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Steppingstone Financing Program at Luther Nissan of Inver Grove

Introducing, Luther Nissan’s Steppingstone Financing Program

At Luther Nissan, we believe everyone deserves a second chance when it comes to financing their vehicle—regardless of past credit denials. That’s why we are now offering our New Steppingstone Financing Program, designed specifically to help individuals with less-than-perfect credit, bad credit, new-to-credit or 1st time buyers. Whether you’re ready for a new or quality pre-owned car, truck, or SUV, we are here to assist in finding you the best, most competitive financing options that fit
your unique needs and financial goals. Our experienced, dedicated Steppingstone
Finance Specialists are here to guide you every step of the way to provide you with a
customized, hassle free car buying experience to earn your business not just one time,
but for a lifetime.

With the Steppingstone Financing Program, you can secure an auto loan and
start building or rebuilding your credit. Our team works with a network of trusted,
specialized lenders to find the best possible terms, regardless of if you have been
turned down before. From past financial challenges to facing today’s ever-changing
economy, we’ll work with you and our lenders to find a solution that fits your unique
situation. We are here to provide you a personalized, transparent car buying experience
that gives you the confidence to apply for your loan with a team that will fight for your
success, regardless of your past.

Get Started Today with No Hard Inquiry to your Credit Bureau!

Ready to take the next step? It’s easy! Simply call us at 651-240-7317 and ask to speak
with a Steppingstone Finance Specialist directly or fill out the application below with no
hard inquiry to your credit bureau.

Buying Your Next Car is as Easy as 1-2-3

  1. Fill out our Credit Application with no hard inquiry– Begin the process with a quick and secure application online.
  2. Speak with a Steppingstone Finance Specialist to prepare you for your
    arrival to the dealership by calling us directly or expect our call once you fill out our application.
  3. Finalize your loan and take delivery of your vehicle as soon as the same
    day. (See a Steppingstone Finance Specialist for details)

Let us help you turn your past credit challenges into an opportunity for a fresh start for
the future. Contact our Steppingstone Finance Team today, 651-240-7317 or come visit us at our dealership, check in with the receptionist and ask for the Steppingstone Finance Team. Hours vary from our sales department so appointments are highly recommended to save you the most time. Walk-ins are always welcomed!

 

Get Pre-Approved Contact Us

Steppingstone Financing FAQs

What do I need to be prepared for?

Everyone needs a Valid Government Issued Photo ID, proof of full coverage insurance, and proof of all current income. If you have lived at your current address for under 3 years, we typically also need proof of residence. See a Steppingstone Finance Specialist for acceptable, recommended documents specific to you, required by our lenders and DMV for titling.

What are the most common credit scores you work with? Do you
work with people who are new to credit or 1st time buyers too?

The most common credit scores we see are anywhere between the mid 400s-mid 600s. We also work with NO Credit Scores, first-time buyers, or people who are new-to -credit that may have higher credit scores but have not established any significant credit history other than examples such as student loans, starter credit cards, or other small lines of credit.

I had a financial hardship and had to file a Bankruptcy. Do you work with Bankruptcy’s?

Yes, if you’re filed in MN or WI we work with both open Chapter 7s & 13s as well as discharged bankruptcies. We have lenders that specialize with both open and discharged bankruptcies as well. We recommend speaking with a Steppingstone Finance Specialist prior to your visit to prepare you ahead of time.

The vehicle I currently own and have been driving is older, higher miles and I don’t think it will be worth anything at the dealership. Is it worth trading in or keeping?

YES! We highly encourage you to not sell your free and clear trade regardless of it’s condition or possible private party sale value before speaking with a finance specialist. This could be a game changer for your final financing terms and requirements. For the toughest credit, having a free and clear trade regardless of it’s value could be the difference between you being successful or not. We understand that this may not make a lot of sense, so we encourage you to hold onto that vehicle even if it doesn’t start, drive, has rust, body damage, or 400k miles until you speak with a Steppingstone Finance Specialist. Free and clear trades are HIGHLY encouraged. If it is located within 30 miles of the dealership and you cannot drive it in, let us know. We may be able to help you get it here if needed for your success.

