Auto Loans Explained- The Ultimate FAQ
Applying for auto loans can be difficult. Whether you’re refinancing or buying a new or used car, you may not know the answers to all your questions. We know auto loans can be complex. To help, we have compiled a list of the most asked questions about auto loans. These will include information on auto financing and bad credit auto loans.
Are Auto Loans Available in all 50 States?
- Are Auto Loans Available in all 50 States?
- Are There Any Fees to Apply for an Auto Loan?
- Can I Buy From a Dealer of My Choice?
- Can I Get an Auto Loan if I Have Bad or No Credit?
- Will My Credit Rating Impact The Quote I Receive?
- How Do I Know I’m Getting the Lowest Auto Loan Rates?
- How Much Can I Borrow?
- I Don’t Have Any Credit History And/Or I’ve Never Applied For A Car Loan Before, Will You Still Be Able To Help Me?
- Is the Application Secure When I Apply Online?
- What Interest Rates Will I Get?
- Will I Need a Cosigner if I Have Bad Credit?
Yes, we provide auto loans to consumers in all 50 States.
Are There Any Fees to Apply for an Auto Loan?
No. We provide a free service to all consumers, regardless of their credit rating.
Can I Buy From a Dealer of My Choice?
Yes! You can buy from whichever dealer you choose. Once one of our lenders approves your loan you are free to shop to your hearts content!
Can I Get an Auto Loan if I Have Bad or No Credit?
Absolutely! Our lenders look at financing your future, not your past. We provide bad credit auto loans on a daily basis to people with good, bad and no credit.
Will My Credit Rating Impact The Quote I Receive?
We do ask for identifying information (such as your social security number). However, we will use this information to match you to lenders that specialize in providing loans for people with similar credit types. As a result, even with a bad credit rating, you will be able to find a loan with good rates and monthly savings. Getting a quote is fast, easy & free, and you are under no obligation to accept any of the offers presented to you.
How Do I Know I’m Getting the Lowest Auto Loan Rates?
We work with the nation’s top lenders. This allows us to provide you with a virtual marketplace where you can choose the lowest priced loan. The auto loans offered are based on the qualities that you value the most. As a result, each lender shows the lowest possible rates to compete with other lenders. With this, you’ll be able to see how much you can save.
How Much Can I Borrow?
For new cars, you might be able to qualify for a loan up to 125% of the MSRP (Manufacturer Suggested Retail Price). This is as well as the refundable adds, (such as GAP Insurance and Mechanical Repair Coverage) for our most qualified borrowers. With used cars, you could qualify for a loan up to 125% of the NADA (National Auto Dealers Association) retail value, plus refundable adds.
I Don’t Have Any Credit History And/Or I’ve Never Applied For A Car Loan Before, Will You Still Be Able To Help Me?
Auto loans for people with limited or no credit history are still available. Because of the lack of credit history, you may incur higher interest rates. This is pretty standard no matter where you choose to go for a loan. Don’t worry! You have the option to refinance your loan at a lower rate after six consecutive monthly payments. After you’ve built up a good payment history you will qualify for a loan with lower APR and you can refinance.
Is the Application Secure When I Apply Online?
Car Loans Cash Now uses the latest 256-bit SSL (Secure Socket Layer) encryption technology to send and receive your quotes. Consequently, your valuable information is protected from unwanted third-party sources. We will not sell or use your information for anything other than sending you relevant offers. Your information will always be safe while you’re with us!
What Interest Rates Will I Get?
Interest rates depend on various factors. Some of these include your income, credit history, and loan amount. We have thousands of lenders to make sure you get the best auto loan rates possible.
Will I Need a Cosigner if I Have Bad Credit?
No. You don’t need one but having one will help you get lower interest rates on your auto loan.
We are here to help. To find out more about auto loans or to ask a specific question, feel free to contact our team today.