Your credit

Your credit history and score matter most. A longer, cleaner history usually means a lower rate.

The term

Shorter loans (like 36 or 48 months) usually get lower rates and cost less overall. Longer loans lower the monthly payment but usually cost more in total interest.

The vehicle

Newer vehicles with fewer miles usually qualify for better rates. Older or higher-mileage vehicles can carry higher rates or shorter terms.

Your down payment

Putting more down (or trading in a vehicle with equity) means borrowing less, which can help your approval and your rate.

Interest follows the balance

Interest is charged only on what you still owe. Each payment covers that period's interest first, and the rest pays down the balance.

Paying early or extra saves money

Every extra dollar goes toward the balance, so there's less left to charge interest on. Paying early, or a little extra each month, lowers the total interest you pay. Ask your lender how extra payments are applied.

How refinancing works

A new lender pays off your current loan, and you make payments to the new lender instead, ideally at a lower rate or with a better term.

When it can help

After several months of on-time payments, or if your credit improves, you may qualify for a better rate. The rate you start with isn't always the rate you keep. Approval and savings aren't guaranteed.

Protection from big repair bills

A vehicle service contract can cover major repairs like the engine or transmission, so one bad day doesn't wreck your budget.

Can be rolled into the loan

Coverage can often be added to your financing, so it's part of one monthly payment instead of a large bill up front.

Easier to sell or trade

Some coverage can transfer to the next owner, which can help when you sell or trade the vehicle.

Credit authorization

By checking the box and typing my name below, I certify that I am applying for credit, and I authorize Motorphilia and the banks, finance companies and other lenders it submits my application to (together, "you") to obtain my consumer credit report and other information about me from consumer reporting agencies and other sources. I understand this may result in one or more credit inquiries. You may use this information to evaluate my application, verify the information I provided, and service and collect any account that results. I authorize my current and former employers and landlords to release information to verify my employment, income and residence.

Equal Credit Opportunity Act notice

The federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, or age (provided the applicant has the capacity to enter into a binding contract); because all or part of the applicant's income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. The federal agency that administers compliance with this law concerning this creditor is the Federal Trade Commission, Equal Credit Opportunity, Washington, DC 20580.

Alimony, child support, or separate maintenance income need not be revealed if you do not wish to have it considered as a basis for repaying this obligation.

Accuracy of information

I certify that everything in this application is true, correct and complete. I understand you will rely on it to decide whether to extend credit, and that knowingly giving false information on a credit application may be a crime under federal and state law. I will tell you if any of this information changes before my financing is final. Submitting this application does not guarantee approval; rates and terms depend on lender approval.

Electronic signature

I agree that checking the box and typing my name is my electronic signature, that it has the same legal effect as a handwritten signature, and that I consent to sign and receive this application and related notices electronically.

Privacy

Your application is sent over an encrypted (HTTPS) connection and used only to arrange your financing. We share it only with lenders and service providers who need it to evaluate and complete your financing, or as required by law. We do not sell your information. Questions? Call (430) 247-2588.