Auto Loan Facts
Is Bad Credit okay? Yes, however to buy from an individual you must have a minimum credit score of 540 (pre-approving 90% of all consumers). To buy from a dealer you must have a credit score above 470 (pre-approving 95% of all consumers).
How long does it take to get my check? Depending on the time of week and other factors, you can receive your check as fast as 1 day.
What do I do when I get the check? When you receive your check simply sign it over to the dealer or owner of the car. We will handle the rest from there.
I have repossession in the past- can I still qualify? Yes. We have loan programs for every type of credit history, and the lowest rates around.
What Loan Amount can I qualify for? Depending on the state that you live and certain underwriting factors you can qualify for between $5,000 and $90,000.
What are the minimum requirements to qualify for a loan ? Depending on credit and type of auto loan, As low as 3.9% APR 1 to 6 years. To qualify for a loan with one of our partnered dealerships you must make a minimum monthly income of $1200 and a minimum credit score of 500 or have a co-signer. To qualify for direct auto financing you must make a minimum monthly income of $1800 and have a minimum credit score of 680 or have a co-signer.
How much does it cost to apply for a loan? There are no fees for any of our loan services.
How soon can I expect a loan approval? You can generally expect to receive notice of your approval within 48 hours.
What should I do if it’s been 48 hours since I applied and I haven't heard anything? Often you are sent an initial email letting you know that your application has been received and is processing. Because these emails are sent from an unfamiliar email address they are frequently sent to your junk, bulk, or trash folders so be sure to check carefully for messages related to your loan. If you have questions about the status of your loan application please contact us by email. Please allow a full 48 business hours and keep in mind that many of our lending partners are closed over the weekend.
Auto Buying Tips
Getting the Best Deal on a Vehicle From choosing the right type of car to comparing loans, there are five important things you can do to maximize your car shopping experience. Get a great deal on the car of your dreams!
Tip 1: Buy it used – We’ve all watched friends buy a brand new car. They are really excited about their purchase…for a few months. After a year or two, they usually complain about their high loan payments. Don’t make the same mistake! Buying a used car, even if it is just a year old, can help you save big. A new car drops in value dramatically as soon as you drive it off the lot. Plus, used cars these days can come with warranty and service packages, just like a new car. If the car you want isn’t available used or comes with a 0% APR offer, buying it new may make sense.
Tip 2: Research prices online – Buyers have the upper hand now that they can easily research prices and features of cars online. Before you go to a dealer, investigate the blue book price, MSRP, and other details of the car you are interested in buying. Print out these documents and take them with you. When a salesman tries to offer you a high price, you can use these facts in the negotiations.
Tip 3: Order a CARFAX report – Most sellers will give you a free CARFAX report for the vehicle you are thinking about buying. If not, go online and order one yourself. This $20 report will show you how many owners a car has had, where it’s been located, if it was in an accident and other “lemon” indicators. It is especially important to check out a car’s history, as recent floods in the South have put a lot of damaged cars on the market.
Tip 4: Check your credit – Reviewing your credit standing before you start to shop for a car can help you save big. If you have a high credit score, you may be able to qualify for the dealer’s special financing offers. You’ll also have extra bargaining power when negotiating a deal with a salesman. If your credit score is low, work on improving it for a few months before your application and take extra time to shop for the best loan offer.
Tip 5: Save on financing – The cheapest way to buy a car is in cash, but there are also ways you can save if you buy with a loan. Put down the largest down payment possible and choose the shortest-term loan in order to reduce your loan costs. Compare loan rates from banks, credit unions, and online lenders by using their free calculators. Once you’ve found the best deal, apply for the loan and take the financial paperwork with you to the dealer. You’ll usually get a much better rate through a bank or online lender than from the dealer’s financing office.
These five tips can help you save hundreds, if not thousands, on your next auto purchase. Take control of the car buying process today!
