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Over the years Complete Auto Loans has received a lot of questions from our customers about their next auto loan. We’ve decided to compile the most popular questions we receive into 26 FAQ’s to help you get educated on your next car purchase. Have fun!

A quick list of the types of car loans we help with:

Top 26 FAQ’s

Can I pay a car’s down payment using my credit card?

car down payment on credit cardYes, you can pay a car’s down payment with your credit card, but only if the dealership involved accepts credit cards. This can be a costly way to pay your down payment, especially if the payments are not done on time, but it can still work. If the dealers don’t accept credit cards, you may use your card to obtain a cash advance, which you can use as a down payment.


Can I sell my car to CarMax if I still owe money on the car?

will carmax buy my car if i still owe money on itYes, you can still sell your car to CarMax even if you owe money on it.  CarMax will pay off the money or loan on your behalf so as to free up the title. Once the title is free, CarMax will deduct the amount spent to free up the car and give you the balance of the agreed amount. If for, example, you owe $2000 on the car, and CarMax has offered $4000 for the car, you will receive a check of $2000 from CarMax.Tips:

Can paying off an auto loan early hurt your credit score?

paying off car loan early Yes, it can. Paying off a loan early can be a good thing. It can improve your credit score and you may even end up paying less in interest. Unfortunately, this might not be the case with installment loans, such as auto loans. Paying off an auto loan may raise your utilization ratio and end up denting your credit score. Some auto loan lenders will not allow you to pay off your car loan earlier than agreed because it deprives them of their earnings/ interest.

Does a car dealership return a down payment?

can a dealership keep your down payment Yes, most car dealerships will return your down payment if you didn’t take delivery of the auto.If, on the other hand, you did use the auto for a few days, most dealers will give you a hard time returning your down payment. In most cases, you will get charged for mileage, cleaning, and damages occurred, if any.

Tip: Car Loans for Low-Income Earners and Bad Credit

How does a car loan work?

how does interest on a car loan workYour auto loan lender buys the car on your behalf after the both of you have come up with an agreement that enables you to pay the money/loan back with interest over an agreed period of time.


How to build credit without credit cards?how to build credit

Building a credit score without the use of credit cards is very much possible. Some of the strategies you can use include obtaining personal loans, CD loans, federal student loans, becoming an authorized user of a credit card belonging to a responsible holder, and requesting your landlord to report your payments.

How to buy a car at 18 with no credit history?how to buy a car with no credit

Buying a car at 18 and with no credit history is very much possible. Most dealers understand the fact that having no credit history does not automatically mean you are an irresponsible citizen. One of the best ways to acquire a car at 18 and with no credit history is to find a co-signer with good credit who is willing to sign his or her name beside yours. A co-signer could be a parent, a relative, friend, or any other person who is ready to risk his or her credit score for your sake. Another way to acquire a car with no credit is to make a bigger than usual down payment. That way, most dealers will be willing to take chances on you, especially if you already have proof of a steady income. A bigger down payment should be around 30-40% of the purchase price.


How to get 0% interest when buying a car from a dealership?0 interest car loans

Getting a 0% interest rate when buying a car from a dealership is almost impossible, but still possible if you have very strong credit. In most cases, dealerships use the 0% interest rate incentive to entice buyers when a particular model is not doing so well. Such deals are rare and are usually available for a very limited period. These companies make their profit on the car and not on the financial charges.If you have been offered such a deal, make sure that the offer is actually available and not a trick to entice customers into checking out other incentives or “special offers”. If, indeed, the offer is available, request to take the car or vehicle on a road test. Most 0%interest rate deals are advertised on TV, Radio, and Newspapers though it is still possible to find them on carmaker’s websites

.Tip: Common Auto Loan Eligibility Requirements

How to get car financing with a low credit score?

low interest auto loans for bad creditThe fact that you have a low credit score does not automatically disqualify you from acquiring a car loan. In spite of this, car dealerships tend to raise interest rates for individuals with low credit. These individuals are usually referred to as subprime buyers and pose a greater risk when compared to buyers with great credit scores. To acquire car financing with low credit, look for a lender or bank that gives car financing with low credit. Many of these lenders have websites all over the internet and a simple Google search might be all you need to identify these lenders in your area. Once you have identified a lender, look for a cosigner who has a great credit score to guarantee you. This might be your best option to get financing at a reasonable interest rate. To lower your interest rate further, opt for a shorter loan repayment period.

How to pay my auto loan with a credit card online?

best online auto loansFirst, check with your lenders or car dealership to see if they have an option for you to pay online via your credit card. Most lenders have this option and have provided a safe page for customers to make online payments. All you need to do is log in to the page provided by your dealership and pay your auto loan by inputting your credit card information. Once done, wait for a verification number and email. Save them both for future references.

Is it better to get a car loan through a dealership or a bank?used auto loan

This will largely depend on how good or bad your credit is. If you have bad credit, you will have limited financing options and a dealership could very well be your best option, though expensive. But if you have good credit, your best option possibly lies with a bank.

