What Fast Track Motors Is and How It Operates

Fast Track Motors is a used-car dealership chain that finances vehicle purchases in-house rather than through traditional bank loans. The company operates physical locations across multiple states and sells vehicles with financing terms they structure themselves. Instead of sending you to a bank or credit union, Fast Track approves you for a loan directly through their finance department and you drive away in the car the same day.

The dealership targets buyers who have difficulty getting approved through conventional lenders — people with no credit history, past bankruptcy, repossession, or poor credit scores. Because Fast Track assumes more risk than a traditional lender, their interest rates are substantially higher than what you would pay at a bank, and their down payment requirements are typically larger. The trade-off is speed: you can be approved and driving a vehicle within hours rather than days.

Fast Track operates as a for-profit business, not a nonprofit or government program. They make money by selling vehicles at a markup and by collecting interest on the loans they issue. Understanding this structure matters because it means every term — the vehicle price, the interest rate, the down payment, the loan length — is negotiable within limits, and the dealership has financial incentive to structure deals that maximize their return.

Key Takeaways

  • Fast Track Motors finances car purchases directly through their own finance department, meaning approval happens at the dealership without a separate bank process.
  • Interest rates are significantly higher than traditional auto loans because the dealership accepts buyers banks would reject, and you pay for that risk.
  • Down payments are typically larger than conventional dealerships require, often 15 to 25 percent of the vehicle price depending on your credit profile and the specific location.
  • The loan terms, vehicle price, and interest rate are all negotiable — the first offer is not the only option, and shopping around at different Fast Track locations can reveal different terms for the same buyer.
  • You own the vehicle outright once you sign the contract, but the dealership holds a lien on the title until the loan is paid off, the same as any financed car purchase.

How the Approval and Financing Process Works

When you visit a Fast Track Motors location, you will speak with a sales associate who will ask about your income, employment, and whether you have a down payment ready. Unlike a bank, Fast Track does not pull your credit report when ready — they use alternative methods to assess risk, including income verification and employment history. Some locations may ask for recent pay stubs, a bank statement showing available funds, or a phone call to your employer.

Once the dealership has basic information, they will show you vehicles within a price range they believe you can finance. The sales associate will then work with the finance department to structure a loan offer. This offer includes the vehicle price, the down payment amount, the interest rate, and the loan term (usually 36 to 72 months). The dealership will present this as a single package, but each component is independently negotiable.

If you accept the offer, you will sign a retail installment contract — a legal document that outlines the vehicle price, the total amount you will pay including interest, your monthly payment, and the consequences of missing payments. You will also sign a security agreement that gives Fast Track a lien on the vehicle title. Once signed, you can typically drive the car home the same day. Your first payment is usually due 30 days after purchase.

Interest Rates, Down Payments, and Total Cost

Fast Track Motors' interest rates vary by location and by individual buyer, but they typically range from 18 to 29 percent annual percentage rate (APR). This is substantially higher than the 4 to 8 percent APR a buyer with good credit might receive from a bank. The higher rate reflects the dealership's assessment that you pose a higher risk of default — meaning you might stop paying and they would have to repossess the vehicle and resell it at a loss.

Down payments at Fast Track are usually between 15 and 25 percent of the vehicle's selling price. If you are buying a car priced at $8,000, expect to put down $1,200 to $2,000 in cash before driving it home. Some locations may accept smaller down payments if you have stable employment or a cosigner, but this is not may provide and varies by store.

The total cost of the vehicle — the price plus all interest paid over the life of the loan — can be 40 to 60 percent higher than the sticker price. A $10,000 vehicle financed at 24 percent APR over 60 months will cost you roughly $15,000 by the time you finish paying. This is why the interest rate and loan term matter as much as the vehicle price itself. A slightly lower rate or a shorter loan period saves hundreds or thousands of dollars.

What Happens If You Miss a Payment

Fast Track Motors' contracts typically allow the dealership to repossess the vehicle if you miss one payment, though most locations will work with you if you call before the payment is due. If you fall behind, the dealership may contact you to arrange a catch-up payment or a modified payment schedule. However, if you do not respond or cannot catch up, they have the legal right to send a tow truck to your home or workplace and take the vehicle back.

Once repossessed, the vehicle is resold, usually at auction. You remain responsible for any difference between what the vehicle sells for and what you still owe on the loan — this is called a deficiency. If you owe $6,000 and the vehicle sells for $4,000, you owe Fast Track $2,000 plus repossession and auction fees. The dealership can pursue this debt through a collection agency or small claims court.

Repossession also damages your credit report and makes it harder to borrow money in the future. If you are struggling to make payments, contact the dealership when ready to discuss options before missing a payment. Some locations will modify the loan term or accept a partial payment, but you have to ask before the account goes into default.

