5 Common Auto Financing Myths – Busted!

Myth #1: “I need perfect credit to get approved.”

Truth: This is one of the most common misconceptions. While a good credit score can help you qualify for better interest rates, you can still get approved with bad credit or even no credit. At YourAutoGenie, we specialize in helping customers of all credit backgrounds find financing that works for them.

Myth #2: “A bigger down payment is always required.”

Truth: While putting money down can reduce your loan amount and monthly payments, it’s not always necessary. Many of our financing partners offer low or zero down payment options, especially if you have stable income or a trade-in vehicle.

Myth #3: “It’s better to get a loan from my bank.”

Truth: Banks can be an option, but they aren’t always the best one. Auto financing through YourAutoGenie connects you with multiple lenders, which increases your chances of approval and gives you access to competitive rates—even if your bank says no.

Myth #4: “Shopping for financing hurts my credit score.”

Truth: Applying for multiple loans over time can affect your score, but if you’re shopping within a short window (usually 14–30 days), credit bureaus treat multiple checks as one inquiry. Plus, pre-approvals through YourAutoGenie can be done without impacting your credit score at all.

Myth #5: “I can’t get financing if I’m self-employed or new to the country.”

Truth: Being self-employed or a newcomer doesn’t automatically disqualify you. We work with lenders who offer flexible programs for various employment types and immigration statuses. All you need is proof of income and some basic documents—we’ll help you with the rest.