Should I pay off my car loan or continue to make payments?

should i pay off my car or investPaying off your car loan early will definitely free up your monthly cash flow and save you some money on interest in the process. But it can also cause some drawbacks among them being a credit score drop. This is because, in your lenders’ eyes, you will no longer remain a good borrower as you will have deprived them of the interest they were eagerly looking forward to. Paying off a loan early removes an important factor from credit score calculations.

Should I pay off my credit card or personal loan first?

should i pay off my credit card or personal loan firstCredit Card loans generally have a higher interest rate when compared to personal loans. It, therefore, makes perfect sense to pay off the loan with the highest rate of interest first. The sooner you pay off a high-interest loan, the more you can expect to save on interest.

What are some clever ways to finance a car?

how to finance a used carOne of the best ways to finance a car is to buy with cash. This is the cheapest way available as you will have no interest to pay or finance agreements to sign. If you cannot afford to fund your car in full, paying a sizeable down payment will also bring the costs down somewhat.

What are some drawbacks to having a credit score of 622?

low credit score auto loansA credit score of 622 is considered poor and some of the drawbacks of having this rating include limited access to loans, paying high-interest rates on loans, and having to put deposits on your cell phones and other utilities.

What credit card should I use?best credit card

Generally, there are numerous credit card companies on the market today, all falling into 6 main categories. The best credit card for you will depend of several factors, among them whether you have a credit history or not, how you intend to use your credit card (your spending habits), and whether or not you intend to pay off the balance as soon as the bill arrives. Use an Internet-based credit card recommendation tool like to help you identify the best credit card for you.

What does 0% APR mean?What does 0% APR mean

APR means Annual Percentage Rate, the annual interest rate you can expect to get charged on loans. 0% APR enables you to avoid any interest above your loan or debt for a period of time, usually from 6 to 8 months.

What does it mean by down payment and EMI?

down payment and EMIA down payment simply refers to the money you pay out of your own pocket when you buying something on loan. For example, if you are buying a car at the cost of $5000, you might be required to pay a down payment of 10%. In that case, your down payment becomes $500. The down payment is usually asked by the seller as a sign of good faith that indeed, the buyer has every intention to follow through with the payment schedule.EMI, on the other hand, is the fixed amount to be paid monthly after the down payment has already been made. The balance, after the down payment, is usually calculated alongside the interest and the amount is then divided into monthly EMIs.

What is meant by no credit check?What is meant by no credit check

A no credit check is a kind of loan that is given without a credit score check. These kinds of loans are also known as unsecured or payday loans and are generally meant for people with no credit history and those with a poor credit score. Usually, the lender requires proof of income, such a paycheck stub or a bank statement before approving the quick loan.

What minimum salary should you have to buy a $100k car?

exotic car loanIdeally, it is recommended that you should spend between 10 -20% of your annual income to buy a car. So to comfortably afford a $100,000 car, you have to make at least $500,000 per year. If you really need a car, you may spend slightly more than 20% of your annual income but should not go beyond 50%.

What’s the quickest way to pay off loan and credit card debt?What's the quickest way to pay off loan and credit card debt?

The quickest way to pay off a loan or credit card debt is to submit at least half of the monthly installment every two weeks, or more often if you are in a position to. This might require you to get a part-time job, but it could help shave several months off your repayment period. Once your payments start to increase, you can expect the interest to start decreasing. Start with the highest interest loans and work your way down towards the smallest one.

When does it make sense to pay off the balance on a car loan?When does it make sense to pay off the balance on a car loan

If you have already accumulated the funds to pay your car loan off and provided there are no prepayment penalties associated with your loan, then it might be a good idea to pay off the balance. That way, you will not only save on interest, but you will also have a few hundred to save or invest every month.

Which is better to do: buy a car with cash or a loan?

buy a car with cash or loanBuying a car with cash is simple, straightforward, and less expensive. After all, all that is required of you is to locate the car you wish to own, pay up, and become the new owner. You don’t have to worry about interest rates, monthly payments, and penalties. But buying on loan also comes with its benefits. To begin with, you get an opportunity to build a great credit history.  Secondly, you are able to invest and thus increase a huge chunk of the cash you would have used to pay for the car or to use it as you see fit. Whatever the case, both options have their own pros and cons. Choose what suits you best.

Who are the best providers of car loans?buy a car with cash or loan

The best providers of car loans for you will depend on several factors, such how much exactly you would wish to borrow, the age of the car, your preferred repayment duration, and more. The best way to identify the best provider is to visit a good number of providers in and around your area to compare quotes. Alternatively, you may use the internet to access various car loan calculators for free.

Why is student debt, auto debt, and credit card debt so high?Why is student debt, auto debt, and credit card debt so high

There are many reasons as to why the interest rates of your student loan, auto loan, or credit card debt are so high. Some of these reasons could be directly related to a poor credit score or a lack of it thereof. The other reasons possibly have nothing to do with you as an individual, and they include taxes, unemployment, inflation, liquidity, Incidentally, almost everyone with a recent loan is complaining of interest rates going way too high.

Will you risk your savings to pay off a car loan?

If the loan’s interest rate is higher than what I earn every month, then I would definitely risk my savings to pay off the car loan.

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