Comparing Fast Track Motors to Other Financing Options

If you have been rejected by banks or credit unions, Fast Track is one of several options. Credit unions sometimes offer auto loans to members with poor credit at lower rates than Fast Track — typically 12 to 18 percent APR. If you are not a member, you may be able to join through your employer, your school, or a community organization. This route takes longer (usually one to two weeks) but costs less overall.

Some banks now offer "bad credit" auto loans through online lenders like Carvana or Vroom. These lenders approve you online, arrange financing, and deliver the vehicle to your home. Interest rates are often lower than Fast Track (14 to 22 percent) but approval takes three to five business days. You also have a window to return the vehicle if you change your mind, which Fast Track does not offer.

Buying a vehicle outright with cash, if you can save the money, eliminates interest entirely. Even a $3,000 used car from a private seller or a traditional used-car lot avoids the long-term cost of financing. If you have time to save, this is the cheapest option. If you need a vehicle when ready and have poor credit, Fast Track is faster than banks but more expensive than credit unions or online lenders.

Red Flags and Common Pitfalls

Fast Track Motors operates legally in most states, but individual locations vary in their practices. Before signing, verify that the interest rate, vehicle price, and monthly payment are clearly stated in writing on your contract. Do not rely on verbal promises — if the sales associate says they will lower the rate later or adjust the price after you drive off the lot, get it in writing or do not sign.

Some buyers are surprised by add-on fees — extended warranties, gap insurance, paint protection, or dealer-installed GPS systems — that appear on the final contract. These are optional and can add $1,000 to $3,000 to your total cost. Ask the finance manager which items are required and which are optional before you sign. You can refuse any add-on that is not part of the core loan.

Another common issue is buying a vehicle that needs major repairs shortly after purchase. Fast Track typically sells vehicles "as-is" with no warranty, meaning if the transmission fails two weeks after you drive it home, the repair cost is yours. Before signing, have a trusted mechanic inspect the vehicle if possible, or at minimum, take it for a test drive and listen for unusual noises. Once you sign, you own the risk.

Your Rights and Protections as a Buyer

Fast Track Motors is subject to the Truth in Lending Act (TILA), which requires the dealership to disclose the APR, the finance charge, the payment schedule, and the total amount you will pay before you sign. This information must appear on your contract in clear, readable type. If the dealership does not provide this disclosure, you have grounds to dispute the loan.

You also have the right to rescind (cancel) the contract within a certain period in some states — typically three business days. This is called a "cooling-off period." If your state has this protection, the dealership must inform you of it in writing. If you change your mind, you can return the vehicle and get your down payment back, minus any mileage or damage charges. Not all states have this protection, so check your state's consumer protection laws.

If you believe Fast Track has violated lending laws or engaged in deceptive practices, you can file a complaint with your state's Attorney General office or with the Consumer Financial Protection Bureau (CFPB). These agencies investigate complaints and can take action against dealerships that break the law. Keeping copies of your contract, payment records, and any written communication with the dealership helps if you need to file a complaint later.

Frequently Asked Questions

Can I pay off my Fast Track loan early without a penalty?

Most Fast Track contracts allow early payoff without penalty, but check your specific contract to be sure. Paying off early saves you interest and reduces the total cost of the vehicle. Call the dealership's finance department to ask about the payoff amount — it will be less than the remaining balance because you will not owe the interest on the months you skip.

What if the vehicle breaks down a week after I buy it?

Fast Track sells vehicles "as-is," meaning you own all repair costs once you sign. The dealership is not responsible for mechanical failures unless they occur within a very short period and you can prove the vehicle was defective at the time of sale. This is why a pre-purchase inspection by a mechanic is important. If a major repair is needed, you still owe the loan even if the car is not drivable.

Can I trade in my current car toward a Fast Track purchase?

Yes, most Fast Track locations accept trade-ins. The dealership will appraise your current vehicle and explore its value toward your down payment. This reduces the amount of cash you need upfront. However, if you still owe money on your current car, that loan must be paid off first — either from the trade-in value or from your own funds. Ask the dealership to explain how they will handle your existing loan before you agree to the trade.

What credit score do I need to be approved by Fast Track Motors?

Fast Track does not publish a minimum credit score because they use alternative methods to assess risk. Buyers with no credit history, recent bankruptcy, or scores below 500 are often approved. The dealership focuses on current income and employment stability rather than past credit performance. However, lower credit scores typically result in higher interest rates and larger down payment requirements.

Can I bring a cosigner to help me get approved?

Yes, a cosigner with stable income and better credit can help you find approval or a lower interest rate. The cosigner is legally responsible for the loan if you stop paying, so they should understand this obligation before signing. Not all Fast Track locations require cosigners, and some will approve you on income alone, so ask whether a cosigner would improve your terms before asking someone to sign.