Auto Advantage Loans considers individuals with varying credit histories, including those seeking auto loans based on 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.
In addition, Auto Advantage Loans accept applications even from first-time car buyers. Company partners report to major credit agencies. This reporting will improve your credit health if you make your loan payments on time and manage them accordingly. Plus, Advantage Auto Loans can connect you with lenders that support trade-ins. These lenders can still help you even if you haven’t finished paying off your current loan.
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Advantage Vehicle Loan Interest
- Zero down loans for those who qualify
- There are no pre-qualification requirements
- Partnerships with lenders across the United States are willing to consider an individual’s unique credit history
- Incentives for first-time vehicle buyers, such as free quotes for mortgages and other personal loans
Disadvantages of Car Loans Advantages
- Not every individual is eligible for a zero down loan
- There is no pre-qualification for the loan.
- Preference for applicants with a minimum pre-tax income of $1,499
- Individuals may pay more for the loan than the vehicle is worth
Advantage Vehicle Loan Overview
Advantage Car Loans can allow people who do not have good credit to apply for a car loan. The difficulty of getting a loan with bad credit inspired the creation of Auto Advantage Loans.
The company achieves its mission by eliminating some of the challenges in the car loan application process, especially for applicants with poor credit history.
Auto Advantage 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 Loan can negotiate loan terms and rates on your behalf.
Although bad credit auto loans typically receive higher interest rates, Auto Advantage Loan professionals strive to find the best deals for their borrowers.
Zero-down Loans Supported
Advantage Auto Loan partners provide zero down loans for individuals who lack sufficient funds to pay a down payment.
However, not every applicant is eligible for a zero-interest car loan. And if you qualify, check your loan contract because you could end up paying more than the vehicle is worth in the long run.
No prequalification
Some financial lenders offer pre-loan qualifications before applicants fully apply. This process allows you to understand your ability to get approved for your loan.
Although prequalification is not a guarantee of approval, it allows you to discover the lender’s terms and interest rates should your request be accepted.
Advantage Car Loan does not support prequalification. To understand the terms and rates, you must complete the loan application form and its credit inquiry.
Preference for Pre-Tax Monthly Income Over $1,499
Although Advantage Auto Loans accepts a wide range of credit scores, the company prefers borrowers with a minimum monthly pretax income of $1,499.
More Information About Auto Advantage Loans
As you consider whether an Advantage Auto Loan might work for your financial situation, keep the following questions in mind:
Who is Eligible for a Car Loan?
Auto Advantage Loans serves all car 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 have poor credit.
Advantage Car Loan has a practical application process that ensures applicants receive the ideal car loan. Advantage Auto provides solutions for a variety of needs to help people looking for car loans despite their poor credit and those looking for low interest car loans.
How Long Does the Advantage Car Loan Application Process Take?
The Advantage Auto Loan 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 car loan application and guide you to the next step. The company has simplified its car loan process so you can drive your new car home in less time than you think.
Should You Trust Auto Advantage Loans?
Advantage Car Loans is a legitimate car loan service provider. The company has been offering car loan services for almost two decades.
Auto Advantage Loans does not submit your loan application to its partners without your permission. A representative of the company will contact you to offer available lenders, minimizing the risk of the application. Again, your application remains with them if you fail to get a loan.
It’s also worth noting that the Better Business Bureau (BBB) has given Advantage Auto Loan an A+ rating, the highest business rating the BBB awards. An A+ rating indicates that most people are satisfied with Auto Advantage Loans services. The rating supports the stability of the company due to many years of operation.
BBB is a trusted business rating agency that rates businesses based on customer complaints, years of service and transparency.
In addition to excellent ratings, Advantage Car Loans provides many incentives to first-time car buyers, such as free quotes on all types of loans, including mortgages and personal loans.
A Step-by-Step Guide on How to Apply for a Loan from Auto Advantage Loans
Advantage Car Loans has simplified its loan application process to offer the best experience to its customers by eliminating distance barriers for its digital car loan application service. Follow these steps to apply for a loan with Auto Advantage Loans:
1. Complete the Advantage Vehicle Loan Application Form
You must provide your full name, phone number, zip code and email address, and consent to Auto Advantage Loans contacting you directly if the company needs more information.
The information from your application allows Advantage Auto Loans representatives to determine the type of car loan you want.
2. Provide Personal Information
In this step, you will 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 lived in your current location
- Your monthly rent and mortgage amount
- Your employer, occupation and years you worked for your employer
- Your monthly income
This step allows Auto Advantage Loan agents to learn more about your financial history and make an informed decision about your loan eligibility capacity.
3. Include Financial Details
In the third step, you must enter your Social Security number, date of birth, amount and source of additional income, type of banking account, and indicate whether you filed for bankruptcy within the past three years.
You will also choose to give Advantage Auto Loans and its partners such as DriveTime, BlueSky Auto Finance and others access to view your credit history and personal information.
4. Select Your Vehicle
Next, select the make and model of vehicle you want to finance, whether you need a new or used car, your major credit card and your credit status.
After submitting the information, Advantage Auto Loans will send you an email confirmation. Open this email to confirm the status of your loan application.
Check available loan options and compare loan rates accordingly. The rates are competitive and can be as low as 1.99%.
You can drive within 24 hours of your application if you meet all the requirements.
Advantage Vehicle Loan Alternatives
Advantage Car Loan can be a smart choice for a loan, but it is not your only car loan lender. Consider other banks and dealers, including LightStream and OpenRoad Lending, to find the right terms and rates.
Stream of Light
LightStream is one of the best alternatives to Auto Advantage Loans for those with good credit scores. A subsidiary of SunTrust Bank, known as LightStream, offers car loans to customers with excellent credit scores.
Since it serves a small subset of customers, the rates are reasonable. For example, a 36-month loan to buy a new vehicle between $10,000 and $24,999 has an interest rate between 2.49% and 6.79%. However, you may find a better rate with a lower credit score.
OpenRoad Loans
To save an average of $100 per month, consider OpenRoad Lending. While getting a new car is exciting, there is something to be aware of about having an attentive lender.
OpenRoad Lending lets you refinance your current loan and save about $100 a month. In addition, the application process is digitized and requires just a few clicks. You will usually receive a pre-approved offer within five minutes.
In addition, OpenRoad Lending provides cash-out refinancing up to $2,000, assuming you have auto equity and qualify for refinancing. However, since OpenRoad Lending works with a variety of lenders, reviews show the high or low level 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. He has extensive knowledge of various lines of insurance, including auto insurance and property insurance. His byline has appeared in dozens of online financial publications, such as The Balance, Investopedia, Reviews.com, Forbes and Bankrate.