Frequently Asked Questions about Vermont Auto Loans

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

What Vermont auto loan products do you offer?

Our lenders offer installment loans with competitive interest rates for the purchase of both new and used cars in addition to auto refinancing.

How much can I refinance on my auto loan?

You can finance up to the remaining balance on your existing Vermont auto loan. You will have to contact your current lender to request payoff information for the loan and to get the address to which payment should be sent.

The loan on my car is completely paid off. Can I still refinance my vehicle and to turn the equity into cash?

No, this is typically not possible with Vermont auto loans. Usually, this practice is reserved for home loans only. To refinance a car loan, the vehicle must be financed currently with a lender. The check for your refinancing loan will be made out to the bank that is the lien holder on the vehicle's title, so cash-out refinancing is not a possibility.

If I get a loan from your site, can I purchase my vehicle from any dealer?

Yes, our lenders' Vermont auto loans work much like writing a check to the dealership. Though you are still financing the car, it is like you are paying cash at the dealership. Some lenders may require that the vehicle be purchased at a franchised car dealership that is licensed in your state of residence. A franchised dealership is one that is authorized by a certain manufacturer to sell new and used cars.

Do I have to make a down payment with online Vermont auto loans?

No, though dealerships usually require you to make a down payment on your vehicle, third-party lenders do not usually require a down payment. However, we do still strongly recommend that you finance no more than 80% of the vehicle's purchase price to protect yourself financially. In other words, you should save up the cash to pay for the first 20% of the vehicle on your own.