A Better Rate Awaits

Need help paying for your new wheels?
We work with more than 30 banks to get you excellent financing rates.

An Extensive
Financing Network.

We know price is important when buying a car, but so is the cost of financing. Vroom wants to make sure you get as good of a deal on your interest rate as you do on your new ride. We work with more than 30 banks and financial institutions, including Capital One, Bank of America, and TD Bank, to find you the lowest rates in the market without the need to shop around.

Car Financing 101.

The following factors affect the type of financing terms you may receive from a bank. Read up so you are better informed to make smart decisions about your financial future.

Credit Score

A Credit Score is the metric most lenders use to determine your financial risk. The better your credit score on your credit report, the better the rate you are going to get. Don’t know your credit score? Get your credit scores from one of the three credit reporting agencies:Equifax |Experian |TransUnion.

Ratio of Debt-to-Income

The debt-to-income ratio helps lenders anticipate whether you will feasibly be able to pay off your loan in a timely fashion, by understanding how much of your regular income goes to existing debt.

Size of Down Payment

The larger a down payment you can make, the more favorable the terms you will be offered. So if you can afford it, you are better off putting down a larger down payment than a smaller one.

Age and Quality of the Vehicle

The age and the quality of the vehicle can also affect the terms of a loan. Newer models with low miles generally receive better terms from lenders, for the simple reason that, in the event of a default, the lender can repossess the vehicle and resell it for a higher price.

Length of Loan

The length of the loan indicates to lenders how long they have to put up with the risk. The shorter the length of the loan, the less risk they will take which means the more favorable the terms will be. It will be in your favor if you can afford a larger payment a month with a shorter term (length of the loan).