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Rocket Loans Auto Loan Calculator, Interest Rates & Overview

Carla Soto
Carla Soto
Updated 19 October 2023
Fact checked

Rocket Loans auto loans overview

Rocket Loans logo

Rocket Loans has flexible auto financing with stress-free car-buying services through Rocket Auto. With this, qualified borrowers can get financing, vehicle protection, and vehicle delivery. Plus, funding can be used for different car expenses, like purchasing, covering damages, etc.

Want to see what a Rocket auto loan will cost? Try the Rocket Loans auto loan calculator below! All you have to do is enter your desired loan amount and term to see an estimate. You can use the calculator to adjust your loan amount and term to see how it might affect your monthly repayments.

Key Rocket Loans auto loan features

  • Minimum loan amount: $2,000.
  • Maximum loan amount: $45,000.
  • Interest rates: 9.116% to 29.99% APR.
  • Loan terms: Up to 60 months.
  • Loan fees: Up to 9% origination fee.
  • Discounts: Autopay discounts.

ROCKET LOANS AUTO LOAN OPTIONS

Auto personal loans

Rocket Loans’ auto personal loans can help you buy your dream vehicle. Additionally, you can use the funding for damages from an accident or new parts. Interest rates can start at 9.116% APR (with autopay discount), and repayment periods can be up to 60 months.

Rocket Loans auto loan calculator

Provider
Product Information
EST Monthly
Repayment
Interest
Rate
Repayment
Period
Loan
Amounts
Sort loans by

Loan Amount

$25,000

Term

60 months

Change
Rocket Loans

Rocket Loans auto loan

Rocket Loans auto loan
Estimated Month Repayments
$595 Inclusive of fees
Interest Rate
15.00%
APR
Repayment Period
12 months
to 72 months
Loan Amounts
$5,000
to $100,000
GO TO SITE
Get a low interest rate Rocket Loans auto loan
Featured
Achieva Credit Union

Achieva - New Auto Loan

Estimated Month Repayments
$437 Inclusive of fees
Interest Rate
1.89%
APR
Repayment Period
12 months
to 84 months
Loan Amounts
$5,000
to $100,000
GO TO SITE
Low fixed interest rates. Flexible terms. Same-day approvals. No hidden fees.
Featured
Bank of America

Bank of America auto loan

Estimated Month Repayments
$595 Inclusive of fees
Interest Rate
15.00%
APR
Repayment Period
12 months
to 72 months
Loan Amounts
$5,000
to $100,000
GO TO SITE
Get a low interest rate Bank of America auto loan

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Minimum and maximum loan periods vary between 1 month and 10 years. Annual Percent Rates (APR) vary between 4.99% and 35.99% p.a. Total interest repayments vary between $592 and $916 over the life of the loan. *APR is based on an unsecured loan of $20,000 over a term of 3 years. WARNING: This APR is true only for the examples and may not include all charges. Different terms, fees or loan amounts might result in a different APR. These rates can change without further notice.

How to apply for a Rocket auto loan

Eligibility criteria

  • At least 18 years old
  • A U.S. resident
  • Must reside in a state where Rocket Loans operates

Other factors affect your qualifications for vehicle financing, too. These include your credit score, income, current debts, and more. So, try to build your credit before you apply to improve your chances of securing a car loan. Plus, this can help you get lower rates and better terms.

What you’ll need to have ready

Personal details

When you apply for auto financing with Rocket Loans, you’ll be asked to provide personal information such as:

  • An email address
  • Your full name
  • Address
  • Social Security number
  • Employment information
  • Income details
  • U.S. citizenship status
  • A list of monthly expenses

Documents

You may need to provide Rocket with additional documents to complete your loan request. These documents may include a purchase agreement or bill of sale, car registration and title, instructions for buying out a lease, proof of income (such as federal tax returns and W-2s), and financial statements.

Besides having the documents ready, it will also give you an edge if you’re familiar with the loan application process. This will help you better prepare and compare a range of options.

Ways to apply for a Rocket Loans auto loan

  • Apply online by clicking the GO TO SITE link in the table below
  • Visit a branch
  • Call (800) 333-7625

Additional Rocket auto loan details

  • Automatic payment: Available.
  • Loan approval times: Instantly in some cases, but it may take longer if you need to provide more documents.
  • Rate discounts: Discounted rate with autopay.
  • Repayment frequency: Monthly.
  • Late payment fees: $15.
  • Prepayment penalty: $0.
  • Co-borrowers allowed: Undisclosed.
  • Co-signers: Undisclosed.
  • Hardship program: Undisclosed.
  • Ways to repay: Automatic payments and by mail.

Vehicle restrictions and limitations

  • Maximum vehicle age: Undisclosed.
  • Maximum vehicle mileage: Undisclosed.
  • Other vehicle restrictions: Undisclosed.

PROS AND CONS

Pros

  • Quick turnaround time.
  • Same-day funding.
  • Convenient car-buying services.
  • No prepayment penalty.
  • Online pre-approval available.
  • Autopay discounts.
  • Optional vehicle protection offered.
  • Funding can be used for purchasing, covering damages, and paying for new parts.

Cons

  • 9% origination fee.
  • $15 late payment fee.
  • Higher interest rates.

FREQUENTLY ASKED QUESTIONS

What are the current car loan rates at Rocket Loans?

Rocket Loans offers auto personal loans ranging from 9.116% to 29.99% APR.

How to pay my Rocket car loan?

Loan payments can be through automatic transfers or mail.

Are there early repayment fees on Rocket auto loans?

You can pay off your loan earlier without incurring a prepayment penalty.

How long does a Rocket car loan take to be approved?

Rocket Loans may validate your application in real time, but it may take more if you need to submit additional documentation.

How long does it take for a Rocket Loans auto loan to be paid into my account?

Depending on your bank and application, you may receive your fund on the same day.

Does Rocket Loans refinance auto loans?

No. Currently, auto personal loans can be used to purchase, cover damages, and pay for new parts.

Will applying for a car loan with Rocket affect my credit score?

A formal application will result in a hard credit check. So, this will appear on your credit report and temporarily lower your score. But to build your credit profile, ensure you consistently meet your repayments.

Video: How Rocket Loans can help

Carla Soto
Carla Soto

Carla is a skilled copywriter at BestFind with a background in marketing and communications. She specializes in reviewing personal loan and finance products to help readers navigate the complex world of personal finance.

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Seeloans.com provides factual information in relation to financial products. While Seeloans.com attempts to make a wide range of products and providers available, it may not cover all the options available to you. Moreover, we cannot be responsible for changes made to this information by product providers and/or inaccurate information obtained from a product provider. All product information comes from the product provider or publicly available information and to the best of our knowledge is correct at the time of publishing. The information published on Seeloans.com is general in nature only and does not consider your personal objectives, financial situation or particular needs and is not recommending any particular product to you. If you decide to apply for a product you will be dealing directly with that provider and not with Seeloans.com. Seeloans.com recommends that you read the relevant product disclosure statement or product guide before taking up any financial product offer. For more information please see Seeloans.com’s Terms of Use and Services Guide.

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