The majority of our online auto loan customers wind up approved for a loan, but there are some things you should know before you submit your online auto loan application.
• We do not offer title loans, refinancing loans, or loans for vehicle sales between private individuals. We work exclusively through our network of professional franchised dealers.
• You must be a U.S. resident over 18 years of age.
• You must not be in current bankruptcy. You must not have had a vehicle reposessed within the last 12 months. Recently discharged bankruptcy is no problem.
• Your gross monthly income must be at least $1,800.
That's pretty much it. Some of our lenders, depending on your credit score and maybe the size of your downpayment, might require that you have been at your current job and current address for two years. This is not a hard-and-fast rule, but it's one of the ways banks have tightened up during the credit crunch.
Getting an auto loan with a poor credit history is not as easy as it used to be, but the flipside is all the amazing deals currently found on the auto market. If you can get one, there's no reason to miss out on the other. Go ahead. Interest rates are slowly creeping up, and the price of cars may never be this low again. Go ahead.
