Minimum Auto Loan Requirements
To qualify for an auto loan or bad credit car loan through our national network of dealers and special finance lenders, you will need:
- At least $1,600 gross monthly family income
• No current bankruptcies
• No repossessions in last 12 months
• To be a US resident at least 18 years old
Important restrictions:
• We don't offer refinancing or title loans.
• Vehicle must be purchased from within dealer network
• Auto loans are not available for private sales
Auto Loan Interest Rates: What to expect
Credit Score |
Interest Rate |
720-850 |
7.45% |
690-719 |
8.10% |
660-689 |
9.75% |
620-659 |
11.40% |
590-619 |
14.40% |
500-589 |
15.10% |
Based $25,000 over 36 months As of August 3, 2007 |
|
The Annual interest rate (APR) you will pay on your auto loan is based on your credit score. Car buyers with a low credit score will pay higher rates than buyers with good or excellent credit.
If you have a low credit score, lenders consider you a higher risk The rates listed here are meant only as a guideline (as of August '07) on a auto loan of $25,000 loan over 36-months.
Please Note: While rates for credit scores under 500, are not listed Auto Loans America has lenders willing to offer loans to qualified applicants with scores under 500.