FAQs
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What are the current Auto Loan rates?
You can view our current Auto Loan rates here.
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Can I get preapproved before choosing a vehicle?
Yes, you can get preapproved before choosing a vehicle. Many borrowers complete this step first to understand their financing options and budget before they begin shopping. If you haven’t selected a vehicle yet, simply leave the vehicle information section blank when applying.
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How do I get preapproved?
The preapproval process is straightforward. Here’s what you should have ready when you apply:
- Personal information such as your name, date of birth, and Social Security number.
- Housing information, including your address, how long you’ve lived there, whether you rent or own, and your monthly payment.
- Income and employment information, such as your gross annual income (your income before taxes come out), employment status, and employer’s name.
- Details of your loan, such as how much and how long you want to finance your vehicle.
- If you’re planning to trade in a vehicle, you will also need the trade-in information of your vehicle, including the VIN, make, model, and mileage.
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How long is a preapproval good for?
At AllSouth, a preapproval is valid for 30 days. The estimated terms for the preapproval include the amount of money you qualify to borrow, the interest rate, and term of the loan.
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Do I need a down payment?
Qualified borrowers may be eligible for up to 100% financing, so a down payment may not be required. Financing options vary based on the vehicle and applicant qualifications.
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Does my credit score matter?
Yes, it matters! Your credit score is a reflection of how much risk you present with paying off debt. It helps us determine the interest rate you’ll pay to finance the car loan. If you have a higher credit score, you may be offered a lower interest rate. On the flip side, if you have a lower credit score, you may have a higher interest rate. Before you start shopping for a new car, review your credit report to see where you stand. If you need to improve your credit score, allow yourself some time to work on improving it before purchasing your car. You can get a free copy of your credit report from each major credit bureau (Experian, Equifax, and TransUnion) simply by visiting AnnualCreditReport.com.
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How do I make a payment?
We have several ways to pay your loan including through Online and Mobile Banking and our Online Payment Service. To learn more about payment options, view our Make a Payment page.
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How can I contact the Lending team?
Submit the form below and a team member will be in touch.