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Frequently Asked Questions about J.D. Byrider car financing and rebuilding credit
  1. What is APR?
  2. How does the down payment work?
  3. What does "term" mean?
  4. What if I have no credit or even bad credit?
  5. Can I get financing and drive away the same day?
  6. Is there a limit to the amount of financing for which I could qualify?
  7. Once I submit my online application, how long must I wait?
  8. Is there a charge for submitting my application?
  9. Is the information I submit online kept private?

 1. What is APR?

APR or Annual Percentage Rate is the interest rate that the bank, lending institution or finance company will charge you yearly on your contract. Your APR depends on the state in which you reside, which vehicle you are purchasing, the length of your contract and your credit worthiness.

 2. How does the down payment work?

The down payment is the amount of money you “put down” as an initial investment toward your vehicle purchase. It is what you give the finance company that allows you to take delivery of your vehicle and to show your commitment to making your future payments. Your goal is to pay off your contract, so the more money you have for your down payment, the less you’ll need to finance and, you may be able to pay your contract sooner.

 3. What does "term" mean?

The term is the number of months you will be paying on your contract until it is paid in full. Remember, the longer the term, the lower your payment will be, but you will be paying more interest on that contract than on a shorter term.

 4. What if I have no credit or even bad credit?

Almost 80% of all adults have more than one bad report in their credit history. Many times banks will not finance people with no credit or bad credit. But our company, CNAC, has been financing people with credit problems for nearly 20 years. We put aside past problems and credit scores and focus on your current circumstances in hopes of getting you a better car and an affordable payment.

 5.Can I get financing and drive away the same day?

Yes you can! Once you’re approved for financing and a payment that fits your budget, you can browse our large selection of better vehicles. They’re better because every vehicle undergoes a comprehensive inspection and comes with a Good to Go Limited Warranty!

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 6. Is there a limit to the amount of financing for which I could qualify?

After you submit your application you will be contacted to arrange your personal appointment and begin the approval process. The amount of financing available will depend on your approval and the amount you put down on the vehicle.

 7. Once I submit my online application, how long must I wait to get my vehicle?

Most customers are contacted by the nearest CNAC Approved dealer in less than 24 hours. If there is not a dealer near you, you will be notified by mail that we cannot serve you at this time.

 8. Is there a charge for submitting my application?

No, CNAC provides this service free of charge.

 9. Is the information I submit online kept private?

Completely! Our web site has a secure certificate from ssl.com, so when you hit the submit button, the information that is being sent to us is encrypted until it arrives safely at our corporate computers. Don’t be embarrassed about your credit with us – many people who thought they could not qualify for financing have been approved by CNAC.