car loan FAQPeople who are looking to buy a car often seek car financing through an auto loan, a truck loan, or a car loan. However, the concept of car loans can be quite confusing especially if you do not know your way around it. Explore our car loan FAQ to learn more …

Car Loan FAQ

Here, we will provide you with answers to some car loan FAQ that will help you understand all there is to know about car loans, how auto loans work and how you get the best auto loan.

What Are Auto Loans?

A car loan or an auto loan is a car/automobile financing option that allows you to borrow cash from a lender to buy a car, vehicle, or truck. Auto loans have grown in popularity in recent times especially among people who desire to own a car but don’t have enough cash to finance the purchase.

What Information Do I Need Before I Apply for an Auto Loan?

Before you go ahead to apply online for a car loan with us, here are a few useful answers to car loan FAQ:

• Choose an auto loan lender that can finance your car
• Find out if you are eligible or how you can qualify
• Know your credit score. Do you have good, fair, or bad credit?
• Find out the auto loan required documents
• Weigh your options and evaluate the cost
• Get a car loan pre-approval before you begin shopping for your car
• Pay attention to the auto loan rates and other car loan details
• Understand dealership financing.

How Can I Get a Car Loan?

Getting an auto loan is easy and simple, but what is most important is to get the best car loan deal that will fit into your budgetary plans and also suit your needs. While most folks are comfortable doing an online application, others are more comfortable with a more personal one-on-one approach at a physical office. So you can choose whichever option you find more comfortable. Continue reading our car loan FAQ to learn more …

How Can I Qualify for an Auto Loan?

You don’t have to do much before you can be qualified to get a car loan, you just have to meet three simple stipulations, which are:

• To be up to the legal age to borrow according to your state regulations
• To have an income stream to support paying up the loan
• The desire to drive your car

How Do I Apply for an Auto Loan?

To apply for an auto loan, here’s a step by step car loan FAQ guide:
Step 1. Approach Car Loans of America
Step 2. Fill out an application form
Step 3. Use our auto loan calculator to find out which car loan plan will suit you
Step 4. Provide the auto loan required documents
Step 5. Get approval and shop for your car
Step 6. Finalize the deal and sign the agreement

Car Loan FAQ: How Much Cash Loan Am I Eligible to Get in an Auto Loan?

Usually the cash amount you will receive depends on three vital items:
• The cost of the car you intend to buy
• The type of car
• If the car is new or used

Depending on the above car loan FAQ criteria, you will be eligible to receive up to 90% of the cost of the car or vehicle. And provided you meet our car loan requirements, you could get up to $50,000 loan sum.

Do I Need Collateral to Get a car loan?

Auto loans fall under the category of secured loan (collateral loans), but you do not directly offer collateral to collect the loan. The collateral, in this case, is the car you buy. While you do not need additional collateral before you can get a car loan, your car registration certificate will be endorsed by your lender. The endorsement will be officially retrieved once you pay off the car loan.

What Else Do I Need to Get a car loan?

In addition to the initial conditions you must meet to qualify for a car loan, you will also be required to provide some basic documents such as income statements/payslips and identity proof to verify your income, residency and other personal details, as well as information about the car you want to buy. You will also have to undergo a credit check.

Can I Still Get an Auto Loan If I don't Have Good Credit?

Yes, you can get a car loan with bad credit. While most auto loan lenders are more focused on giving car loans to people with impressive credit history, Car Loans of America also offers bad credit auto loans. Read on to learn more about car loan FAQ.

We offer bad credit car loans and bad credit truck loans, so even with a credit score lower than 600 or no credit record at all, you can still get a car or truck loan from us. With us, you can be 100% certain that your car loan application will not be rejected, even if your credit is poor.

Can I Get a Car Loan to Buy a Used Car?

Yes, you can. There is no limitation on which car you should buy with the auto loan. The car loan is designed to cover the cost of whichever car you intend to buy. So if you just want to purchase a used or pre-owned car, you totally can. However, you should not expect the interest rate for both a new car and a used one to be the same.

Do I Need a Loan Guarantor or Co-Applicant?

One condition that qualifies you for a car loan is a monthly income that can support the auto loan payments. If your monthly earning is not up to at least $1,000, then you will need a co-borrower or a co-applicant to help you meet the car loan eligibility criteria. Your loan guarantor must earn up to $1,200 monthly and is expected to have a good credit score. If, however, your monthly income is up to the income benchmark, then you can apply for a car loan on your own.

Do I Need to Make a Down Payment to Be Approved for an Auto Loan?

Yes, you do, but this is not compulsory. While most folks depend completely on a car loan for their car financing, others have some cash set apart and enough to afford a downpayment.There is no fixed amount for a down payment. Usually, for a used car, you can pay up to 10% of the cost. But for a new car, you could pay a slightly higher down payment (say about 12% – 15% of its cost). You can also get an auto loan without a down payment.

