Although there are many online organizations that say they offer instant auto loan approval, so that you can take out a loan and buy a car with it on the same day, true instant auto loans only really exist for people with impeccable credit scores. If your credit score is almost perfect, you may be eligible for instant pre-approval because many financial institutions run all applications through a computer program that sorts potential clients into different categories, and one of those categories is automatically approved. However, if your credit score is less than perfect, you may have to wait at least 24 hours for a human to evaluate your application.
Quick Auto Financing for People with Bad Credit
If you have a bad credit score, you will more than likely not have the option to get instant auto financing from a reputable financial institution. You have a few options that will be fairly quick and easy, but bear in mind that bad credit car loans are usually a bad deal for the recipient of the loan. You can take out cash title loans, which involve you signing over the title of the car you are going to buy as collateral for the loan. In which case, you run the risk of losing your car if you can't pay it off on time. If you don't want to risk losing your car, you could take out a payday loan, in which you sign a post dated check that the financial institution will cash on your payday. Both of these options are quick and simple, but be very careful to make certain you will be able to pay off your debt on time because interest rates are usually high.