Credit approval FAQ

Yes. Liberty Approved welcomes every credit situation and works with shoppers from Philadelphia, Tinicum Township, Essington, Ridley Park, Prospect Park, Folcroft and Sharon Hill. Start a pre-approval online or call (445) 260-0398.

Often, yes. Lenders look at your income, job history, down payment and recent payment history along with your score. If a collection is paid or settled, bring proof. Approval always depends on the application.

Sometimes. It depends on the lender, the vehicle and your income. A trade-in with equity can count toward your down payment. We'll tell you exactly what's needed once we see your application.

It's possible. A score in the 500s narrows your options and usually means a higher rate, but lenders also weigh your income, job history, down payment and recent payments. Apply online to see where you stand. The form doesn't pull your credit.

There's no single number. It depends on the lender, the vehicle and your income. A larger down payment or trade-in equity usually makes approval easier. We'll tell you exactly what's needed once we see your application.

Many lenders work with scores around 600, and terms often improve as your score climbs. Your income, down payment and payment history matter too.

Many people do. After a Chapter 7 discharge you can apply right away; bring your discharge papers. In a Chapter 13 plan you'll usually need your trustee's permission first. Approval always depends on the application.

There's no set waiting period for many auto lenders. Some will consider you soon after a Chapter 7 discharge. Steady income and on-time payments since then help.

Usually only with your bankruptcy trustee's approval. Talk with your attorney or trustee first, then bring that approval with your application.

It may be possible. Every application is looked at individually. Steady income, a down payment and a vehicle that fits your budget all help. Apply online and we'll talk through your options.

Up to seven years, but its impact usually lessens over time as you build a record of on-time payments.

Yes, you can apply. Lenders will see the balance, so paying it down or having a payment plan in place helps. Be upfront about it on your application.

Yes, many people do. Lenders focus on your income, job and residence history, down payment and recent payments. A cosigner can help but isn't required. Approval always depends on the application.

Yes. Our credit application lets you add a co-applicant, which can help with approval or terms.

It depends on the vehicle, your income and credit history, and what you're comfortable putting in. More down usually means a lower payment. Trade-in equity can count toward your down payment. We'll tell you exactly what's needed once we see your application.

Yes. If your vehicle is worth more than you owe on it, that equity can go toward your down payment. Value your trade to get started.

Often, yes. Lenders look at your income, job, residence and down payment when there's little credit history to go on. Apply online. It doesn't pull your credit.

Not always. A co-applicant with established credit can help with approval or terms, but many first-time buyers apply on their own.

If you finance, almost always. Lenders typically require comprehensive and collision coverage. Get a quote on the specific vehicle before you buy.

It's worth applying. Lenders look at your whole application — income, job history, down payment and credit — and options exist for many credit situations. Start a pre-approval in about two minutes; approval always depends on the application.

Usually: a valid driver's license or state ID, a recent pay stub or other proof of income, proof of residence such as a utility bill or lease, a list of personal references, the title or payoff information if you're trading a vehicle, and your down payment. Not sure you have everything? Call (445) 260-0398 and we'll tell you exactly what your situation needs.

Our finance team may check your credit to find your approval, only with the permission you give in the application. Ask us any time before you apply and we'll walk you through it.

It may be possible — every application is looked at individually. Be upfront about what happened; honest, accurate information on your application helps. Apply online and we'll talk through your options.

It depends on the vehicle, your income and credit history, and what you're comfortable putting in. More down usually means a lower payment, and any equity in your trade-in can count toward your down payment. We'll tell you exactly what's needed once we see your application.

It can. Payment history is the biggest factor in most credit scores, so a car loan you pay on time, every time, is one of the most visible ways to rebuild. Ask us whether your loan reports to the credit bureaus.

Financed vehicles almost always require full coverage (comprehensive and collision) with the insurance company of your choice. Get a quote on the specific vehicle before you buy so there are no surprises.

Yes. Our credit application lets you add a co-applicant, which can help with approval or terms.