For PDF document that can be shared, see Fast Facts - Auto Loans
What are CEO Auto Loans?
CEO Auto Loans are fixed-rate installment loans to finance a vehicle purchase.
Who can apply?
CEO’s loans are designed to help individuals engaged with our partner’s related economic development programs. As with all CEO loans, applicants must complete training on credit. For Auto Loans, CEO also requires that all applicants complete basic Auto Purchase training. Some partners may have additional requirements for program participation depending on local capacity – ask your local partner about any additional terms.
It is important to note that being eligible to apply for an Auto Loan is very different than being approved for a loan. Please review the document titled How CEO Makes Loan Decisions for important information on getting approved for a CEO loan.
How much will it cost?
The monthly payment amount will depend on the total loan amount and the number of months to repay. Generally, the longer the repayment on a loan, the lower the monthly payments but the higher the total interest paid will be. As with all CEO loans, rates are fixed and will never increase after you sign your contract. See our current rate sheet for loan amounts, rates, and terms.
Other things to consider
- Know your credit score! CEO’s Auto Loans are great for those without good credit, but if you
already have excellent credit you may get a lower rate from another lender.
- CEO must be listed as the first lienholder on all vehicles financed.
- Don’t forget about the insurance costs! Approved borrowers agree to secure and maintain
comprehensive + collision + uninsured motorist coverage with policy limits of at least
75% of the resale value of the car. If you ever get into an accident, this level of insurance will
help you pay your loan and protect your financial health – so be sure to budget in advance.
- If the sales price of the car is less than the approved loan amount, borrowers may receive funds
up to 10% of the total car sale price to help cover costs such as registration, taxes, or insurance.
For example, you may be approved up to $12,000 and the car you find has a total sale price of
$10,000 – then you have the option to take up to $1,000 (10%) in cash, resulting in a total loan
How to apply
- Visit your local office to complete a CEO Loan Application and meet with a financial coach. Here’s a list of the items you’ll need for the loan request:
- Personal email address
- Valid government-issued photo ID
- A U.S. checking bank account with routing and account number
- 2 most recent monthly bank statements (personal and business)
- 2 most recent pay stubs or other verifiable business income statements
- Your financial coach can help you complete your application (loan decisions are usually made within three weeks of application).
- If approved, you can begin looking for a vehicle right away! Your approval is good for 60 days.
Once you find a car you like, simply show the dealer your CEO Loan Approval e-mail, and they
are instructed to send us the Bill of Sale. If the vehicle meets our “Good Deal” Auto Purchase
standards, we will have the contract ready for your signature within two (2) business days.
- We will send you the loan contract to sign electronically. Once signed, we will send the funds
directly (by certified check or ACH transfer only) to the dealer and you can contact the dealer to pick up your new car.
- Funds sent via ACH are usually available within three (3) business days after signing the loan contract – most dealers are happy to let customers take possession of the vehicle immediately, however, some may want to wait until the payment is fully processed by the bank.
Your local contact will be able to answer any additional questions you might have.
For California Residents
- CA FINANCE LENDER’S LICENSE #60DBO54868
- LOANS MADE OR ARRANGED PURSUANT TO CALIFORNIA FINANCE LAW LICENSE
- FOR INFORMATION CONTACT THE DEPARTMENT OF BUSINESS OVERSIGHT, STATE OF CALIFORNIA