Carputty | Auto Loan

Carputty does not specify any income requirements, but applicants must be at least 18 years old, employed, and a legal resident of the United States.

• Credit history: Carputty prefers a credit score of 680 or above. However, its website states that the lender looks at more than just credit score when deciding eligibility.
• Residency: Carputty is available in all 50 states.
• Vehicle: The financed vehicle must be less than eight model years old at the time of application and have fewer than 85,000 miles. It must also have a clean title.
• Loan-to-value: For used vehicle purchases, the LTV must not exceed 110 percent. For current-year used vehicles, the value is defined as 90 percent of MSRP. For new vehicles, the LTV must not exceed 100 percent of MSRP.

You can apply for an auto loan directly on the Carputty website. Here is how to proceed:

1. Create an online account:

Click the Apply Now button on the home page and provide your email address and password to set up a member account.

2. Get pre-approved.

For the first application, you will complete a soft credit check. This lets you review your eligibility and financing terms without affecting your credit score.

3. Analyze your offer.

The rate you receive is based on your credit score rather than vehicle details such as the year, make, or model, which is a notable difference from traditional lenders. However, if your credit is poor, you may want to explore other lenders that rely on different underwriting criteria instead of Carputty.

4. Formally apply for funding.

Carputty will conduct a hard credit check when the line of credit is finalized. The Atlanta-based lender may also perform a soft credit check every 45 days to monitor your credit.

5. Get funded.

Funding may be available as soon as the day you apply. Once approved, you will get access to a secure dashboard where you can manage your current loans or add new vehicles.

• Personal contact information
• Social Security number
• Proof of employment