AUTO LOAN HELPERS: FREQUENTLY ASKED QUESTIONS
I'M READY TO APPLY FOR AN AUTO LOAN. WHERE DO I START?
As a wise man once said, "know thyself." That goes double for auto loans: first, learn your own credit history and find out your credit score. That'll help you get an idea of the interest rate you'll have to pay (anything below 680 and you're headed for a higher rate). You'll also want to sit down and examine your finances, and come up with an amount you can REALISTICALLY spend on your new vehicle.
THEN WHAT?
Next, you apply for online auto loan financing. Once you're approved you'll receive a voucher for the maximum amount you can spend (based on your current credit standing). A simple rule of thumb: first you secure your auto loan, THEN you choose the vehicle you want.
WHAT IF I CAN'T GET APPROVED BECAUSE OF MY CREDIT SCORE?
Let us handle things from here. Click on the "Apply Here in Seconds" link at the bottom of this page, and we'll go to work finding a suitable subprime loan specialist who can help you get financing.
WHAT'S THE DIFFERENCE BETWEEN "PRIME" AND "SUBPRIME" LENDING?
Basically, prime lending is for people in the top credit-score tier (usually 680 and above). Subprime lending applies to people with lower credit scores. (Generally, people with lower credit ratings pay higher rates on their loans.)
MY CREDIT SCORE IS PRETTY LOW -- SHOULD I GIVE UP ON APPLYING FOR A CAR LOAN?
Not at all! We've helped people get auto loans who probably have lower credit scores than you do. Granted, that doesn't mean everybody is entitled to obtain an auto loan, but even if you're consistently turned down, you can work on repairing your credit and try again (start here at: http://www.ftc.gov/bcp/conline/pubs/credit/repair.shtm).
WHAT ARE THE BASIC REQUIREMENTS FOR APPLYING FOR AN AUTO LOAN?
First, you need to be at least 18 years old to apply. Then you need to show a favorable history of both employment and residence (the longer at a given location, the better). You should earn at least $2,000 a month to qualify for a direct auto loan, but that figure drops if you are seeking indirect financing.
WHAT IS THE DIFFERENCE BETWEEN DIRECT AND INDIRECT AUTO FINANCING?
Direct financing means you have a cash voucher from a financial institution before you go to the dealership. Indirect financing comes from the dealership itself.
OK, I'VE GOT MY FINANCING. NOW WHAT DO I DO?
Now that you know what you have to spend, it's time to pick out the vehicle you want. Go online and do as much research as you can -- learn everything from price range to what people who actually own the vehicle have to say about it.
Then we suggest you research the dealers you are considering. Do their customers have good things to say about them AFTER they've bought their car? Will they require a down payment, and if so, how much? Trust us -- the dealer will know a whole load of info about YOU going in -- why not even the score?
Now that you have your loan set up and your vehicle picked out, it's time to go to the dealer. Our "Auto Loan 101" section is full of helpful tips for when you make the trip. Good luck!
APPLY ONLINE IN SECONDS - CLICK HERE
I'M READY TO APPLY FOR AN AUTO LOAN. WHERE DO I START?
As a wise man once said, "know thyself." That goes double for auto loans: first, learn your own credit history and find out your credit score. That'll help you get an idea of the interest rate you'll have to pay (anything below 680 and you're headed for a higher rate). You'll also want to sit down and examine your finances, and come up with an amount you can REALISTICALLY spend on your new vehicle.
THEN WHAT?
Next, you apply for online auto loan financing. Once you're approved you'll receive a voucher for the maximum amount you can spend (based on your current credit standing). A simple rule of thumb: first you secure your auto loan, THEN you choose the vehicle you want.
WHAT IF I CAN'T GET APPROVED BECAUSE OF MY CREDIT SCORE?
Let us handle things from here. Click on the "Apply Here in Seconds" link at the bottom of this page, and we'll go to work finding a suitable subprime loan specialist who can help you get financing.
WHAT'S THE DIFFERENCE BETWEEN "PRIME" AND "SUBPRIME" LENDING?
Basically, prime lending is for people in the top credit-score tier (usually 680 and above). Subprime lending applies to people with lower credit scores. (Generally, people with lower credit ratings pay higher rates on their loans.)
MY CREDIT SCORE IS PRETTY LOW -- SHOULD I GIVE UP ON APPLYING FOR A CAR LOAN?
Not at all! We've helped people get auto loans who probably have lower credit scores than you do. Granted, that doesn't mean everybody is entitled to obtain an auto loan, but even if you're consistently turned down, you can work on repairing your credit and try again (start here at: http://www.ftc.gov/bcp/conline/pubs/credit/repair.shtm).
WHAT ARE THE BASIC REQUIREMENTS FOR APPLYING FOR AN AUTO LOAN?
First, you need to be at least 18 years old to apply. Then you need to show a favorable history of both employment and residence (the longer at a given location, the better). You should earn at least $2,000 a month to qualify for a direct auto loan, but that figure drops if you are seeking indirect financing.
WHAT IS THE DIFFERENCE BETWEEN DIRECT AND INDIRECT AUTO FINANCING?
Direct financing means you have a cash voucher from a financial institution before you go to the dealership. Indirect financing comes from the dealership itself.
OK, I'VE GOT MY FINANCING. NOW WHAT DO I DO?
Now that you know what you have to spend, it's time to pick out the vehicle you want. Go online and do as much research as you can -- learn everything from price range to what people who actually own the vehicle have to say about it.
Then we suggest you research the dealers you are considering. Do their customers have good things to say about them AFTER they've bought their car? Will they require a down payment, and if so, how much? Trust us -- the dealer will know a whole load of info about YOU going in -- why not even the score?
Now that you have your loan set up and your vehicle picked out, it's time to go to the dealer. Our "Auto Loan 101" section is full of helpful tips for when you make the trip. Good luck!
APPLY ONLINE IN SECONDS - CLICK HERE