Advantage Auto Loans considers individuals with varying 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’re self-employed by providing information about your income.
Additionally, Advantage Auto Loans accepts applications even from first-time auto 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. Also, Advantage Auto Loans can link you with lenders who support trade-ins. These lenders can still help you even though you haven’t finished paying your current loan.
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Benefits of Advantage Auto Loans
- Zero-down loans for those who qualify
- No prequalification 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 prequalification for loans.
- Preference for applicants with a minimum of $1,499 pre-tax income
- Individuals may pay more for a loan than the vehicle’s value
Advantage Auto Loans Overview
Advantage Auto Loans can allow people who don’t have good credit to apply for an auto loan. The difficulty of securing a loan with poor credit inspired the creation of Advantage Auto Loans.
The company achieves its mission by eliminating some of the challenges of the auto loan application process, especially for applicants with poor credit histories.
Advantage Auto Loans has partnered with lenders across the United States willing to work with your credit history. Apart from linking you with these lenders, Advantage Auto Loans can negotiate loan conditions and rates on your behalf.
While bad credit car loans typically receive higher interest rates, the professionals of Advantage Auto Loans strive to find the best deals for their borrowers.
Zero-down Loans Supported
Advantage Auto Loans partners provide zero-down loans for individuals who lack adequate money to pay as a down payment.
Nonetheless, not every applicant is eligible for zero-down auto loans. And if you qualify, examine your loan contract since you could pay more than the vehicle’s value in the long run.
Some financial lenders offer pre-loan qualifications before applicants apply in full. The process enables you to understand your ability to gain approval for your loan.
While prequalification 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 doesn’t support prequalification. To understand the terms and rates, you must complete its 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 monthly pre-tax income of $1,499.
More Information About Advantage Auto Loans
As you consider whether Advantage Auto Loans may work for your financial situation, keep the following questions in mind:
Who Qualifies for an Auto Loan?
Advantage Auto Loans serves all auto loan applicants, regardless of the type of vehicle you want to finance. You are eligible to apply for a loan whether you have poor credit, have filed for bankruptcy, or lack credit.
Advantage Auto Loans has a practical application process that ensures applicants receive ideal auto loans. Advantage Auto provides solutions for various needs to help people seeking auto loans despite their poor credit and those searching for low-interest auto loans.
How Long Does the Advantage Auto Loans Application Process Take?
The Advantage Auto Loans application process takes less than 30 minutes. After completing all the requirements, you receive an email confirming your information is correct.
A representative will contact you with more information about your auto loan application and guide you to the next step. The company has simplified its car loan process so that you might drive your new car home in less time than you think.
Should You Trust Advantage Auto Loans?
Advantage Auto Loans is a legitimate auto loan service provider. The company has offered auto loan services for almost two decades.
Advantage Auto Loans doesn’t submit your loan application to its partners without your consent. Company representatives will contact you to offer available lenders, minimizing application risks. Again, your application remains with them if you fail to 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 because of its extensive years of operation.
BBB is a trusted business rating agency that rates businesses based on customer complaints, years of service, and transparency.
Apart from the excellent ratings, Advantage Auto Loans provides 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 offer 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, phone number, ZIP code, and email address, and consent for Advantage Auto Loans to contact you directly if the company needs further information.
Information from your application allows Advantage Auto Loans representatives to determine the type of auto loan you want.
2. Provide Personal Information
In this step, you’ll offer the following details:
- Your full street address
- Your property ownership status, such as owning or renting a home
- The number of years you have stayed in your current location
- Your monthly rent and mortgage amount
- Your employer, occupation, and years you’ve 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 qualification capacity.
3. Include Financial Details
In step three, you must enter your Social Security number, date of birth, additional income amount and source, banking account type, and specify whether you filed for bankruptcy in the last three years.
You will also choose to give access to Advantage Auto Loans and its partners like DriveTime, BlueSky Auto Finance, and others to view your credit history and personal information.
4. Select Your Vehicle
Next, choose 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’s not your only auto loan lender. Consider other banks and dealerships, 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 clients, rates are reasonable. For example, a 36-month loan for buying a new vehicle ranging from $10,000 to $24,999 has interest rates of between 2.49% and 6.79%. Nonetheless, you might find a better rate with a lower credit score.
To save an average of $100 monthly, consider OpenRoad Lending. Although acquiring a new car is exciting, there’s something to be noted about having a caring lender.
OpenRoad Lending allows you to refinance your current loans and save approximately $100 per month. Additionally, the application process is digitized and requires only a few clicks. You will typically receive your preapproved offer within five minutes.
In addition, OpenRoad Lending provides cash-out refinancing of up $2,000, assuming that you have auto equity and qualify for refinancing. However, since OpenRoad Lending partners with various lenders, reviews show the high or low end offered by its partners.
Finance & Insurance Editor
Elizabeth Rivelli is a freelance writer with more than three years of experience covering personal finance and insurance. She has extensive knowledge of various insurance lines, including car insurance and property insurance. Her byline has appeared in dozens of online finance publications, like The Balance, Investopedia, Reviews.com, Forbes, and Bankrate.