Getting the Best Rocket Auto Loan Rates for Your Needs

Getting a new car is always an exciting experience. But finding the right auto loan can be stressful and confusing with all the options out there. This is where Rocket Auto loans can help. Rocket Auto provides an easy online process to compare rates and get pre-approved for financing from their network of lenders. In this article, I’ll walk through all the details you need to know to find and get the best Rocket Auto loan rates for your needs.

What is Rocket Auto?

Rocket Auto is the automotive lending division of Rocket Loans. It uses an online process to match borrowers with lenders offering competitive rates on auto loans.

With Rocket Auto, you can easily compare loan offers from multiple lenders to find the best rate. They work with a network of banks, credit unions and other lending partners. Once you complete their online form, Rocket Auto will present customized loan offers for you to review and choose from.

The benefits of using Rocket Auto include:

• Easy online pre-approval process
• Access to multiple lenders and rates
• Customized loan offers presented upfront
• Fast funding once approved
• Ability to complete paperwork online

Rocket Auto makes the auto financing process simple They do all the rate shopping for you and consolidate everything in one place.

What Credit Scores Can Get a Rocket Auto Loan?

Your credit score is one of the biggest factors that determines what interest rate lenders will offer you. The good news is Rocket Auto works with lenders that provide financing options for a wide range of credit scores.

Here are the general credit score tiers and rate ranges you can expect with Rocket Auto:

• Excellent credit (720+ score): Qualifies for the lowest rates, as low as 2.49% APR
• Good credit (680-719 score): Still gets competitive rates, as low as 4.99% APR
• Average credit (620-679 score): wider range of rates from 7.49% up to 17.95% APR
• Poor/fair credit (300-619 score): Higher rate loans from 15.95% – 29.99% APR

So even if you have less than perfect credit, Rocket Auto can still help you find financing options. But the higher your score, the lower rate you can qualify for.

Before applying get a copy of your credit report and check your scores with the major reporting bureaus. This will help you estimate the rate range you may qualify for.

How Does the Rocket Auto Loan Application Process Work?

Applying for a car loan through Rocket Auto is designed to be quick and easy:

1. Visit their website and click “Get Started” to begin the online application.

2. Enter your information: This includes personal details, employment, income, desired loan amount and vehicle details.

3. Provide identity verification: Rocket Auto uses electronic verification to confirm your identity and other application details.

4. Review customized loan offers: Based on your qualifications, you’ll see real rate and term offers tailored to you. Offers come from Rocket Auto’s lending partners.

5. Choose your loan terms and provide e-signature on documents to complete application.

6. Get funding: If approved, you’ll receive your funds promptly. Rocket Auto offers fast funding – you can get money the same or next business day in most cases.

The whole process can be completed online in as little as 5 minutes for pre-approval. You don’t need to visit a bank or dealership first.

Rocket Auto Loan Rates, Terms and Fees

While your personalized loan offers will provide the exact rates, here are some examples of the range of rates currently available through Rocket Auto lenders:

• For 36 month loans, rates range from 3.99% to 29.99% APR
• For 60 month loans, rates range from 4.29% to 29.99% APR

along with these standard terms:

• Loan amounts from $5,000 to $50,000
• Loan terms of 36 or 60 months

Rocket Auto loans don’t have prepayment penalties. So you can pay off your loan early to save on interest charges.

In addition to interest rates, here are the fees to expect:

• Origination fee from 0% to 11% of loan amount
• No application fees
• No early repayment fees
• Official loan documents fee – $12 in most states

The origination fee is deducted from the loan proceeds. However, the fee may be lower depending on your qualifications.

How to Get the Best Rocket Auto Loan Rates

While estimated rates are provided during the pre-approval process, here are some tips to get the very best low interest rate when you formally apply:

• Have excellent credit – cleanly pay all current debts on time and correct any errors in your credit reports. This can significantly drop your rate.

• Ask about discounts – lenders may offer interest rate discounts for setting up autopay from a bank account, loyalty discounts for existing customers, or other discounts.

• Lower your debt-to-income ratio – lenders look at your total monthly debts versus monthly income. Keep this ratio as low as possible by paying down balances.

• Put down a larger down payment if possible – the more you can put as a down payment, the better the rate since the loan amount is lower.

• Choose a shorter loan term – opt for a 36 month vs 60 month loan. Shorter terms often have lower rates. But make sure the monthly payment fits your budget.

• Compare offers – look at multiple lender offers through Rocket Auto before choosing one. Rates and fees can vary.

• Check for prepayment penalties – avoid lenders that charge you extra fees for paying off the loan early.

Following the above tips can help you qualify for the lowest rate possible. Crunching the numbers and taking the time to compare gives you the best chance at financing your new car purchase at the most affordable rates.

Is Rocket Auto the Right Lender for You?

Here are some of the key benefits that make Rocket Auto a top choice for getting your new or used auto loan:

• Fast online process – complete your application in minutes and get a quick pre-approval decision

• Access to multiple lenders – see rates from their network of lending partners to find the best offer

• Soft credit check for pre-approval – checking rates won’t hurt your credit score

• Loans for all credit tiers – they work with lenders that finance all credit levels

• E-sign loan documents online – no need to fax or mail paperwork back and forth

• Funds as fast as next day – competitive funding speed once approved

• No prepayment penalty – the flexibility to pay off early with no extra fees

The convenience and customizable loan options make Rocket Auto a top choice for financing. And you can complete the entire application 100% online in a fraction of the time it takes at a traditional lender.

The Bottom Line

Finding the best loan rate for your new car doesn’t have to be hard. Rocket Auto provides online pre-approval and customized loan offers from their network of lending partners. This makes comparison shopping for the best rates quick and easy.

Make sure to check your credit reports, scores, debt levels and budget before applying. This will help you qualify for the lowest rates. And those with excellent credit in the 720+ range will see the most competitive rates as low as 2.49% APR. While higher credit scores get better pricing, Rocket Auto does work with lenders that offer financing to all credit tiers.

So if you need a fast, customizable auto loan experience with access to competitive rates, Rocket Auto delivers. See what offers you pre-qualify today in just minutes online.