How much cash down do I need?

That varies on a case-by-case basis depending on your creditworthiness and your end goals. Many of our customers are approved with little to no money down. For more answers specific to you & your unique situation, please contact a Steppingstone Finance Specialist. Some need more than others; many have been successful with $0-$1000. OAC.

I’ve applied for auto financing within the past year and was told I was not approved, needed a co-signer, or needed cash down that was unattainable for me to achieve. I don’t want to waste my time. Why is this any different? Why should I choose Luther Nissan Kia’s Steppingstone Finance Program?

We are not in the business of wasting anyone’s time, but this is hard to answer without knowing more about what happened previously. Most dealerships’ finance teams work with the best to the worst credit and do not specialize in getting less-than-perfect credit approved. If it isn’t as easy as a quick yes from the lenders, the result may be for many various reasons. In the end, it takes dedicated time & preparedness from BOTH the dealer FI person and the customer for the highest odds of success.Here at Luther Nissan Kia, we have 2 separate finance teams. Our Steppingstone Finance Specialists are dedicated to working with the less than perfect credit situations specifically. We will fight for your success with our specialized lenders for your unique needs and circumstance. If possible, we will help find the solutions to figure it out. With years of experience, constant training, education, and as a part of Luther Auto network of dealers, we are here to help YOU!

What vehicles are available in this program? Is there a list with options?

There is no specified list of vehicles for this program. Our website will have our current list of available in-stock inventory, with both new and pre-owned options available for sale. We have found that shopping for banks before shopping for vehicles may be the best way to determine the options available to you with what you have to bring to the table today, based on your creditworthiness. See Steppingstone Finance Specialist for details. OAC.

What can I do to help myself for the best odds of success the day of my arrival?

  1. Be “over pre-pared” to the best of your ability. Have your documents or login info to obtain your documents easily and readily available. Make sure you know your user name/passwords for accounts you will need to access if you do not have access to a printer or ability to print a head of time. Unlock any credit freeze for Experian, Equifax, and Transunion at least 1 hour prior to your visit for the next 48 hours. All 3 major credit bureaus must be unlocked to apply for an auto loan.
  2. Speak with a Finance Specialist before visiting the dealership (ties together with #1) to know what to be prepared for and for current availability.
    Show up on time for your appointment with enough time for us to figure it out. Not showing up is the first step in not being successful or not having enough time to finish. If you have young children, it can be very hard to focus on the appointment if you are distracted. This can also be a very long day for them. They are always welcome to come if you need or want to bring them.
  3. Ask for help from our team if you have concerns about anything related to your appointment prior to your appointment versus just not showing up. We do this everyday and know you do not so please do not let fear of the unknown or previous bad experiences stop you from your possible success from a dealer you can trust.

Do I need to schedule an appointment ahead of time, or can I just come when I have time?

Appointments are highly recommended to save you the most time by preparing you ahead of time, so you do not have to make multiple trips to the dealership, and to guarantee our team’s availability. Appointments are not required. Our team’s daily work schedule is determined by our scheduled, preplanned appointments. We do not work open to close every day the dealership is open. If we know when you want to visit the dealership, we will do everything we can to accommodate your busy schedule.

What if I have something come up and not able to make my appointment?

Let us know right away. We take no call/no show appointments seriously if another appointment is requested in the future, but also understand sometimes life happens and interferes with our plans. Communicate with us as soon as you are able. If you can’t come up with something we recommend you have for your appointment in time, we recommend calling your Steppingstone Finance Specialist as it may not be an issue. If it is, we can reschedule for a different day to give you more time.

How long does the process take?

We will not keep you here any longer than needed, but everyone’s situation and time needed varies. It depends on how prepared you are at the time of your arrival, your goals & creditworthiness, and the dealership’s day-to day business flow. Most one-stop visits take an average of 3-4 hours from start to finish (if you are successful and able to take delivery of your vehicle the same day). If time is a concern, please let us know right away so we can do our best to accommodate you.

