What if I don’t have a social security number?
Not a problem; 70% of our customers do not have a social security number. They have an ITIN.!
What happens if I don’t have a credit history or if my credit score is “too low”?
No problem! Cartera prides itself in providing financing to individuals who either don’t have a credit history or who have had financial hardships that have negatively affected their credit score. Your credit score is not the only thing that’s important to us, so do not let that keep you from applying.
What if I don’t have a US ID?
Not a problem. We accept foreign passports, matriculas consulares, and a variety of state IDs.
Do you report to the credit bureaus?
Yes, we currently report to Trans Union and Experian. Part of Cartera’s purpose is to help individuals start building or rebuilding their credit, and we are willing to finance you even if you don’t have any credit history. Everyone deserves a chance.
What products can I finance with you?
We offer financing to individuals for the purchase/replacement of their residential air conditioning system (HVAC), water treatment system, water heaters, generators, fences, and sheds. If you are already working with a dealer/retailer for a certain project, let them know that we can help finance you!
What is an APR, and is it the same thing as “interest rate”?
The APR, or annual percentage rate, is the overall cost of your loan on an annualized basis, including any fees that you may have paid at the time of getting a loan. At Cartera, we do not charge any outside fees for arranging loans, so the APR you see in your loan documents is essentially the same as the interest rate.
Are there any prepayment penalties?
There are no prepayment penalties if you decide to voluntarily increase your monthly payment or entirely pay off your loan early. If you are already making the scheduled installment stipulated in your contract, any amount paid above that will go towards principal and reduce the overall balance of your loan, ultimately reducing the amount of interest you pay over the life of your loan.
Is there a minimum payment?
The minimum payment is the scheduled installment disclosed on the first page of your loan agreement.
Do you charge late payment penalties?
Cartera only charges late payment penalties after a scheduled installment is late more than 10 days.
What happens if I move?
Please be aware that moving and/or selling the property where the financed goods are installed does not clear you of your obligation to pay the full amount due on the loan agreement.
Will applying affect my credit?
If you apply for pre-approval through our website, this will not affect your credit. But once you need final approval, we will run a full credit report that will count as a hard inquiry. However, multiple inquiries to your credit within a short period of time will not have a negative effect individually.
