Anyone that has less than perfect credit, whether it’s no credit, bad credit, or otherwise, may benefit from our assistance. To apply, go to the Get a Loan page and start your application. At first, it will ask you a few simple questions and determine if there are programs available for you. Once you hit submit, if programs are available for you, we will ask you to complete the rest of your application to be matched. Once you have completed your second and final page, we will let you know what finance program you have been matched to. From here your application gets instantly sent to be processed by our system and will notify a finance manager in your area that you are in need of an auto loan. Your basic information will be immediately forwarded on to them so that they can begin the process of approving your loan. The process of getting your application to our finance managers is instant. You may be given a confirmation code. Please keep this for your records to refer to it later if necessary.
How an auto loan works
When you purchase a vehicle with an auto loan. a bank or other financial institution pays for most or all of the vehicle up-front, and you agree to pay back the money over time. The amount of money you borrow from the bank is referred to as the “principal.” The amount of money you contribute up-front is referred to as the “down payment” and usually varies from 10% to 20% of the purchase price of the vehicle. You can often get a bad credit auto loan without a down payment (if you qualify); used vehicles generally require a 20% or more down payment.
The payback period for a loan is typically up to five years, although some newer vehicles are being sold with longer-term loans. The financial institution will charge you “interest” for your use of their money. Interest rates vary depending on
a number of factors such as your credit rating and where you live. Currently, new car loan rates start at around 8.5%, with used car rates about a percentage point higher. Manufacturers frequently offer lower loan rates as a purchasing incentive, but sometimes these are attached to conditions that may not work for you. Make sure you ask enough questions to make yourself comfortable when investigating various loan options.
Key features of loans
The primary features of loans are summarized below. Make sure you review our articles on leases and the differences between loans and leases before making a final decision.
You have ownership and equity in the vehicle. Your monthly payments are working to purchase that car and it’s yours to sell or keep as long as you wish.
Monthly payments are generally higher than with a lease.
Usually involves a down payment, either a trade-in or cash.
Maintenance is up to you. Always maintain your factory warranty and service your cars, but you’re not on a strict schedule, with penalties as with a lease.
No mileage limits.
At the completion of the finance period, there should be no balloon payment.
Because a typical manufacturer’s warranty is shorter than your financing term, your maintenance costs may run higher than with a typical short-term lease.
Thousands qualify for auto financing approvals everyday
New Start Auto Loans network of subscribing dealers and online auto finance companies can help you obtain car financing.
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Our network members Specialize in Poor Credit, Bad Credit Financing, First Time Buyer, No Credit & Sub-prime Loans.
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Popular New and Used Car’s financed through members of our network. (Pontiac, Chevrolet, Saturn, Saab, Nissan, Jeep, Dodge, Chrysler, Mitsubishi, Hyundai, Suzuki, Kia, Isuzu, Ford, Lincoln, Mercury, Mazda, Toyota, Volkswagen, Honda, Subaru & More).