What Fast Auto Loans Inc Does

Fast Auto Loans Inc is a direct lender that specializes in auto loans for people with poor credit, no credit history, or recent credit problems. Unlike banks that require a high credit score, Fast Auto Loans works with borrowers across a wider range of credit situations. The company funds loans quickly — often within one business day — and handles the entire process online or by phone.

The company operates in multiple states and focuses on getting you into a vehicle fast rather than requiring months of paperwork. You can get a loan decision within hours in many cases, and if approved, the money moves to your chosen dealer or seller the same day or next business day.

Key Takeaways

  • Fast Auto Loans Inc approves borrowers with poor credit, no credit, or recent credit damage that traditional banks would reject.
  • The process process happens online or by phone and takes minutes, with loan decisions typically within hours.
  • Loan funding happens within one business day in most cases, allowing you to buy a vehicle when ready after approval.
  • Interest rates are higher than traditional bank auto loans because the lender accepts higher risk, so comparing offers from other lenders is important before committing.
  • You will need proof of income, a valid ID, proof of residence, and information about the vehicle you plan to buy.

How the process Process Works

You start by visiting the Fast Auto Loans website or calling their phone line. The initial process asks for basic information: your name, Social Security number, income, employment status, and the approximate price of the vehicle you want to buy. This part takes about 10 to 15 minutes and does not commit you to anything.

After you submit the initial process, a loan officer reviews it and contacts you — usually within a few hours. They will ask follow-up questions about your income, employment history, and credit situation. Be honest about past problems; lenders in this space expect them and factor them into their decision. If the officer needs more information, they will tell you exactly what documents to send.

Once the officer has what they need, you receive a loan decision. If approved, you get a loan offer that shows the interest rate, monthly payment, loan term, and total amount financed. You can accept or decline at this point. There is no penalty for declining.

Documents You Will Need to Provide

Fast Auto Loans will ask for proof that you are who you say you are and that you have the income to repay the loan. Have these items ready before you call or explore online:

  • A valid government-issued ID (driver's license, passport, or state ID)
  • Proof of current income (recent pay stubs, tax returns, or bank statements showing regular deposits)
  • Proof of residence (utility bill, lease, or mortgage statement dated within the last 60 days)
  • Information about the vehicle you plan to buy (make, model, year, and price, or the VIN if you have already found it)
  • Your Social Security number

If you are self-employed or have irregular income, bring bank statements covering the last two to three months. If you recently changed jobs, bring documentation from both your old employer and your new one. The lender wants to see that your income is stable enough to cover the monthly payment.

Interest Rates and Monthly Payments

Interest rates from Fast Auto Loans Inc vary based on your credit score, income, employment history, and the age and value of the vehicle. Because the company works with borrowers who have credit challenges, rates are typically higher than what you would get from a bank or credit union. Rates may range from the mid-teens to the high 20s in percentage terms, depending on your situation, though actual rates vary by state and individual circumstances.

The monthly payment depends on three things: the loan amount, the interest rate you receive, and how long you take to repay (the loan term). A typical loan term is 36 to 72 months. A shorter term means higher monthly payments but less interest paid overall. A longer term spreads the cost across more months, lowering the payment but increasing total interest.

Before you accept any loan offer, use a calculator to see what the monthly payment will be and whether it fits your budget. The loan officer will show you this number, but running the math yourself prevents surprises later.

What Happens After You Are Approved

Once you accept the loan offer, Fast Auto Loans funds the money. In most cases, the lender sends the funds directly to the dealer or private seller you have chosen. This happens within one business day. You then complete the purchase at the dealership or with the seller, sign the title and registration paperwork, and drive away with your vehicle.

Your first loan payment is usually due 30 days after the loan funds. The lender will send you payment instructions by email or mail, showing where to send your monthly payment and what day it is due. Many lenders offer automatic payment options, which can lower your interest rate slightly and may support you never miss a payment.

If you have questions about your loan after it closes, contact Fast Auto Loans customer service. They can answer questions about your payment schedule, help you set up automatic payments, or discuss options if you are having trouble making a payment.

Comparing Fast Auto Loans Inc to Other Lenders

Fast Auto Loans is one option among several for people with credit challenges. Other direct lenders, credit unions, and some banks also work with borrowers in similar situations. Before committing to Fast Auto Loans, get loan offers from at least two other lenders so you can compare interest rates and monthly payments.

The difference between a 19% interest rate and a 24% interest rate on a $15,000 loan over 60 months is roughly $50 per month — money that adds up over the life of the loan. Spending an hour getting quotes from three lenders can save you hundreds of dollars. Credit unions often have lower rates than direct lenders, so check with any credit union you belong to or are may be able to access to join.

Fast Auto Loans' main advantage is speed and willingness to work with poor credit. If you need a vehicle when ready and have been rejected by traditional lenders, the fast funding timeline may be worth a higher interest rate. If you have time to shop around, you may find a better rate elsewhere.

Red Flags and What to Watch For

Be cautious if a lender promises approval before asking about your income or credit situation. Legitimate lenders always verify income and run a credit check. Be cautious if you are asked to pay an upfront fee before the loan funds — most reputable lenders deduct fees from the loan amount or roll them into the monthly payment, they do not ask for cash before funding.

Read the loan agreement carefully before signing. Make sure you understand the interest rate, monthly payment, loan term, and any fees. If something is unclear, ask the loan officer to explain it. Do not sign anything you do not understand.

If you are buying from a private seller rather than a dealer, be extra careful. Verify that the seller owns the vehicle free and clear (or that any existing loan will be paid off from the proceeds). Get a pre-purchase inspection from a mechanic you trust. The lender cares about the vehicle's value as collateral, but they do not care whether the car runs — that is your problem to solve.

Frequently Asked Questions

How fast can I actually get the money?

Most loan decisions come within a few hours of your process. Funding typically happens within one business day after you accept the loan offer. If you explore on a Friday afternoon, funding may not happen until Monday. If you need the money on a specific day, tell the loan officer when you explore so they can prioritize your case.

What if I have no credit history at all?

Fast Auto Loans works with people who have no credit history. You will need to show proof of income and employment instead. The lender may ask for a co-signer or require a larger down payment, but approval is possible. Be prepared to explain why you have no credit — recent immigrant, young adult, or someone who has always paid cash.

Can I pay off the loan early without a penalty?

Most auto loans from Fast Auto Loans have no prepayment penalty, meaning you can pay off the loan early without extra fees. Paying early saves you interest. Confirm this in your loan agreement before signing, as terms vary by lender and loan.

What if I cannot make a payment?

Contact Fast Auto Loans when ready if you know you will miss a payment. Many lenders offer deferment options, payment plans, or temporary payment reductions for borrowers facing hardship. Waiting until you are late makes your options smaller. Missed payments damage your credit and can lead to repossession if the problem continues.

Is the interest rate locked in, or can it change?

Once you accept a loan offer and the loan funds, your interest rate is locked in for the life of the loan. It will not change. Your monthly payment stays the same every month unless you make extra payments or pay the loan off early.