Calculators

Planning for your next auto loan is a simpler process when you use this car payment calculator. Use it to determine how much car you can afford. Calculate how much you can expect to pay each month as you plug in varying car prices, the current auto loan interest rates, and loan lengths. The calculator can even take into consideration how much you are able to pay up-front either through a down payment or a trade-in.

Car Insurance Discounts

While you are in the process of purchasing your next new or used car and as you outline your current and impending costs to decide what you can afford, we recommend you also consider the inevitable monthly car insurance premium. According to a national study, the average annual cost of car insurance was $907.38 (http://www.valuepenguin.com/average-cost-of-insurance). Because car insurance is just another thing you will need to evaluate, here is a tool to help you find the car insurance discounts available in your area. Enter your zip code and see what discount(s) you can get.

Auto Loan Frequently Asked Questions

Before you finance a vehicle, be sure you honestly assess your financial situation to make sure that with you will have enough income to cover a car loan and car insurance payment, in addition to your other monthly living expenses. We strongly recommend that you only take on financing a vehicle when you can afford to take on that obligation. Remember that when financing a vehicle, the total amount you will pay for the loan by the time you finish will depend on several factors including the price you negotiated for the vehicle, the Annual Percentage Rate (APR or interest) of your loan, the amount of your loan's monthly payments, and the number of months of the credit contract.

• What types of loans do you offer?

  Car Loan Pal connects you with dealers and lenders that work to find the best loan option for you. Getting financed for a new or used car is not as easy as it used to be. This is especially true for consumers who have bad credit. Many banks have tightened their auto finance policies and this has had an impact on consumers seeking auto loans. Car Loan Pal has a national network of dealers that can get you auto financing regardless of your credit situation.

• What are the auto loan eligibility requirements and conditions?

  Requirements and conditions can vary depending on each individual's specific set of circumstances.
  
  Basic eligibility requirements are:
  - Currently employed
  - Average gross income (before taxes) of at least $1500.00 per month
  - U.S. citizen
  - A permanent address
  

• Can I refinance my existing auto loan through this process?

  Currently, Car Loan Pal does not offer (Car loan/Auto loan) refinance options.

• In which states is auto financing available?

  Car Loan Pal has partners in all 50 States to fit every individual's specific needs.

• Do I need to be a legal citizen to apply for an auto loan?

  Yes, you will need to prove U.S. citizenship to be approved for an auto loan.

• Is there a required down payment for an auto loan?

  With Car Loan Pal, a down payment is not required, although, we do recommend that you evaluate your income and savings to decide what amount you can confidently put down toward the auto loan. A larger down payment can significantly reduce the amount financed, can result in lower interest rates and in turn lower monthly payments.

• Can I be approved before I pick out my car?

  Financing can easily be approved before you even have vehicle in mind.

• Do you charge an application fee or are there any other fees in the application process?

  We are a free service. Our application process does not require any fees, charges, or commitments. It is our pledge to you that you will never be surprised with any hidden fees or obligations.

• How long will my loan offer and interest rate be good for?

  Typically, Interest rates and loan approvals are locked in for 30 calendar days from the date of the original loan request.

• What is a simple interest loan?

  Simple interest is the most common type of interest on auto loans. Simple interest is when interest from the principal loan amount (amount financed) for earlier payments is not calculated into the following payments. To get the simple interest, you will need to multiply the interest rate (written as a decimal), by the principal, by the duration of the loan. The formula to calculate simple interest is I = PRT or Interest = Principle x Rate x Time. Calculate your monthly payments using our simple interest loan calculator. here.

• What type of information do you collect from me?

  To submit your car loan application you will need the following: your phone number, primary residence address and information, current employment information and monthly income, social security number and your credit score. Unsure of your credit score? Get your score and report here (link to affiliate Equifax, TransUnion, or Experian offer).

• How do I apply for an auto loan?

  To apply, simply use our 100% free and secure application by clicking here.

Why Use an Online Car Loan Application

There are an incredible amount of dealers and lenders across the nation whose objective is to help consumers of all credit scores get into a car that they need and want. Our job as an online car loan site is to provide you with a simple, 100% secure application that will enable us to filter through the many dealers in your area and match you with the ones that want to help you. Fill out the quick application and get connected with a quality dealer near you.

Auto Loans for Poor Credit

Do you have a credit score around or below 625? Unless you know exactly where to look, the chances are high that you will have a hard time getting a car loan at most dealerships. Fortunately, Car Loan Pal has relationships with many dealers and lenders who are willing to lend to consumers with bad to fair credit. Yes, although they aren't easy to find, these dealers and lenders do exist. Find a dealer who can help you by filling out our quick, secure application.