What to Do After You Are Approved for a Car Loan

 

Can I change my interest rate?

Most of the time, you will be able to customize your loan to meet your needs. In general, the longer the loan term, the higher the interest rate. However, your interest rate can depend on many factors, and you'll need to consider the specifics and flexibility of your pre-approved loan.

What is a loan term, and can I change it?

A loan term is the period of time over which you repay your loan in full. Terms for car loans generally range from 36 months (3 years) to 84 months (7 years). The average term for a car loan is a little over 60 months (5 years). While longer loan terms will result in lower monthly payments, remember that the longer the loan term, the longer you pay interest and the more total interest you'll pay.

How do I make my monthly payments?

Please send your monthly payments directly to your lender. Your loan documents will tell you how and where to send your payments. We encourage you to set up autopay to automatically debit your bank account so you can avoid late payments.

Will I be able to pay off my loan early?

Yes, you can completely pay off your loan at any time it makes sense for you. Just contact your lender to find out your exact payoff amount. You can find your lender's contact information in My Dashboard or on the monthly statements you receive from your lender.

Where can I register a complaint about my lender?

We’re so sorry to hear that you’ve had a bad experience. We expect all of our lending partners to clearly explain all the terms and conditions of your loan, to live up to their obligations, and to treat you fairly. We recommend trying to contact your lender directly to resolve the issue as a first step. We also want to hear about your experience: please contact us.


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