicles to
new vehicles and from low-end vehicles to high-end vehicles, we will finance all.
7. Are there any fees associated with your auto loan application?
Midwest Motor Loans is a completely free service.
8. What kind of vehicles selection do you carry?
We have several locations with 19 different car and truck franchises such as: Chevrolet, Buick,
Pontiac, GMC, Cadillac, Hummer, Chrysler, Dodge, Ford, Lincoln, Mercury, Mazda, Kia, Mitsubishi,
Subaru, Toyota, Audi, Volkswagen, and Hyundai. So we can meet your every need.
1. How fast will my application be processed?
You will hear back from a Midwest Motor Loans credit representative within 20 minutes of your
submission of the application.
2. What if I have a bad credit history or have declared bankruptcy?
Midwest Motor Loans offers a wide range of loan Packages to meet the needs of customers with
strong credit histories as well as those who have experienced credit problems. If you do not have
perfect credit we will, at your request, attempt to find a lender who can help you. Simply fill out the
credit application online and press submit.
3. What is GAP insurance?
Used cars will depreciate as much as 20-30% in the first 2-3 years*. As a result, insurance payouts
can be much lower than the vehicle purchase price-even for those with full insurance coverage. GAP
(Guaranteed Auto Protection) insurance is additional protection to cover this "gap" between what you
owe on a financed vehicle and its actual cash value, which is usually lower.
As an example, let's say that you borrow $26,000 for a new car and it is destroyed in an accident one
month later. In the eyes of the insurance company, that vehicle has likely depreciated up to 30% (or
about $7800) immediately after you drove it off the lot. Without GAP insurance, you could pay the full
difference between what you owe to your lender and what your insurance company pays out to you!
Please note that GAP insurance is cancelled after refinancing a vehicle. Those who plan to refinance
for greater savings, and are currently covered, will need to reapply to maintain it.
* Actual rates of depreciation vary based on a number of different factors
4. Do I need a down payment?
It depends on the lender and their requirements. We have many no money down programs available.
5. How do I apply for a used car loan?
The fastest method is through our online credit application. All you need are a few minutes with our
easy to use application. Our process is free and there is no obligation.
6. What kind of vehicle can I get from Midwest Motor Loans?
Auto loans will be advanced for any kind of vehicle chosen by our customers. From used vehicles to
new vehicles and from low-end vehicles to high-end vehicles, we will finance all.
7. Are there any fees associated with your auto loan application?
Midwest Motor Loans is a completely free service.
8. What kind of vehicles selection do you carry?
We have several locations with 19 different car and truck franchises such as: Chevrolet, Buick,
Pontiac, GMC, Cadillac, Hummer, Chrysler, Dodge, Ford, Lincoln, Mercury, Mazda, Kia, Mitsubishi,
Subaru, Toyota, Audi, Volkswagen, and Hyundai. So we can meet your every need.
