Car Loan FAQs

Frequently Asked Questions

Here are answers to questions most commonly asked about auto loans.

Can I get my auto loan from this site?

No. This site is not backed by a lender to provide auto loans. You can, however, receive quotes from various lenders that are both national and local to the state of Wisconsin by filling out the free, no-obligation form on the site.

Should I use my car as my down payment?

Not exclusively, no. If you can come up with some cash for your down payment it is definitely best to do so and not rely exclusively on your trade-in.

How much will my down payment be worth?

Probably not as much as you think. Trade-ins are not as valuable to a dealer as what you might be able to sell the car privately, because a dealership will have to – after paying you for the vehicle – pay to have it cleaned up and made presentable for resale to someone else, or they will have to take it from you, planning on having it junked, which is not profitable at all. These factors combine to make a car’s trade-in value significantly less than what you might expect as from a Blue Book rating.

Why not just get a dealership loan?

Loans through the dealership have a serious reputation for having unfavorable terms and high-interest rates. They are designed for the customer who shows up at the dealership desperate to drive away with a car at any cost, not the customer that had the option and prepared in advance by securing their loan elsewhere.

Do I have to have a valid license in order to buy a car?

State laws vary on this matter, but generally you will not be allowed to take possession of a new vehicle unless you have a valid license. If you are in a position of wanting to buy a car but not having a license, you can usually buy the vehicle and have a licensed driver there to “take possession” of the car for you.