The specific length of time varies from lender to lender, but in most cases, you will at least get a preliminary approval within minutes. Many people are shocked at how fast they can get their auto loans. From the time you complete your application process to the time when the money is available to pay for your new vehicle is typically less than a day.

There is no doubt that a low credit score is going to make it more difficult for you to qualify for a car loan. It won’t, however, make it impossible. If your credit score is low, the best way to get a loan is to find multiple lending companies that work with those with financial issues in their past, and then apply directly to them. This is one of the reasons why we list the minimum credit score for each of the lending companies we review. With this information, you can skip over those that you know you won’t get approved on and focus on the lenders that are right for you.

When you need a loan for a vehicle there are two main options to consider. Getting an auto loan is the standard option because it will use the vehicle as collateral, which reduces the risk and therefore the APR. The other option is to get a personal loan, which is typically unsecured. In most cases an unsecured personal loan is going to have a higher interest rate. While it isn’t a bad idea to look into both options, in the vast majority of cases, an auto loan will give you better results.

Yes! The interest rate can have a big impact on your monthly payments. It is even more noticeable when you look at how much more you will be paying over the course of the life of the loan. If you can get your interest rate down by even 1%, you will save a noticeable amount.

It is not uncommon for someone to get turned down for an auto loan, but that doesn’t mean you should lose hope of getting a vehicle you want. If you have been turned down, there are number of things you can do. First, make sure you are applying to companies that work with people who have low credit. These companies are much easier to get a loan from. Next, go through your application and make sure there were no errors that may have resulted in the denial. Finally, if all else fails, take some time to work on boosting your credit score. There are many simple steps you can take to bump your score up by multiple steps, which could be enough to get approved!

Reducing the interest rate on your auto loan can help you save hundreds, or even thousands, of dollars over the course of your loan. Some things you can do to attempt to reduce your interest rate include improving your credit score, coming up with a larger down payment, and borrowing a smaller amount. In most cases, each of these things can help to push that APR lower on your final loan.