| Q. What advantage is there to applying for a | | | | people who do not have perfect credit.Q. Do I |
| direct auto loan online?A. The biggest | | | | must choose my vehicle before I apply for an |
| advantage of applying through an online | | | | auto loan?A. Do not choose your vehicle |
| lender is that the online auto loan | | | | first! Your first task is to apply for direct |
| application and loan processing usually gives | | | | auto loan financing. Once you are approved, |
| you the opportunity to get the best rate, and | | | | you will receive a voucher for a maximum |
| allows you to do it in the privacy of your | | | | amount of money to spend, based on your |
| own home. Online auto lenders will inform you | | | | current credit standing and your current |
| in a matter of minutes whether or not you | | | | debt-to-income ratio. You will simply |
| have been approved for a loan.A. What are | | | | complete the voucher by filling in the amount |
| basic criteria to apply for auto financing?Q. | | | | for the cost of the vehicle.Q. What factors |
| You must be at least 18 years old. Your | | | | determine my auto loan interest rate?A. The |
| monthly income from one source of employment | | | | interest rate you will pay for your auto loan |
| and other income should be a minimum of | | | | depends on several factors. First, it depends |
| $2,000 for a direct auto loan, but can be | | | | on your credit history - the better your |
| significantly less when using indirect | | | | credit score, the lower your interest rate. |
| financing through an auto dealer. You need | | | | Additionally, your interest rate also depends |
| good residence and employment history showing | | | | on loan term and on whether you are buying a |
| of at least two years at the same location.Q. | | | | new car or a used car (the year of the |
| What is the difference between direct and | | | | vehicle).Q. Is there a down payment for the |
| indirect auto financing?A. Direct financing | | | | purchase of my vehicle?A. Down payments, if |
| is a cash voucher or draft approval from | | | | required, typically are 10% or $1,000 |
| financial institution for buying at a dealer | | | | whichever is lower. Your current credit |
| of your choice. Indirect auto loan means you | | | | standing will determine the need for a down |
| get financing from a dealer.Q. What is the | | | | payment.Are you planning to buy a car? Visit |
| difference between prime lending and special | | | | Auto Loans Center for the latest news and |
| finance?A. People who have excellent credit, | | | | information on bad credit auto loans. You |
| with no latest dings on their credit history, | | | | will also find information on online auto |
| can apply for prime lending. Special finance, | | | | loans. |
| also called subprime auto loans, is for | | | | |