Rocket Mortgage Auto Loans: Everything You Need To Know

If you’re in the market for a new or used car, Rocket Mortgage auto loans offer a fast, easy way to finance your purchase. In this comprehensive guide, we’ll cover all the key details on Rocket Mortgage auto loans – from rates and terms to the application process and more.

Overview of Rocket Mortgage Auto Loans

Rocket Mortgage, also known as Quicken Loans, is an online lender that provides a variety of lending products including mortgages, personal loans, and auto financing

Here are some key things to know about Rocket Mortgage auto loans

• Available for new, used, and refinanced vehicle purchases
• Loan amounts from $5,000 up to $100,000
• Terms from 12 to 84 months
• Fixed interest rates competitive with other top lenders
• Online application takes just minutes
• Fast loan decision and funding in as little as 1 business day
• Option to prequalify to see potential rates without a hard credit check

Rocket Mortgage aims to make the auto financing process fast, easy, and completely online.

Top Benefits of Rocket Mortgage Auto Loans

Rocket Mortgage auto loans offer several advantages for car buyers:

Fast and easy application – The entire application takes just 5-10 minutes online without paperwork. Prequalification is also available.

Quick loan decision – You’ll get a real-time initial loan decision in minutes after applying.

Fast funding – Approved loans can be funded in as little as 1 business day.

Competitive fixed interest rates – Rocket Mortgage offers very competitive rates based on your credit profile.

Flexible terms – Choose a repayment term from 12 to 84 months.

Online account management – Manage your loan fully via your online account after closing.

Excellent customer service – Rocket Mortgage is known for quality customer service and support.

For a hassle-free auto financing experience, Rocket Mortgage is a top choice.

Rocket Mortgage Auto Loan Rates and Terms

Rocket Mortgage offers fixed auto loan rates that are competitive with top lenders like credit unions and banks. Here are some example rates:

• APR as low as 3.99% for excellent credit
• Rates from 7.99% to 13.99% for good credit
• Rates from 15.99% to 24.99% for fair/poor credit

Actual rates depend on your credit score, loan amount, term length, and other factors. Rocket Mortgage auto loans come with terms from 12 months up to 84 months (7 years).

Longer terms of 60 to 84 months will have lower monthly payments but pay more interest over the life of the loan. Shorter 12 to 36 month terms cost less in interest but have higher monthly payments.

Rocket Mortgage Auto Loan Amounts

Rocket Mortgage provides auto financing for loan amounts from $5,000 up to $100,000. This covers financing for:

• New car purchases – Max loan is typically 115% of the new car’s purchase price
• Used car purchases – Max loan depends on the used car’s value
• Refinancing an existing auto loan – Max is based on the current payoff amount
• Adding a down payment can allow you to borrow more if needed

For luxury vehicles over $100,000, Rocket Mortgage may facilitate financing through partner lenders.

Getting Prequalified for Rocket Mortgage Auto Loan

Rocket Mortgage makes it easy to get prequalified for auto financing online in just minutes. Prequalification allows you to see potential rates and loan offers before formally applying and without a hard credit check.

To get prequalified, you’ll provide basic personal information, income, employment, and desired loan amount. Rocket Mortgage will then provide real-time prequalification terms showing estimated rates available to you.

The prequalification is non-binding, but gives you an idea of what rates to expect when you formally apply.

How to Apply for a Rocket Mortgage Auto Loan

Here are the steps to take when applying for a Rocket Mortgage auto loan:

1. Go to their website and click “Apply Now” to begin the online application.

2. Enter your information including personal details, income, employment, vehicle info, and desired loan amount.

3. E-sign disclosures to complete the application and authorize a credit check.

4. Get your real-time decision – You’ll receive an initial loan decision with approved amounts and rates within minutes.

5. Provide verification documents like pay stubs, tax returns, or government IDs if requested.

6. Close loan and receive funding – After signing final loan documents, funds are deposited directly into your bank in as little as 1 day.

Then you can head to the dealership and purchase your new car!

What Credit Score is Needed?

To qualify for a Rocket Mortgage auto loan, here are the general credit score requirements:

• Excellent credit (720+ score) – Best rates from 3.99% to 6.99% APR
• Good credit (680-719 score) – Rates from 7.99% to 10.99% APR
• Fair/Average credit (640-679 score) – Rates from 15.99% to 20.99% APR
• Poor credit (below 640 score) – May not qualify for financing

The better your credit, the lower rate you can receive. Having sufficient income to cover the monthly payments is also required for loan approval.

Are There Any Fees or Prepayment Penalties?

A benefit of Rocket Mortgage auto loans is they do not have any prepayment penalties. This means you can pay off your auto loan early without fees.

There are also no application, origination, or maintenance fees. However, Rocket Mortgage does charge a documentation fee that ranges from $75 to $200 depending on your state of residence. This fee is deducted from your loan amount.

Always make sure to carefully review the fees for your specific loan before accepting the offer.

How to Manage Your Auto Loan Account

Rocket Mortgage offers an easy online system to manage your auto loan account. You can:

• Pay your auto loan bill online
• Set up autopay for automatic payments
• View payment history and balance
• Print monthly statements
• Update contact information
• Refinance or pay off loan early

You’ll receive your online login credentials shortly after your auto loan closes. The intuitive online dashboard makes managing your Rocket Mortgage auto loan simple.

Tips for Getting the Best Auto Loan Rate

Follow these tips to help qualify for the lowest rates on a Rocket Mortgage auto loan:

• Have excellent credit – Rates start lower for credit scores over 720
• Make a larger down payment – At least 20% down if possible
• Shorten the term length – Choose a 36 month term vs. 60 or 72 months
• Lower loan-to-value ratio – Don’t borrow more than 100% of the car value
• Provide strong income proof – Steady pay stubs or tax returns

Even just slightly improving your credit or financial profile can help you land better rates for your auto financing.

Is Rocket Mortgage the Right Lender for You?

Rocket Mortgage auto loans provide a convenient financing solution for your next car. Here are some key considerations when deciding if they’re the right lender for your needs:

You want a smooth online process – Rocket Mortgage provides an easy end-to-end online application and account management.

You have good credit – To qualify for the lowest rates, you’ll need a 680 credit score or higher.

You need quick financing – Rocket Mortgage is a great option when you need funding fast for a car purchase.

You want prequalification – The ability to preview rates without a hard credit check is useful.

You want flexible terms – Rocket Mortgage offers auto loan terms from 12 months up to 7 years.

Compare Rocket Mortgage to other lenders like banks and credit unions to find the best auto financing option for your situation.

Alternatives to Rocket Mortgage

Some top alternatives to consider for auto financing include:

• Local credit unions – May offer lower rates and personalized service.

• Banks – Often competitive rates and offer branch locations for support.

• Other online lenders – Worth comparing quotes from LendingTree, Lightstream, and others.

• Dealer financing – Negotiate financing as part of the new car purchase.

• Pre-approvals – Get pre-approved with your bank before negotiating at the dealership.

Always shop around with multiple lenders to get the best deal on your auto loan.

Is Refinancing Your Current Auto Loan a Good Idea?

If you already have an auto loan, refinancing to a Rocket Mortgage loan may help you save. Reasons to consider refinancing your auto loan include:

• Lowering your interest rate – Refinance to improve your rate by 2% or more.

• Shortening your loan term – Reduce payments by shifting from a 6-year to 3-year term.

• Accessing your