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OneMain Financial Car Purchase Loans

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OneMain Financial Car Purchase Loans

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Net Recommendation Score +75

SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly recommended by SuperMoney users with a score of +75, equating to 4.5 on a 5 point rating scale.

+75

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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Highlights
Community Rating

Rating not yet determined  

Credit Score Range 560 - 750
Loan Amount $1,500 - $20,000
APR  (Fixed APR) 18% - 35.99%
Loan Term (Months) 24 - 60 months

OneMain Financial Car Purchase Loans Review

OneMain Financial Car Purchase Loans is offered by OneMain Financial, a direct lender founded in 1912 and based in Evansville, IN. OneMain Financial Car Purchase Loans is available in 46 states across the USA.

One Main financial FAQ

How much can you borrow via One Main financial?

One Main financial loan amounts start at $1,500 and go up to $20,000.

What APR does One Main financial offer on its car loans?

One Main financial offers a fixed apr car loan product that ranges from 18% APR up to 35.99% APR.

Your APR can vary depending on several factors, such as your credit score. Find out what your credit score is and whether there is any false or inaccurate information in your credit history with these credit monitoring tools.

What is the maximum auto loan term you can get with One Main financial?

One Main financial has car loans with terms ranging from 24 to 60 months. Having the option of longer terms -- terms can range up to 144 months -- allows borrowers to take on larger auto loan amounts while keeping monthly payments more affordable. However, the longer the term of your auto loan, the more interest you will pay.

Does One Main financial charge an origination fee?

Yes, One Main financial may charge a loan origination fee.

Does One Main financial charge a late fee?

Yes, One Main financial charges borrowers with a late payment penatly fee

Does One Main financial charge prepayment fees?

No, One Main financial will not charge you a fee for paying your loan early. Whenever possible choose lenders like One Main financial that don't charge a prepayment fee. These fees can reduce or even cancel the interest savings of repaying a loan early.

Can I pay off early my One Main financial loan?

Yes, you can. One Main financial does not charge a prepayment fee, so you can save money by paying your car loan early.

What do you need to qualify for OneMain Financial Car Purchase Loans?

Applicants with a credit score of at least 560 and up to 750 may be eligible for OneMain Financial Car Purchase Loans. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

To qualify for auto loans with OneMain Financial Car Purchase Loans, applicants need a minimum annual income of $7,200 or higher. OneMain Financial Car Purchase Loans only considers borrowers who are employed and meet the minimum income requirement. Note that borrowers can add a cosigner to either meet eligibility requirements or qualify for lower interest rates.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members are eligible to apply for a loan via OneMain Financial Car Purchase Loans. Their rates fall within the limits of The Military Lending Act.

Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

  • Recent pay stubs
  • Driver's license
  • Proof of citizenship or residence permit

What is the estimated funding time for a car loan via One Main financial?

One Main financial will typically approve (or deny) a car loan application within 1 hour and fund the car loan within 1 business day of approval.

OneMain Financial Car Purchase Loans Disclosure: Not all applicants will be approved. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). If approved, not all applicants will qualify for larger loan amounts or most favorable loan terms. Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. Loan approval and actual loan terms depend on your state of residence and your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). APRs are generally higher on loans not secured by a vehicle. Highly-qualified applicants may be offered higher loan amounts and/or lower APRs than those shown above. OneMain charges origination fees. Depending on the state where you open your loan, the origination fee may be either a flat amount or a percentage of your loan amount. Flat fee amounts vary by state, ranging from $25 to $500. Percentage-based fees vary by state ranging from 1% to 10% of your loan amount subject to certain state limits on the fee amount. Loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z such as college, university or vocational expense; for any business or commercial purpose; to purchase securities; or for gambling or illegal purposes. Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. North Dakota: $2,000. Ohio: $2,000. Virginia: $2,600. Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: North Carolina: $7,500. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.
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Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Message From OneMain Financial Car Purchase Loans

For over 100 years, we’ve been helping hard-working people tackle life’s challenges by providing the help you need when you need it. Our loan experts are from your community, understand your unique situation, and will treat you with honesty, dignity, and respect. Our goal is to deliver the best customer experience and empower you to take control of your finances.

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Availability

  Available in 46 states
  • Alaska
  • Alabama
  • Arkansas
  • Arizona
  • California
  • Colorado
  • Delaware
  • Florida
  • Georgia
  • Hawaii
  • Iowa
  • Idaho
  • Illinois
  • Indiana
  • Kansas
  • Kentucky
  • Louisiana
  • Maryland
  • Maine
  • Michigan
  • Minnesota
  • Missouri
  • Mississippi
  • Montana
  • North Carolina
  • North Dakota
  • Nebraska
  • New Hampshire
  • New Jersey
  • New Mexico
  • Nevada
  • New York
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Virginia
  • Washington
  • Wisconsin
  • West Virginia
  • Wyoming

Feature Breakdown

No Prepayment Fee
Employment Statuses Considered
  • Other
  • Employed Full-Time
  • Employed Part-Time
  • Self-Employed
  • Retired
Immigration Status Considered
  • U.S. Permanent Resident
Joint Loan Applications Accepted
  • Cosigner
Military Status
  • Active Duty Military
  • Non-Military
Minimum Age 18
Minimum Annual Income $7,200
Supported Income Types
  • Direct Deposit (W2, SSA, SSDI)
  • Payroll Check or Prepaid Card
  • 1099 Misc. Income
Verification Documents Required
  • Driver License (or other photo ID)
  • Proof of citizenship/residence (Green Card)
  • Recent Pay Stubs
Credit Score Range 560 - 750
Loan Amount $1,500 - $20,000
APR (Fixed APR) 18% - 35.99%
Loan Term 24 - 60 months

OneMain Financial Car Purchase Loans Community Reviews

 

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SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly recommended by SuperMoney users with a score of +75, equating to 4.5 on a 5 point rating scale.

+75

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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