Frequently Asked Questions

Q: What happens once I submit the online auto loan information?

A: Once you complete Car Loan IQ's online auto loan information page, your information is sent to our lending partners for the best loan options we can find for you. When approved, they'll contact you and finalize your car loan and purchase. We will keep you informed via email throughout the process.

Q: How long does the auto loan application process take?

A: You should be contacted quickly (usually less than 24 hours). If your credit is good, a loan decision can be rendered within minutes. For more involved credit profiles, it could take a few hours.

Q: What is the interest rate for my auto loan?

A: Interest rates are determined by our direct lending partners and the car loan companies our participating auto dealers utilize and vary depending upon a number of factors, including your loan amount, your credit report information, and the type of vehicle you select. Once approved, a car loan processor from one of our direct lending partners or the credit manager at a participating auto dealership will provide specific details regarding your interest rate, monthly payment, loan amount and other car loan terms. Remember, you are not obligated to accept the terms of any car loan presented to you.

Q: Will it help if I have a co-signer on the auto loan?

A: That depends on the car loan company. Co-signers are typically used to help people with no credit history – not bad credit history. It also depends on the relationship of the co-signer to the applicant i.e., spouse, parent, relative etc. Make sure you discuss this with the credit manager at the car dealership.

Q: Will I need a down payment on my car loan?

A: I wish I could say 'no' however, if you've had some credit problems, all car loan companies will require a minimum down payment between $500 and $1,000. For really bad credit cases, they may require a higher down payment.

Q: What else do I need in order to get approved for a car loan?

A: Most bad credit car loan companies require proof of income (recent pay stub), proof of residence (copy of a utility bill in your name) and proof of car insurance.

Q: What type of vehicle can I purchase?

A: That depends on which lender approves your car loan application. If one of our direct lending partners approves your auto loan application, you can go to any franchise auto dealer in your state to buy a car. If however, you get approved for a car loan through one of our participating auto dealers, you'll need to purchase a car from them. Our participating auto dealers usually have a great selection of new and pre-owned cars, trucks, minivans, and SUVs for you to choose from.

Q: Do I have to purchase from the car dealer that helps me with my car loan?

A: Yes. Our participating car dealers have a large selection of new and used cars for you to choose from but most important, they have a specialized department set up specifically to help people with no credit or bad credit get a car loan. Their lender agreements only cover cars they sell.

Q: Are there any fees associated with your auto loan application?

A: There are no costs and no obligations to our Car Loan IQ's service.

Q: Is the information I provide to Car Loan IQ secure?

A: Yes. All your personal information is protected by encryption and security technologies. Your information will only be disclosed in accordance with our Privacy Policy  and/or to those entities necessary to process your auto financing. We use the Network Solutions nsProtectSecure and nsProtectSafe to keep your data safe.