When you see an offer for an auto loan on Credit Karma, be sure to review all additional details under Details and Disclaimer. Keep in mind that actual payment amounts and other terms and fees may differ from the estimates you see in the offer overview. Because offer details and rates are subject to change after the lender reviews your loan application, it’s important to review the offer terms from the lender both before and after you apply to make sure the offer you receive is still in line with the goals you’re trying to achieve.
The estimated Annual Percentage Rate (APR), term of the loan and monthly payment on a Credit Karma offer are based on your credit profile and/or available rate information from that specific lender. Lenders generally have a range of available APRs and only borrowers with excellent credit will qualify for the lowest rate available.
Your actual APR will depend upon factors evaluated at the time of application, which may include:
- Credit score
- Loan amount
- Loan term
- Vehicle information
- Credit usage
- Credit history
The lender may also impose additional restrictions, such as vehicle value, model year and income qualifications. When evaluating offers, you should review the lender's terms and conditions for additional details.
On Credit Karma you’ll see your VantageScore 3.0 credit scores from two of the three major consumer credit bureaus, which can give you an idea of your overall credit health. Before applying for an auto product, you should look at your other credit scores, like your FICO score, which lenders may use in evaluating your application.
You can learn more about auto loan refinancing in this article: Is Auto Loan refinancing worth the effort?