If I Have a Limited Credit History, Can I Still Get a Car Loan?

Provided you are eligible for a car loan and can make available the necessary auto loan requirements, you can still get a car loan even with a limited credit history or no credit history at all. But on the other hand, to boost your chances of getting an auto loan if your credit history is limited, then you should try to:

• Get a co-signer or co-applicant
• Have a down payment

Are There Any Fees Associated with The Loan Origination?

Origination fees are prior charges that a lender charges as the car loan service commission and for processing your auto loan application. Some car loan companies charge origination fees on cars or vehicle and these charges vary between lenders. However, with Car Loans of America, there are no fees associated with the auto loan obligation.

How Can I Track the Progress of My Loan Application?

Provided you’ve been approved for the car loan but yet to sign the loan contract agreement to purchase your car, you can always contact us via our customer service line on (844) 243-4437. Car Loans of America will always ensure that you go through the entire application process in the shortest possible time so that you wouldn’t have to wait for a long time before shopping for your car.

After I Apply, How Soon Before I Have a Loan Decision?

Once you can give us all the necessary information and documents we require, you can get an instant decision even if you applied for our online auto loan. however, the time it takes for you to get a decision once you’ve applied for a car loan depends on your specific situation and if we will need to do extra other checks. This usually does not take more than 48 hours.

What Are Auto Loans?

A car loan or an auto loan is a car/automobile financing option that allows you to borrow cash from a lender to buy a car, vehicle, or truck. Auto loans have grown in popularity in recent times especially among people who desire to own a car but don’t have enough cash to finance the purchase.

What Are Auto Loans?

A car loan or an auto loan is a car/automobile financing option that allows you to borrow cash from a lender to buy a car, vehicle, or truck. Auto loans have grown in popularity in recent times especially among people who desire to own a car but don’t have enough cash to finance the purchase.

Once My Loan is Approved, How Do I Receive My Check?

You could receive your payment in one business day after your loan is approved. During your application, you must have provided your valid personal bank details and we will quickly wire the money directly to your bank account. If, however, you choose to collect physical cash from our auto loan office near you, you totally can.

When Will My 1st Loan Payment Be Due?

You do not make any loan payment until you’ve signed the agreement and have purchased the car. And since the loan payment is usually every month, it typically should take up to 30 days before your first loan payment is due. However, if you finalized your car loan deal around the middle of the month, then you could be allowed 45 days for your 1st loan payment to be due. You could also be allowed to negotiate a payment due date to suit your specific financial situation.

Who is Car Loans of America?

TFCILOAN is an auto loan company with both a physical office across the states of America and an online presence, focused on providing car loan services to US citizens, especially customers with bad, fair, or no credit. At Car Loans of America, we offer auto financing for bad credit car/auto loans and even bad credit truck loans. Continue reading our car loan FAQ to learn more …

We are also a car loan direct lender that provides new and pre-owned car loans to individuals of any credit status or individuals that have experienced bankruptcy. Car Loans of America auto loan process is very effective, getting you a fast pre-approval for our car loan and also assist you with a car dealership.

In Which States is Auto Financing Available?

Car Loans of America provide auto loans in several states of the US, including Florida, Virginia, Texas, and across several cities and counties in California, like; Los Angeles, Riverside, San Diego, Bakersfield, Orange County, Sacramento, San Francisco, and Oakland.

Do You Offer Refinancing?

No. Car Loans of America does not offer auto refinancing.

Do You Offer Leasing?

No. Car Loans of America does not provide lease offers for cars.

Do You Finance RVs, Trailers or Motorcycle?

Our auto loans cover all forms of automobiles; vehicles, vans, motorcycles, and trailers. We also provide truck loans.

Will I Get a Discount on My Auto Loan If I’m an Existing Car Loans of America customer?

Our auto loan rates are already quite competitive and very affordable. Hence, we don’t offer any other form of discount. However, the better your credit, the more negotiating power you will enjoy.

How Do I Know My Car Loans of America Application is Secured?

Whatever information you provide us is well protected on our secured website. We also maintain a vibrant privacy policy, so you can be assured that your details will never be disclosed to a third party.

How Do I Apply for financing Through Car Loans of America?

You can easily apply online by accessing our secured online application form on our website.

When Should I Apply?

Once you need to buy a car and need to finance the car purchase, then you can proceed with an auto loan application with Car Loans of America.

How Much Should I Apply for?

You should have an idea of how much the car you want to buy will cost, then you apply for a loan amount that will cover the price of the car, as well as other additional costs that come with the purchase of a car, like; tax, registration certificate, driver’s license and car title.

How Soon Will I Know If My Loan Application is Approved?

All things being equal, it takes not more than 48 hours to get your auto loan application approved.

Can a Co-Borrower Be Part of the Loan?

Yes. A co-borrower can be part of your auto loan. A co-borrower is one whose financial records are used to help you qualify for the auto loan, and you are allowed to include one if need be.