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AUTO LOAN FREQUENTLY ASKED QUESTIONS

  • What determines my interest rate?Open or Close

    Your interest rate is based solely on your credit score.

  • How do I determine what is a “fair” price for a car?Open or Close

    The easiest way to determine a value of a vehicle is with the NADA calculator. We look at the “Clean Retail” value when determining value for the loan.

  • Where can I go to look at vehicles?Open or Close

    You can look for specific vehicles or search through dealer inventories with AutoSmart.

  • How much would my monthly payment be?Open or Close

    Your monthly payment is based on several factors: the amount of the loan, the interest rate, and the term of the loan. We have an easy payment calculator to help you get an idea of what your payment might be like.

  • What is a credit score?Open or Close

    A credit score is a number given by the three major credit bureaus that represents your history repaying debts. These bureaus evaluate your payment history as well as track any collections, judgments, or bankruptcies and then assign you a score.

  • Where can I get a copy of my credit report?Open or Close

    You can get one free copy of your credit report each year at www.annualcreditreport.com. Be aware that the copy of the credit report does not include your score for free.

  • How long can my term be?Open or Close

    Quantum auto loans have a maximum term of 84 months, dependent on car value and credit score.

  • What is GAP?Open or Close

    GAP stands for Guaranteed Asset Protection. GAP is intended to help you cover the remaining difference in your loan if you were to get in an accident and your vehicle is valued lower than what you still owe on the loan.

  • Do you offer extended warranties?Open or Close

    Yes! We go through Route 66 for our extended warranty programs. The price and coverage of each varies based on the vehicle and its mileage.

  • Are there benefits of paying monthly versus bi-weekly?Open or Close

    Both payment schedules work out to the same amount paid each year. The only difference is that a monthly payment schedule will make 12 payments (once each month) and a bi-weekly payment schedule will make 26 payments (once every two weeks).

  • What is the difference between a car loan and a lease?Open or Close

    Loans typically have higher payments than leases, but the primary difference is that you own the vehicle. When leasing, your payment will be lower but you must return the vehicle after the lease ends. The biggest issue for most people is that a lease generally has limits on the mileage that is put on the vehicle each year. A lease might also charge for any wear and tear on the vehicle at the end of the term.