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Credit FAQ’s


Below are some answers to commonly asked questions about Latham Auto LLC, and the financing services we offer. If your question isn’t answered below, please feel free to call us at (315) 394-2886.

How do I go about purchasing a vehicle at Latham Auto?
Once you know you want a vehicle from us there are a few ways to go about purchasing it. The first is a cash purchase where you do not need to seek financing. The second is where we will provide you a purchase agreement to take to your local bank or credit union where you will secure financing and bring back a check to purchase the vehicle. The third is for people with poor credit where we will finance you through a company called Credit Acceptance with a guaranteed approval processed via this website:
https://www.autoclick.com/services/partners/creditform/ACCreditFormFill.aspx?ACCFX=65123o9183
What type of income is acceptable to get approved through Credit Acceptance?
We accept paystubs showing deductions, unemployment or fixed income options including SSI, SSD, and worker’s compensation.
What if I'm self-employed?
This is acceptable providing you can prove your income with bank statements showing deposits or canceled checks that you received.
Do I need a down payment?
Yes, this how the bank gets comfortable with loaning you the rest of the money you need to purchase the vehicle you want.
How much of a down payment will I need?
The amount of your down payment is determined by your credit application but is usually around $2000. It’s different for every customer and depends on several factors such as credit history, length of employment, and the kind of vehicle you wish to drive but is generally . We here at Latham Auto will work with you to find the right vehicle, at the right down payment, and the right monthly payment for YOU!
What if I have a trade-in?
We take trades and we will appraise the trade value of your vehicle in person and apply that towards your down payment. Often, we have customers whose trade in is worth enough that they don’t need any additional cash to get the vehicle they want.
I've had a repossession. Can I still get approved?
Yes! Even if your repossession was yesterday, we will get you approved for a loan.
I've had a bankruptcy. Can I still get approved?
Yes! Even if your bankruptcy was discharged yesterday, we will get you approved for a loan.
If I'm currently in a Chapter 13 (making payments) bankruptcy, can I still get approved?
Yes! There is a form for us to fill out called a “Permission to incur debt” and after it’s filled out, you need to get your attorney to have it signed by the Trustee. The Trustee will sign it in most cases permitting you to purchase the vehicle.
I've never had credit before. Can I still get approved?
Yes! If you have verifiable income, we will get you approved for a loan.
How much income do I have to prove?
The minimum is $800 per month, before taxes are taken out.
Will I need a co-signer?
If you can prove you make over $800 per month, you will not need a co-signer. However, in some cases, having one may reduce the down payment required by the bank and the monthly payment may be lower.
Do I have to have a bank account?
Yes, you must have a checking account for at least 30 days and be able to provide proof.
Will financing a vehicle at Latham Auto LLC help me establish my credit?
Yes! The finance companies we get you approved with report to all 3 credit bureaus.
Will my vehicle have a warranty?
Yes! We will provide you with a Latham Auto warranty for 30-90 days depending on mileage and you will have the option at the time of purchase of adding an extended warranty. The extended warranty can also lower your down payment required and will give you peace of mind.

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