If you are looking for a fast auto loan the best possible answer I can give you would be to get dealership financing. Your local bank or online lender does not have any vested interest in producing your auto loan quickly – at least not as quickly as a dealership.

Yes, a dealership may have interest rates and closing costs on their financing that are higher (have a higher APR) but they generally want to expedite your financing sooner than later. The dealership wants to get your financing in order immediately and get you driving their vehicle as soon as possible.

If you have the time to shop at some of the conventional banks and online lenders, that is fine, and I encourage you to do this to try and negotiate the lowest possible APR and closing costs as possible. However, you didn’t come here to get a loan that takes weeks to close  – but to get a loan that takes minutes or hours to close.

Some of the online lenders, such as eLoan or First Again, can approve a car or truck loan very quickly, but pay close attention to the APR they are charging you, the closing costs, and the loan servicing fees.

You may be driving a new vehicle tomorrow if you get a quick online loan but if you are concerned at all about saving money in the long-term you would be wise not to expect that from online lender who proceeds in haste regarding your car financing agreement and approval.

It does not matter what kind of vehicle you purchase if it is brand-new, but if you are buying a used vehicle things may be a little different depending on the lender you choose to be approved with. We will not go into the matters of good credit, bad credit, bankruptcy, low FICO scores, or divorce, because those are completely different circumstances we can discuss later.

If you need to buy a truck such as a Dodge Ram, Nissan four-door truck, a panel van, an SUV, or a heavy-duty maintenance truck, as long as you are buying “brand-new” banks generally don’t have a problem with that as long as you’re FICO score is over 700 and you have viable employment in the future. Furthermore, if you have been employed with the same employer for a decent period of time, this helps.

Many factors are taken into account when getting an auto loan including your personal inflation rate. Your personal inflation rate is a term used by banks when determining your risk as a borrower. If they see you in a situation where you are barely making ends meet at the end of the month and you have a child on the way (soon to be born) and you have 4 other children, and only one income in the family, they will see you as a high-risk applicant because of your high personal inflation rate.

A high personal inflation rate means the bank sees your expenses growing considerable in the very new future and likely to run into financial difficulty resulting in delinquency.