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