Advantage Auto Loans considers individuals with different credit histories, including those seeking an auto loan in light of personal financial matters, such as bankruptcy. You can apply for a car loan even if you are self-employed by providing information about your income.
Plus, Advantage Auto Loans accepts applications even from first-time car buyers. The company’s partners report to major credit agencies. This reporting will improve your credit health if you make timely loan payments and manage them appropriately. Advantage Auto Loans can also connect you with lenders that support trade-ins. These lenders can still help you even if you haven’t paid off your current loan.
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Advantages of Advantage Auto Loans
- Zero-down loans for those who qualify
- No pre-qualification requirements
- Partnerships with lenders across the United States willing to consider individuals’ unique credit histories
- Incentives for first-time vehicle buyers, such as free quotes on mortgages and other personal loans
Disadvantages of Advantage Auto Loans
- Not every individual may qualify for zero-down loans
- No pre-qualification for loans.
- Preference for applicants with a minimum of $1,499 pre-tax income
- Individuals can pay more for a loan than the vehicle’s value
Advantage Auto Loans Overview
Advantage Auto Loans can allow people who do not have good credit to apply for a car loan. The difficulty of obtaining a loan with bad credit inspired the creation of Advantage Auto Loans.
The company achieves its mission by eliminating some of the challenges of the car loan application process, especially for applicants with poor credit history.
Advantage Auto Loans has partnered with lenders across the United States who are willing to work with your credit history. In addition to connecting you with these lenders, Advantage Auto Loans can negotiate loan terms and rates on your behalf.
While bad credit auto loans typically receive higher interest rates, the professionals at Advantage Auto Loans strive to find the best deals for their borrowers.
Zero loans supported
Advantage Auto Loans partners offer zero down loans for individuals who do not have enough money to pay as a down payment.
However, not every applicant is eligible for zero down car loans. And if you qualify, check your loan agreement as you may end up paying more than the vehicle’s value in the long run.
Some financial lenders offer pre-loan qualifications before applicants fully apply. The process allows you to understand your ability to get approved for your loan.
Although pre-qualification is not an approval guarantee, it allows you to discover a lender’s terms and interest rates should your request go through.
Advantage Auto Loans does not support pre-qualification. To understand the terms and rates, you must complete the loan application and credit inquiry forms.
A preference for a pre-tax monthly income of more than $1,499
Although Advantage Auto Loans accepts a range of credit scores, the company prefers borrowers with a minimum pretax monthly income of $1,499.
More information about Advantage Auto Loans
As you consider whether Advantage Auto Loans might work for your financial situation, keep the following questions in mind:
Who qualifies for a car loan?
Advantage Auto Loans serves all car loan applicants, regardless of the type of vehicle you want to finance. You can apply for a loan regardless of whether you have bad credit, have filed for bankruptcy, or have no credit.
Advantage Auto Loans has a hands-on application process that ensures applicants receive ideal auto loans. Advantage Auto offers solutions for various needs to help people who are looking for car loans despite their bad credit and those who are looking for low interest car loans.
How long does the car loan application process take?
The Advantage Auto Loans application process takes less than 30 minutes. After completing all the requirements, you will receive an email confirming that your information is correct.
A representative will contact you with more information about your car loan application and guide you to the next step. The company has simplified its car loan process so you might be driving your new car home in less time than you think.
Should You Trust Advantage Auto Loans?
Advantage Auto Loans is a legitimate auto loan servicer. The company has been offering car loan services for almost two decades.
Advantage Auto Loans does not submit your loan application to its partners without your consent. Company representatives will contact you to present available lenders, minimizing application risks. Again, your application stays with them if you don’t qualify for a loan.
It’s also worth noting that the Better Business Bureau (BBB) has given Advantage Auto Loans an A+ rating, the highest business rating the BBB awards. An A+ rating implies that most people are satisfied with Advantage Auto Loans’ services. The rating supports the company’s stability due to its extensive years of operation.
BBB is a trusted business rating agency that rates businesses based on customer complaints, years of service and transparency.
Aside from the excellent ratings, Advantage Auto Loans offers numerous incentives to first-time car buyers, such as free quotes on all loan types, including mortgages and personal loans.
A step-by-step guide on how to apply for a loan from Advantage Auto Loans
Advantage Auto Loans has simplified its loan application process to provide the best experience to its customers by eliminating distance barriers for its digital auto loan application services. Follow these steps to apply for a loan with Advantage Auto Loans:
1. Complete an Advantage Auto Loans Application Form
You must provide your full name, telephone number, postal code and email address, and give permission for Advantage Auto Loans to contact you directly if the company requires further information.
Information from your application enables Advantage Auto Loans representatives to determine the type of auto loan you want.
2. Provide personal information
In this step, you will provide the following details:
- Your full street address
- Your property ownership status, such as owning or renting a home
- The number of years you have lived in your current location
- Your monthly rent and mortgage amount
- Your employer, occupation and years you have worked for your employer
- Your monthly income
This step allows Advantage Auto Loans agents to know more about your financial history and make an informed decision about your loan eligibility.
3. Include Financial Details
In step three, you must enter your social security number, date of birth, additional income amount and source, bank account type, and specify whether you have filed for bankruptcy in the past three years.
You will also choose to allow Advantage Auto Loans and its partners such as DriveTime, BlueSky Auto Finance and others access to view your credit history and personal information.
4. Choose Your Vehicle
Then select the vehicle make and model you want to finance, whether you need a new or used car, your primary credit card and your credit status.
After submitting the information, Advantage Auto Loans will send you an email confirmation. Open this email to verify the status of your loan application.
Review the available loan options and compare lending rates accordingly. The rates are competitive and can be as low as 1.99%.
You can drive away within 24 hours of your application if you meet all the requirements.
Advantage Auto Loans Alternatives
Advantage Auto Loans can be an intelligent choice for loans, but it is not your only auto loan lender. Consider other banks and dealers, including LightStream and OpenRoad Lending, to find the ideal terms and rates.
LightStream is one of the best alternatives to Advantage Auto Loans for those with a good credit score. SunTrust Bank’s subsidiary, known as LightStream, offers auto loans to customers with excellent credit scores.
Since it serves a small subset of customers, rates are reasonable. For example, a 36-month loan for the purchase of a new vehicle ranging from $10,000 to $24,999 has interest rates of between 2.49% and 6.79%. However, you can get a better rate with a lower credit score.
Consider OpenRoad Lending to save an average of $100 monthly. While purchasing a new car is exciting, there is something to note about a caring lender.
With OpenRoad Lending, you can refinance your current loans and save about $100 a month. In addition, the application process is digitized and requires only a few clicks. You will usually receive your pre-approved offer within five minutes.
Additionally, OpenRoad Lending offers cash-out refinancing of up to $2,000, assuming you have auto equity and qualify for refinancing. However, since OpenRoad Lending works with several lenders, reviews show the high or low side offered by its partners.
Finance & Insurance Editor
Elizabeth Rivelli is a freelance writer with over three years of experience covering personal finance and insurance. She has extensive knowledge of various lines of insurance, including auto insurance and property insurance. Her byline has appeared in dozens of online finance publications, such as The Balance, Investopedia, Reviews.com, Forbes and Bankrate.