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Frequently Asked Questions

What are the key elements of an auto loan?
Many variables go into calculating car loans, but some of the most important ones include:

  • Cost of the car.
  • Interest rate.
  • Length of the car loan.
  • Credit score.
  • Down payment.
  • New vs. used cars.
What will I need for a car loan?
In addition to general personal information, checking your credit and verifying your income, the lender is generally going to want information about the car you are purchasing.
What types of vehicles can I finance with Approved Auto SC?
How can I estimate my monthly loan payments?
Is there an application fee?
What are the minimum and maximum loan amounts?
The minimum loan amount is $2,000. Depending on the vehicle, the maximum loan amount is $50,000. For more information on collateral restrictions and loan amounts, call Approved Auto SC at
Do I have to be a U.S. citizen to apply for a vehicle loan?
Vehicle loan applicants must meet this criteria:

  • Reside in the United States
  • At least 18 years old
  • A U.S. citizen, resident alien, or non-resident alien
Can I be approved before I choose my car?
You can get pre-approved. A pre-approval is a preliminary approval based on your credit report, application information, and debt-to-income ratio. The agent cannot provide a final approval until you submit specific collateral information and Bank underwriting is complete.   Required information for a pre-approval:

  • Date of birth
  • Social Security number or tax ID number
  • Employment information
  • Collateral type
  • Collateral year
What are the vehicle loan eligibility requirements and conditions?
What types of vehicles are not eligible for a loan from Approved Auto SC
  • Golf carts
  • Lawn mowers
  • Tractors
  • Tractor trailers
  • Utility trailers
  • Mopeds
  • Scooters
  • Sports bikes including R and RR suffixes
  • Fisker automobiles
  • Offshore or drag racing boats
  • Salvaged vehicles
  • Rebuilt and reconstructed vehicles
  • Custom-built vehicles
  • Grey market vehicles
How long will it take to receive a loan decision?
Typically, vehicle loan applications submitted during hours of operation receive a decision within one hour of submission. The Bank Loan Center’s hours of operation are Monday through Friday from 7:30 a.m. to 7:30 p.m. CT and Saturday from 9:00 a.m. to 4:00 p.m. CT.
How long is a loan application valid?
A loan application is valid for 60 days from the initial submission date
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