Frequently Asked Questions

Once your application is approved, you will receive an email prompting you to call a loan officer who will walk you through the loan terms and finalize your application. Depending on your credit history, you may be required to provide additional documents, such as proof of income.

To expedite the processing of your collectible automobile loan we need the following information from you before funding the loan:

• A copy of the back and front of the title from the seller on the car you are buying. You or the seller can fax or email this information to us or if you prefer we can contact the seller for you.
• A copy of the Purchase and Sales Agreement. You or the seller can fax or email this information to us or if you prefer we can contact the seller for you.
• Proof of insurance listing. J.J. BEST BANC & CO. as Loss Payee with the address of BEST BANC BUILDING, 60 N Water St. New Bedford, MA 02740. Call J.J. BEST BANC & CO. Insurance Agency for a quote at 1-888-4BEST-IN or 1-888-423-7846.
• Proof of down payment, i.e. copy of cashier’s check, copy of wire, copy of paypal receipt, etc. You can fax or email this information.
• Proof of income, i.e. two recent pay stubs. If you are self-employed, we ask for two years of signed tax returns and signed personal financial statements. You can fax or email this information. In some cases, we can waive income verification based on your credit.
• Legible copy of driver’s license enlarged 2x. If there is a co-applicant the same would be required of them. You can fax or email this information. If the address on the application is different than the address on the license , please provide a utility bill in your name with the correct address listed.
• All ORIGINAL loan documents completed, signed and notarized. These documents must be sent to us overnight. We can supply you with our UPS account number if needed please contact your loan officer.
  Collateral verification report. We will order this report after you have finalized the car that you will be buying and the price has been fully negotiated. This information will be provided to us by the collateral verification specialist.

Once you have received an approval with an interest rate and term, it is good for 30 days.

Some cars require an appraisal such as hot rods, kit cars, or modified cars. Most cars that we finance require only a physical verification of the vehicle to verify the engine starts, that the VIN number matches the title.

We order the collateral verification when you tell us that you are buying the car and you are moving ahead with the loan. We have 1500 independent inspectors throughout the United States and the verification is usually done within 48 hours. The loan will NOT fund until this verification is completed. Please have the seller’s information available including phone number and notify the seller that one of our agents will be contacting them to complete the verification. This verification does not guarantee the merchantability of the vehicle and is not an appraisal.

We calculate the book value of the car by taking the condition of the car into consideration and we use our years of knowledge and experience, as well as auction results, Black Book, Sports Car Market, Manheim Auctions, Gold Book, Old Cars Price Guide and our knowledgeable dealer network.

There are several reasons why an application may be declined. If your application is declined, a letter will be mailed to you stating the reason for declining the application. The letter will include a phone number for the credit agency that reported your credit information. The reporting agency played no part in J.J. BEST BANC & CO.’s decision and is unable to specify the reason(s) we have denied credit to you. You have a right under the Fair Credit Reporting Act to know all of the information contained in your credit file at the reporting agency. Within 60 days of your decline notice, you may obtain a copy of your credit report at no charge by contacting the consumer reporting agency listed, or any other credit reporting agency that maintains files on a national basis. You have the right to dispute the accuracy or the completeness of any information in your credit report by contacting the consumer reporting agency directly.

Yes, J.J. BEST BANC & CO. offers an automobile refinancing program that often offers a lower rate than your present rate. Because you are probably financing less money, the payments are usually substantially lower and can even compete with some home equity loans. We also offer loan refinancing programs that many times are much more competitive than leasing programs.

Yes.