Auto FAQ
EXCITE IS THE COMMUNITY'S AUTO RESOURCE PARTNER
AUTO LOAN FINANCING FAQS
Your guide to smarter, easier car buying, financing and EV ownership.
Welcome to Excite’s Auto Loan FAQs
Your guide to vehicle financing, buying and selling cars, insurance, and more. Get the answers you need to make confident, informed decisions every mile of the way.
Auto Financing
An auto loan is money you borrow to buy a car, which you repay with interest over time. Excite makes it simple and affordable to get on the road.
New auto loans are for brand-new cars, while used auto loans cover pre-owned cars. Rates and terms may differ, with new cars often qualifying for lower rates.
Pre-qualification is a quick estimate with no credit impact. Pre-approval is a stronger commitment based on your credit and finances, giving you more bargaining power.
A good rule is to keep your monthly car payment under 10–15% of take-home pay. Use Excite’s Auto Loan Calculator to find the right fit.
Your credit score, income, existing debts, loan term, age of car, and whether it’s new or used. Stronger credit and shorter terms usually mean lower rates.
Yes. Excite works with Members of all credit backgrounds and will help you find the best loan for your situation. We’ll even share some tools and resources will help you to improve your credit over time.
Yes! Refinancing may lower your monthly payment or shorten your loan term. Many Members switch to Excite for better rates.
Not always, but it helps. Even a small down payment lowers monthly payments and improves approval odds. Excite finances up to 125% of a car’s value in some cases*.
*Up to 125% of MSRP or appraised value plus tax, license, mechanical breakdown insurance, vehicle maintenance contract and guarantee asset protection (GAP) on Dealer New and Used purchases. Up to 125% of KBB Private Party "Good" Condition, plus tax, license, mechanical breakdown, vehicle maintenance contract and guarantee asset protection (GAP) on Used Private Party purchases. Up to 115% of KBB Private Party "Good" condition for Older Model vehicles, equity out, and private party purchase, including tax, license mechanical breakdown and GAP.
Excite offers flexible, competitive rates for new, used, and refinance loans. Check Rates
Yes! We provide Small Business Auto Loans to help your company get on the road.
Absolutely. Excite supports financing for mobility and accessibility cars to keep you driving safely.
Car Buying Education
New cars offer warranties and features but depreciate quickly. Used cars are more affordable but may need more upkeep. Consider your budget and goals.
Do your research, know your budget, and get pre-approved. This gives you leverage and confidence at the dealership.
Ask for the total “out-the-door” price and review add-ons carefully. You can always decline extras.
Yes! We offer private party auto loans to help you buy directly from an individual seller. To learn more, check out our blog: "Buying a Car from a Private Seller?"
Get a car history report, check maintenance records, and have a trusted mechanic inspect the car.
GAP covers the difference between your loan balance and what insurance pays if your car is totaled or stolen. It’s helpful if you put little down or have a longer term. Ask us about the GAP insurance that Excite offers.
Lenders may look at your credit, income, debts, and down payment. Excite offers education and support to help first-time buyers succeed.
Read Excite’s resources:
Electric Vehicles (EVs)
EVs save money on fuel, reduce emissions, and need less maintenance. With more models and incentives, EV ownership is easier than ever. Excite provides a rate discount on your loans for electric vehicles.
Charging usually costs less than fueling. Home charging can save hundreds per year compared to gas.
Most drivers charge at home. For public stations, apps like PlugShare or ChargePoint make it easy to find a charger near you.
It depends on the charger. A home outlet may take overnight; fast chargers can bring an EV to 80% in 30–45 minutes.
Yes. EVs don’t need oil changes and have fewer moving parts, which often means lower repair costs over time.
Buying & Selling Your Car
Selling privately can bring more money but takes longer. A trade-in is quicker and easier but may bring a lower offer.
Use tools like Kelley Blue Book, Edmunds, or NADA for a fair estimate.
Typically, you’ll need the title, bill of sale, and release of liability. Check your state’s DMV for exact requirements.
Yes. Excite offers private party financing to make the process simple and secure. To learn more, check out our blog: "Buying a Car from a Private Seller?"
Leasing means lower monthly payments and newer cars, but no ownership. Buying builds equity and lets you drive payment-free once the loan is paid off.
Excite offers Lease Buyout Loans so you can purchase the car you already love.
Clean it up, gather your records, and check pricing guides for your car's current value.
Insurance & Protection
You’ll need full coverage—liability, collision, and comprehensive—until the loan is paid off. This protects you, your car, and Excite as your lender.
- Liability covers damage you cause to others (required by law).
- Collision covers your car in an accident.
- Comprehensive covers theft, vandalism, fire, or weather damage.
Maintain a clean driving record, bundle insurance, ask about discounts, and keep your credit strong. To learn more, check out our blog: “How to Save Money on Car Insurance”.
Financial Wellness & Planning
Making on-time payments helps build your score. Missing payments can lower it, so staying current is key. To learn more, check out our blog: "Understanding How Much Car You Can Afford and the Impact of a Good Credit Score."
Don’t forget about insurance, gas or charging costs, routine maintenance, registration, taxes, and DMV fees. Planning ahead keeps your budget on track.
