Frequently Asked Questions

What will the interest rate be on my car loan?

Your interest rate will be determined by possible credit problems, the down payment amount, your riskiness as a borrower, and several other factors. Be sure that you're familiar with your credit report before applying for a loan.

My credit score isn't very good. Will I still be able to get a car loan?

There's a good chance that you'll be able to still receive an auto loan, but you can expect the interest rate to be noticeably higher. Lenders see applicants with questionable credit as potential risks. For this reason, they charge more in interest to ensure that they won't lose as much money if you fail to make your loan payments. Consider working on your credit score before applying.

Do I have to pay a fee to apply online? How long does it take?

Online application is free. If you apply during business hours, you can receive confirmation in less than an hour. Companies are ready to assist you if you want a car loan.

What is GAP insurance?

New cars depreciate in value quickly in the first few years of ownership. This means that insurance payouts can be significantly lower than the actual purchase price. GAP insurance provides further protection between the difference of what you owe and the automobile's actual worth.

Why not just finance my car at the dealership?

When you finance through the dealer, they generally just go through banks or other lending businesses. Therefore, they act simply as middlemen-and they collect a significant amount of money for it. You see tons and tons of advertisements for dealerships that claim they can get you incredibly low interest rates. You have to have excellent credit to actually qualify for these deals, and the loan lengths are often very short. Most people, even if they can qualify, have a tough time with such high monthly payments.

My credit is pretty awful. Will it help to have a cosigner?

If your cosigner has good credit, it will certainly help your chances of receiving a favorable loan.