Auto Credit Express is our #2 recommended auto loan company because they have created one of the nation’s largest networks of auto dealers that specialize in financing auto loans for different types of credit profiles.
Their process for helping you obtain a loan is much different than other sites that match you only with a lender.
They actually help get you with an auto dealer that can help you with your financing.
Features & Benefits
Why get your auto loan through Auto Credit Express? Here are just a few reasons they’re one of our favorites:
Multiple Loan Options
National Lender Network
Bad Credit Is OK
Quick 3 Minute Application
Only Need 6 Months Of Employment
Now, remember, Auto Credit Express doesn’t actually offer loans; however, they connect you with local dealerships and lenders across the U.S. who specialize in helping people obtain loans with bad credit, no credit, good credit, bankruptcies, and repossessions.
Each dealer will have their own terms and while Auto Credit Express Doesn’t pull your credit, one of the lenders or dealerships probably will.
The way you qualify for your loan is going to be different for each company.
There are a lot of requirements for an auto loan and if you have credit issues your requirements get even tougher.
However, there are some general guidelines you probably should meet before you can apply and those are:
Be At least 18 years old A current resident of the US
Employed full-time or make $1,000 per month
Have A Valid Drivers License
Requirements for a subprime auto loan get a bit more specific. Your lender might need proof of your identity, income, and residency, as well as for you to provide proof of a working telephone and a list of references.
Some of the specifics typically include:
$1,500 to $2,000 of monthly pre-tax income from a single source and a recent pay stub to serve as proof of income.
A utility bill in your name for the address listed on your application to serve as proof of residence.
A phone bill to serve as proof of having a landline or contract cell phone from a national carrier in your name. No pre-paid phones qualify.
A list of six to eight personal references complete with names, addresses, and phone numbers.
If you don’t have perfect credit that is fine, some of the above companies have lenders who specialize in approving people for auto loans with bad credit.
What Do I Need To Fund My Loan?
Since you don’t know which lender or dealership you will be going to, it’s best to be prepared.
Things the lenders might need are:
Proof Of Income
Proof Of Identity
Proof Of Insurance
Proof Of Residency
Information On Vehicle You Plan To Purchase
Current Vehicle Registration (If you plan to do a trade in)
Keep in mind this is just a general list, the lenders could need more or less information, just have at least the things above ready and a down payment handy if you need one.
Will I Need a Down Payment?
If you need a down payment or not will depend on your specific situation, and it usually is up to your lender if you will be required to come with a down payment.
On average, the down payment requested is usually 20% of the vehicle’s asking price, but it can go down to 10% if you are dealing with a subprime lender.
Usually, a down payment shows a lender that you are serious about getting your car.
Regardless if you are required to put up a down payment, it’s probably the best thing you can do when it comes to financing a car.
Even more so if you have bad credit because putting money down will reduce the amount you are financing; which over time saves you money in interest charges.
There is no reason to only look at one company for your auto loan rates, all it takes is a bit of time and a bit of work.
Keep in mind, you will only be charged 1 inquiry on your credit report from Fico during a 30 day time period, so even if you see more than one hit your credit, only 1 will count.
The fastest solution will be to go with one of the companies above that match you with the lender that will be best for you..
Whatever you decide, I would say go with the lowest rate possible for the shortest term that you can afford; the faster you can pay your loan off, the better.
Disclaimers: Annual Percentage Rates (APR), loan term, and monthly payments are estimated based on analysis of information provided by you, data provided by lenders, and publicly available information. All loan information is presented without warranty, and the estimated APR and other terms are not binding in any way. Lenders provide loans with a range of APRs depending on borrowers’ credit and other factors. Keep in mind that only borrowers with excellent credit will qualify for the lowest rate available. Your actual APR will depend on factors like credit score, requested loan amount, loan term, and credit history. All loans are subject to credit review and approval.
The content on finmasters.com is for educational and informational purposes only and should not be construed as professional financial advice. Finmasters is not a financial institution and does not provide any financial products or services. We strive to provide up-to-date information but make no warranties regarding the accuracy of our information.