Frequently Asked Questions

1. What is the overall auto finance process?

  • Pre-Screen: Enter basic information at www.shopyourloan.com.
  • Pre-Qualification: Submit an online application to see if you're pre-approved with no impact on your credit score.
  • Finalize: Provide vehicle details, dealership or lender information, and any required documents. The SYL finance team may contact you to verify your information. E-sign your contract.

2. What are the basic loan and vehicle requirements?

Requirements vary depending on the vehicle and your credit profile. If you're at least 18 (19 in Alabama) and a U.S. citizen, lenders will evaluate your income, expenses, debt, credit history, loan amount, and vehicle value.

Common requirements include:
  • Financial Documents:
    • Favorable credit history (lender-specific)
    • Down payment (if applicable)
    • Proof of income
    • Proof of insurance
  • Personal Identification:
    • Proof of identity
    • Proof of residency
  • For refinancing:
    • Mileage restrictions
    • Year restrictions
    • Clean title (not salvaged)
    • Current on payments

3. What is pre-qualification?

Pre-qualification provides an estimate of what your loan might look like based on basic financial information. Note: Pre-qualification is not a final approval; final approval requires a full credit application.

4. Does pre-qualification affect my credit score?

No. It uses a soft credit pull, which does not impact your credit score.

5. Will I need to put cash down?

Typically no, but it depends on factors such as LTV, creditworthiness, and your preferred payment amount.

6. What loan terms do you offer?

Terms vary based on amount financed, vehicle type, and credit profile. We strive to offer the best terms available.

7. Are there any fees?

Yes, there may be small administration/origination fees, plus taxes, title, and licensing fees.

8. Are there any pre-payment penalties?

No. All loans are simple interest loans with no pre-payment penalties.

9. When will I receive a decision?

Most decisions are made within 2–4 hours.

10. What are the insurance requirements?

Most lenders require comprehensive and collision insurance with a maximum deductible of $1,000. Requirements may vary by lender.

11. Is there a minimum income requirement?

Typically no, but some lenders may require a minimum. They also evaluate DTI (debt-to-income) and PTI (payment-to-income) limits.

12. Will I have options for different financing terms?

Yes, terms range from 12 to 84 months depending on the lender.

13. Do you offer vehicle financing in all 50 states?

No. Financing is currently available only in Texas, but expansion is in progress.

14. What’s the difference between a co-borrower and a co-owner?

Co-Borrower: Shares responsibility for loan repayment.
Co-Owner: Shares ownership of the vehicle but is not responsible for loan repayment.