Auto loans FAQ

Used car auto loans are available from a number of places including banks and private lenders. However, before you rush into a bank or a finance office, there are certain things you should know.

 

What does the auto car loan cover?

In the majority of cases, the actual loan will cover the cost of the car, taxes, licensing, registration fee and the extended warranty (if you decide to get one). If you have a trade in or a down payment, the loan will be much less.

Some institutions charge a fee to apply for a loan. So ask the lender if this is so. Some will waive the fee once your loan is approved. On the other hand, there are many lenders who have no such fees.

 

Are used auto car loans available for any vehicle?

No, in fact the majority of lenders only make car loans only to individuals for personal use vehicles. You will not get an auto car loan for your work or for any type of business. In addition, many of the lenders will not finance other types of vehicles such as ATVs, armored vehicles, camper vans, commercial vehicles, dump trucks, limousines, motor homes, taxis, tractor trailers, etc.  In some cases, if the car is more than 1 ton in pay load capacity or has more than 70,000 miles or more, the chances of you getting an auto car loan are small. If you do not have a VIN or title of the car, then the chances are you will not get an auto car loan.

If you decide to pay off your loan much earlier (in case you win the lottery), are there any penalties?

Some lenders do have penalties if you do pay off the loan early. And so you should know about this.

In most cases, once your loan is approved it takes a few business days to get the all the proper paper work. You will need a definite home address to receive the mail and the papers which you will have to sign and return. A PO Box or APO Box number will not suffice.

Do I need a credit report?

The majority of lenders will deem your worthiness based on your credit report. Every loan is subject to credit approval

Can a self employed individual get an auto loan?

Yes, each lender has certain criteria and if you can provide documentation of a steady income, there is no reason why you can’t have an auto loan.

 

 

How do I calculate interest rates for my used auto loan?

Can I get an auto loan even if I have bad credit?

Will it help if I have a co-signer on the loan?

Do you handle vans or sport utility vehicles?




How do I calculate interest rates for my used auto loan?

Interest rates are influenced by several factors, including the severity of credit problems, the amount of down payment, and the degree of credit risk. Your auto loan expert will explain these factors, and tell you exactly what your interest rate will be.



Can I get an auto loan even if I have bad credit?

Of course! Our lenders will work with you every step of the way to help you get approved!




Will it help if I have a co-signer on the loan?

If your co-signer has good credit status, this will definitely help your chances of getting an approval.

Do you handle vans or sport utility vehicles?

Our nationwide network of auto dealers provides for all types of vehicles, both new and used.