If approved, when do I get to leave with the vehicle?

We prefer to make this a one stop visit as your time is valuable and we are not here to waste it. Most people who are prepared for the visit and approved leave the same with their vehicle. For the highest odds of success, come “over-prepared” or see a Steppingstone Finance Specialist for details. OAC.

I currently do not have insurance because I do not have a vehicle, I’m listed on someone else’s policy, or I have liability but not full coverage. Do I need to obtain full coverage insurance ahead of time?

If you do not have current full coverage insurance, no problem at all, that is common. If you do not have any coverage now, we do recommend you do research ahead of time to save you time to make sure you are insurable, and it is obtainable and affordable for you. We are not insurance agents; however, we help people every day that do not have current full coverage insurance. People have spent extra hours at the dealership thinking they were prepared for insurance, only to find out they were not. You must be able to pay the initial premium to obtain full coverage insurance in addition to any money down toward the financing prior to finalizing your loan and taking delivery. Future dated insurance cards are not acceptable. Your name but be listed on the document (if you are on someone else’s policy) and in some cases, the lender may require the new vehicle listed on the policy with them listed as the lienholder the same day as your visit or prior to finalizing your loan. If you have questions, please see a Steppingstone Finance Specialist before visiting the dealership.

I am self-employed, do you work with this type of income?

Yes! Typically, we need your last 3 months of personal bank statements

I am on a fixed income or work part time. How much income do I need to qualify for financing?

We recommend having a minimum of $2k net (after taxes/deductions) income that is verifiable, however we have lenders that may work with less on a case-by-case basis. In the end, you must be able to financially afford the cost of a monthly re-occurring car payment and ability to obtain & maintain full coverage car insurance while you have a loan.

I just started my job and have not got my first paycheck yet. When can I apply?

You can apply anytime, but we recommend waiting until you have your first FULL PAY-PERIOD paystub. Typically, the first paystub is partial, depending on your employer’s payroll. In some cases, we can take a signed offer letter on a company letter head. See Steppingstone Finance Specialist for details.

I have a valid government issued ID, but not a driver’s license or my driving privileges have been suspended. Can I get approved on a vehicle loan?

Yes, not all lenders require a valid Driver’s License as terms of the loan, OAC. We recommend having a licensed driver with you the day of your appointment for the test drives but not necessary. Please make sure you are insurable, and it is affordable prior to scheduling your visit.

My ID is from another state, but I have moved and have not updated it yet, do I need to wait and get an updated ID?

We accept any US government issued, valid, Photo ID. We also can accept Valid, unexpired US Passports. If from another country, we have a list of acceptable documents we can take, please contact us ahead of time for more info. Having any supporting document that can help verify your identity is recommended.

Do I need my Social Security Card?

No, but if you have it, please bring it in case it is needed. It is not typical, however in some cases it may be required

Do you work with ITINs?

Yes. Please have valid supporting documentation or see dealer for details

What types of payments do you accept for my down payment?

  1. Cash (large bills preferred)
  2. Your Debit card up to $2000 (not someone else’s)
  3. Cashier Check made out ONLY to Luther Nissan Kia.
    We do NOT accept credit cards nor starter checks.
    If you would like to write a personal check, funds must be verified by the dealership upfront and are subject to fees if unable to clear upon deposit. See dealer for details prior to your arrival.
    If someone else is helping you with the down payment and not going on the loan, please transfer the funds to you prior to your visit. We cannot accept someone else’s debit card transaction that is not going on the loan.
    We do not accept Apple Pay/Android Pay or any other electronic payment methods like Venmo, Cash App, PayPal, etc.
    If your financial institution has a daily limit for your debit card, please contact them before they close the day of.
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Main 612-254-7771 Parts 612-254-7771 Sales 612-254-7771 Service 612-254-7771
1470 50th St E
Inver Grove Heights, MN 55077
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Main: 612-254-7771 Parts: 612-254-7771 Sales: 612-254-7771 Service: 612-254-7771

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1470 50th St E, Inver Grove Heights, MN, 55077
Luther Nissan 44.877224, -93.076229.