Auto Loan – Frequently Asked Questions – AmONE

Here are the common auto loan questions include: What's the interest rate? What's the term length? Is there a prepayment penalty? Can I pay off the loan early?

What auto lenders does AmONE work with?

AmONE has relationships with a nationwide network of lenders that specialize in auto financing.

What kind of automobiles can I purchase?

You can purchase any type of new or used car you’d like. For used purchases or refinances, our lenders prefer to work with vehicles that are less than eight years old and with fewer than 100,000 miles; however, in certain circumstances they will go outside those parameters.

Where can I purchase my automobile?

Your auto loan approval will be accepted at any authorized, franchised auto dealership that has an affiliation with the manufacturer’s name. Depending up certain lenders’ requirements, your pre-approval may also be used at non-franchised dealers or with private parties. Our financial search specialists are able to answer those questions in further detail toll-free at 888-401-0330.

How much can I get approved for?

It varies for each person. When you submit your basic information, the lenders your profile is most closely matched with determine your approval amount based upon your credit history and your financial situation.

How much money do I have to put down?

More often than not our approvals don’t require a down payment, so it’s pretty much up to you how much you want to put down. That being said, depending upon your credit situation, the more money you are willing to put down, the more likely you are of getting approved. A down payment can also decrease your interest payment. Just know that if a down payment is required, it will be clearly explained to you in your loan approval package that you will receive before proceeding.

What’s an auto title loan?

An auto title loan is a specific type of auto loan in which the title of the car — the proof of ownership — is used as collateral. The loan process involves allowing a lender to put a lien on your car and to hand over the vehicle title itself in exchange for the loan amount. Once you’ve paid back the loan, the lender releases it back to you.

Can people with poor credit get approved?

Yes, we have lenders in our network that approve people with poor credit. Please keep in mind that as credit gets worse, approval conditions may become more restricted than someone with good credit will receive.

Can I get approved if I’ve had a previous bankruptcy?

Yes, we have lenders in our network that will approve you as long as your bankruptcy has been fully discharged and you’ve shown your ability to reestablish credit in a responsible manner.

Can I use a co-signer?

Yes, if you have a co-signer that currently has better credit than you, or can supply additional income, it can often improve your chances of getting approved.

Does applying for an auto loan affect my credit score?

While you will receive access to multiple lenders, the request on your credit report will be treated as one inquiry. The reason for this is that credit reporting agencies count multiple inquiries for the same type of loan request as a single inquiry so long as it’s been made within a 30-day period. For many people, one inquiry will not negatively influence their credit score in any way. The most anyone typically sees their credit score affected by (with a single inquiry) is five points and that’s only for a short period.

What interest rates are available?

Interest rates vary based upon each individual’s personal credit situation. AmONE’s free service has auto loan providers offering interest rates starting at 1.65 percent for a new purchase, 1.75 percent for refinancing and used purchases, and 2.19 percent for refinancing.

What determines the interest rate I will receive?

The actual interest rate you will receive is based on a number of factors. They include the type of auto loan you are interested in, your credit situation, the type of vehicle, the term of your loan and the lender that approves your request. What’s important to keep in mind is that we work with a nationwide network of auto lenders, which greatly improves your ability to get a rate and term you can afford compared to working with a single direct lender.

What terms can I expect to receive?

Most loan terms range from 48 to 72 months, depending upon your credit situation and vehicle.

How does the process work?

AmONE has simplified the way in which consumers apply for auto loans by making it a seven-step process and in offering free help and resources available to you on our website and via phone.

The first step is to complete the basic loan information requested in our easy-to-use loan loan solutions form. Based on the information provided, your request will be matched with the auto lenders that are most interested in your particular financial profile.

From there, one of our financial search specialists will contact you to help you with the process, answer any questions you may have, and ensure that you have been matched with the ideal lenders that will offer you the best opportunity of being approved at a rate and term you can afford.

Once you’re approved, you will be contacted by the auto lender directly to discuss the rates, terms, and conditions of your loan. At this point, additional documentation may be requested, such as proof of income. If you’re satisfied and accept the loan, the standard process is for the auto lender to overnight your loan documents to you, but in certain instances, it’s possible to accomplish this in the same day via fax and/or email.

After you’ve reviewed the loan documents and signed and returned them, your loan will be funded. Once you’re approved, the lender will typically direct payment to the dealer or party of your choice, or in the case of a refinance, your existing loan will be paid off.

How long does it take to apply?

It only takes a few moments to complete our online auto loan solutions form. To start the process, we initially ask for the minimum amount of basic information necessary. Any additional car loan information that’s needed will be gathered by our financial search specialist by phone.

How long does it take to be approved?

The typical loan approval takes about one business day. In certain instances, some deals require more work and can take a little longer. However long it takes, we provide unlimited, free support until a decision is made.

How long would it take to either payoff or buy out my existing auto loan/lease?

Payoffs for auto loans or leases typically take three to four (3-4) business days.

How do I find out the status of my auto loan?

If you have any questions about the status of your loan, please call AmONE toll-free at 888-401-0330, Monday through Friday from 8:30 AM to 8:30 PM and on Saturday from 9:00 AM to 5:30 PM Eastern time, and we will connect you with the appropriate lender to update you.