Advantage Auto Loans was created to make it easier for those with poor credit histories to apply for a car loan. To help you find financing that suits your needs, the company has partnered with lending partners all over the country.
- Qualified borrowers can get low starting rates
- All credit profiles are taken into consideration
- For those who meet the criteria, there are zero-down loans available
- Pre-tax income of more than $1,499 preferred
- Prequalification is not possible
- Only online applications
Advantage Auto Loans: What you need to know
Here are some things to know if you are looking to buy or lease a car.
1. Available with zero down loans
Advantage Auto’s partner’s lenders offer auto loans without any money down. This is an excellent option if you don’t have enough cash to pay a downpayment for a car.
However, not all applicants will be eligible. If you are approved, make sure to carefully read the contract, as you could end up paying more than the car’s value over the loan term.
2. Pre-tax monthly income above $1,499 preferred
Advantage Auto Loans accepts all credit types, but the platform says it prefers applicants with a pre-tax income of more than $1,499. If you have a lower income, it may be harder to get approved by the dealers or lenders of the company.
3. There is no prequalification
Some lenders will let you apply for loan prequalification before you apply in full. This allows you to get an idea of your chances of being approved. Prequalification is not a guarantee that you will be approved.
However, it can give you an idea about the terms and interest rates you might get if you are approved. You can also compare these to other prequalification offers.
Advantage Auto Loans does not offer prequalification. To get a better understanding of the terms, complete a loan application. This will result in a credit inquiry.
Advantage Auto Loans: A closer look
These are other details regarding Advantage Auto Loans.
- Advantage Auto Loans will accept most credit profiles. This includes applicants who are looking for a car mortgage after bankruptcy or to repossess a vehicle.
- You can still apply for an auto loan if you are an independent contractor or self-employed, as long as your income can be proven.
- Advantage Auto will consider your loan application even if you are a first car buyer.
- The platform’s lenders report all three major consumer credit agencies. This could help you improve your credit score, provided you pay your loan on time and manage your loan responsibly.
- Advantage Auto can connect you with a lender who accepts trade-ins if you owe money on your car. It may even be able to help you even though you have not paid off your existing loan. But, this could put you behind on your new car loan.
Are Advantage Auto loans right for me?
If you have poor credit or bankruptcy history, an Advantage Auto loan might be something you should consider. The company has many dealers and lenders that it can match you with, so you may get auto financing. However, the terms might not be the best.
Advantage Auto may be a good option for you if your credit score is strong. Advantage Auto works with several lenders to offer competitive interest rates.
You’ll still be at a disadvantage if you don’t have a prequalification option. Without it, you won’t know if you will be approved. This could adversely affect your credit score while you are still loan shopping.
How to apply for a loan with Advantage Auto Loans
Advantage Auto Loans requires that you complete their online application to apply for an auto loan. To see the potential rates, you will need to apply before being prequalified.
It’s a smart idea to review your credit before you apply for an Advantage auto loan. Understanding your credit score can help you set expectations.
In general, higher credit scores will lead to higher interest rates. You can compare loan offers and shop around to find the best rate and terms for you.
Are you unsure if Advantage Auto Loans is the right choice for you? These are some alternatives
Capital One auto loans:
If you want to be prequalified first to get an estimate of your terms, a Capital One loan might be the right option.
Bank of the West auto loans:
A Bank of the West loan might be a good option if you are a Bank of the West customer and want to purchase an electric car.
I am David, economist, originally from Britain, and studied in Germany and Canada. I am now living in the United States. I have a house in Ontario, but I actually never go. I wrote some books about sovereign debt, and mortgage loans. I am currently retired and dedicate most of my time to fishing. There were many topics in personal finances that have currently changed and other that I have never published before. So now in Business Finance, I found the opportunity to do so. Please let me know in the comments section which are your thoughts. Thank you and have a happy reading.