How it works
We send your application to a few lenders we work with, and they compete to offer you a rate. You choose the offer, or bring your own from your bank or credit union. We'll match the paperwork either way.
What affects your rate
Mostly your credit history, the size of your down payment, the length of the loan and the age of the car. A bigger down payment or a shorter loan usually means a lower rate and less interest overall.
What to bring
A driver's license, proof of income (two recent pay stubs or bank statements), proof of address (a utility bill), proof of insurance, and the title or payoff details if you're trading in.
Pre-approval, and what a soft check means
Pre-approval tells you what a lender is likely to approve before you pick a car, so you shop with a real budget. Many lenders start with a soft credit check, which you can see on your credit report but other lenders can't, and which doesn't change your score.
When you choose an offer and sign, the lender runs a hard check. Several auto-loan checks within a couple of weeks are usually counted as one by the credit scoring models, so comparing offers won't hurt you much.
Rate, APR and the total you'll pay
The APR is the yearly cost of the loan, including interest and any lender fees, as a percentage. It's the number to compare between offers.
A longer loan lowers the monthly payment but raises the total you pay. On a $20,000 loan at 9.9% APR, 60 months is about $424 a month and $25,440 in total; 72 months is about $370 a month and $26,640 in total. We'll always show you both numbers.
Rebuilding credit
If your credit is thin or bruised, a lender may still approve you with a larger down payment, a co-signer, or a shorter loan. An on-time car loan is one of the better ways to rebuild a score.
We'll tell you straight what's likely to be approved and what it will cost. We won't stretch a loan to 84 months just to hit a payment.
Optional products
After you agree on a car, you may be offered a service contract or GAP coverage. They're optional, they're never required to get financing, and their prices are listed separately in writing. It's fine to say no.
What a loan really costs
The same car, the same rate, three loan lengths. The longer loan has the smaller payment and the bigger total.
| Term | Monthly | Total of payments |
|---|---|---|
| 48 payments | $440 | $21,120 |
| 60 payments | $369 | $22,140 |
| 72 payments | $321 | $23,112 |
Estimates, not offers of credit. Rates on this concept site are fictional.
Payment examples on this site always show the down payment, the number of payments and the APR. They're estimates, not offers of credit; your rate depends on your credit and the lender's approval.