Frequently Asked Questions on loans for cars. CarLoan.com specializes in fast auto loans for all credit levels

CAR LOAN FAQs

Our car finance process is as simple as it gets

Frequently Asked Questions

Why do you work only with dealers?
Because the overwhelming majority of lenders -- including banks, finance companies, and credit unions -- will only loan money for a car or truck if a dealer is involved. Most car loans are actually what's known as Retail Installment Sales Contracts. That's where a dealer structures the deal, collects the paperwork, and then shops the loan to a lender. One of the advantages of a site such as CarLoan.com is that our dealers are connected to hundreds of lenders, which gives you better odds at a better rate.

What kind of interest rate can I expect?
The chart at right gives you a starting point, based on your credit history, but be advised your final rate will depend upon the length of the loan, upon whether it's for a new or used car, and the amount of your down payment.

How long will it take to get my loan?

photo of car loan dot com car finance customerWe have one of the shortest applications of any online auto finance Web site, and after screening and routing in our home office, applicants generally hear from a local loan officer within an hour (though, obviously, that depends on the time of day when you apply). Most of our approved customers go from application to new-car-smell in less than 48 hours.

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Credit Score Interest Rate
720-850 6.4 to 6.6
690-719 7.3 to 7.5
660-689 8.8 to 9.0
620-659 10.7 to 10.9
590-619 14.1 to 14.3
500-589 14.9 to 15.1
Rates are rough national averages for a 36-month car loan as of July 2008. Click here for more information on car loan rates.
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