Getting the Best Rocket Mortgage Auto Loan Rates

If you’re in the market for a new or used car, truck, or SUV, you’ll likely need to finance the purchase with an auto loan. Rocket Mortgage offers competitive auto loan rates to help make buying your next vehicle more affordable. In this article, we’ll break down everything you need to know about Rocket Mortgage auto loans so you can get the best possible rate.

Overview of Rocket Mortgage Auto Loans

Rocket Mortgage, also known as Quicken Loans, is an online lender that provides mortgages, personal loans, and auto loans They are the largest mortgage lender in the U.S and known for their innovative technology and excellent customer service.

When it comes to auto loans, Rocket Mortgage offers:

• Loan terms from 12 to 84 months
• Fixed and variable interest rates
• Loans for new, used, and refinanced vehicles
• Competitive interest rates without any application or origination fees
• Ability to pre-qualify online without impacting your credit score

One of the biggest benefits of getting an auto loan through Rocket Mortgage is their fast, easy application process You can apply completely online or over the phone and get a lending decision in minutes. If approved, you could have access to your funds in as little as 24 hours

Factors That Determine Your Rate

As with any lender, the interest rate Rocket Mortgage offers you will depend on certain factors like your credit score, loan amount, loan term, and more. Here are some of the main factors that impact your rate:

Credit Score – Your credit score is one of the biggest factors lenders use to determine your interest rate. The higher your score, the lower the rate you can qualify for. Rocket Mortgage offers discounted rates for borrowers with good to excellent credit (scores above 700).

Loan Term – Longer loan terms tend to come with lower monthly payments but higher interest rates. Shorter terms have higher monthly payments but lower rates. Choose a term that balances affordable payments with total interest costs.

Loan Amount – The amount you wish to borrow also affects your interest rate. Larger loan amounts tend to get better rates. However, make sure you only borrow what you need.

Vehicle Type – The type of vehicle you’re financing also plays a role. New cars tend to get better rates than used. And luxury brands often have higher rates than standard models.

Down Payment – A larger down payment reduces the amount you have to finance, which can help lower your interest rate. Aim for at least 20% down if possible.

Refinancing – If you already have an auto loan, Rocket Mortgage may be able to help you refinance for a lower rate and more affordable monthly payment.

Ways to Get the Best Auto Loan Rate

Follow these tips to ensure you get the lowest rate possible from Rocket Mortgage:

• Check your credit – Review your credit reports and score so you know where you stand. You can get free reports from AnnualCreditReport.com. Pay down balances and correct any errors to boost your score.

• Compare lenders – Get rate quotes from Rocket Mortgage and other top lenders like your bank, local credit unions, and online lenders. This lets you pit lenders against each other to get the best deal.

• Consider a co-signer – Adding a co-signer with good credit can help you qualify for better rates if your credit is less than ideal. Just be sure the co-signer understands their obligations.

• Ask about discounts – Don’t forget to inquire about any discount programs you may qualify for, like discounts for military service, being a union member, having an existing relationship with Quicken Loans, or setting up autopay.

• Adjust your down payment – While 20% down is ideal, paying 10-15% can still get you a good rate while keeping payments reasonable. Have at least some cash down payment if possible.

• Go for a shorter term – Opt for a shorter term like 48 or 60 months instead of 72 or 84 months. This lowers your interest costs over the life of the loan.

• Buy new – New cars qualify for the lowest rates, so consider buying new if you want the best rate. Just be sure to negotiate the purchase price to maximize your savings.

Rocket Mortgage’s Rate Match Guarantee

One thing that sets Rocket Mortgage apart is their Rate Match Guarantee. If you get approved with them but find a lower rate somewhere else, they will match that rate. Just send over the Loan Estimate from the other lender within 45 days of getting your Rocket Mortgage approval.

This guarantee ensures you can shop around for the best rate, knowing Rocket Mortgage will match it if you don’t find something lower. There are a few limitations with the Rate Match Guarantee, so be sure to read the fine print.

Apply for an Auto Loan with Rocket Mortgage

If you’re ready to get started with Rocket Mortgage, you can easily apply online at www.rocketmortgage.com. Just click on “Apply Now” and select auto loans.

You’ll need to provide some basic personal and employment information, as well as details on the vehicle you wish to purchase. Rocket Mortgage will then conduct a soft inquiry on your credit and provide real rate quotes without impacting your score.

If you meet the requirements, you can select your loan offer and continue with the application. Rocket Mortgage will then do a hard inquiry on your credit to finalize approval and underwriting.

The entire online process takes around 10-15 minutes. If approved, you could have funds in your account in as little as one business day.

The Bottom Line

Rocket Mortgage offers a fast, convenient way to finance your next auto purchase with competitive rates and great service. By having good credit, comparing lenders, adjusting your loan terms, and taking advantage of their Rate Match Guarantee, you can get the absolute lowest rate. This saves you money over the life of the loan.

Auto loans are long-term financial commitments, so be sure to find the right loan for your needs. With a little shopping around, Rocket Mortgage can be a great option to get approved for the best possible rate.