The Koons Kia of Woodbridge finance team is here to help you. You have questions and we have answers. From beginning to end, our experts will be able to provide you with the answers to any of your concerns.
We're here to help you with your Leasing and Loan needs. At
Koons Kia of Woodbridge we proudly serve the Northern Virginia
and Washington DC areas.
Koons Automotive Finance FAQ's
Q: What happens next in the loan approval process?
A: Our dealership business manager will take your loan application to one or
more lending sources in order to secure a loan for you. This process does not
negatively impact your credit score; it is only a review process wherein the
banks or credit unions review your credit qualifications. Once a preferred
combination of rate and term is found, the business manager finalizes the loan
with that lending source and the winning lender will begin communicating with you
personally. For most loans, this process takes place within 2 weeks.
Q: Is my loan approved once the dealership business manager approves
it?
A: The dealership business manager is a dealership employee who gives you a
preliminary loan approval based on your credit qualifications. Dealership
business managers will not approve the sale of a vehicle unless they are
confident that they will be able to secure you a loan based on your credit
qualifications, but ultimately the bank or credit union makes the decision to
fulfill
your loan request.
Q: What do I do if I receive a letter from a bank or credit
union stating that my loan request is denied?
A: Because different lenders have different qualifications for getting a loan,
and because credit qualifications vary dramatically, it is possible that a
lending source may deny your loan application. If a lending source denies a
loan application, they are required by law to notify you personally. Please
note, however, that this does not invalidate your vehicle purchase. Your
dealership business manager will already know about this denial and will have
already begun working with one of many other available sources to secure a loan
for you. We are successful at this the vast majority of the time, and this should
not be a concern to you. If you receive a loan request denial and would like to
contact the dealership to ensure that we have secured a loan for you, please
call your dealership contact.
Q: How soon can accessories be installed on my vehicle?
A: Once the loan on your new vehicle has been secured and the funds have been
received by the dealership, but no longer than 30 days from purchase,
accessories may be installed on your vehicle.
Q: Will additional information be required for my loan?
A: Possibly. We collect all the information generally required to complete the
loan process during the vehicle sales transaction. Sometimes, however, a lender
will require other specific documentation based on your individual situation.
The dealership will contact you for this additional documentation. We ask that
this documentation be submitted as promptly as reasonably possible in order to
ensure timely delivery of your license plates.
Q: When will my trade be paid off?
A: Once the loan on your new vehicle has been secured and the funds have been
received by the dealership, the trade payoff amount is disbursed to the lien
holder on your old vehicle. If a payment on your current loan is due, we
recommend making that payment. This will ensure that no missed payments show up
on your credit report. Your bank will refund any excess funds received by your
bank once the lien has been released.
Q: How and when will I receive my vehicle license plates?
A: Once the loan on your new vehicle has been secured and the funds have been
received by the dealership, our business office submits the necessary paperwork
to the state's Department of Motor Vehicles (DMV). The DMV processes the
transaction and sends the vehicle plates to the dealership. The dealership
business office will then contact you to let you know that the plates are ready
and set a time for you to come in and have them installed. The time required to
get the plates will depend on two primary factors: the amount of time required
by lending sources to approve your loan and the amount of time required by the
DMV to process your registration and return your plates.
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