Auto Purchase Loan

Use of Loan Proceeds. Loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z, such as college, university, or vocational expenses; for any business or commercial purpose; to purchase cryptocurrency assets, securities, derivatives, or other speculative investments; or for gambling or illegal purposes.

Loan Approval and Terms. Loan approval and actual loan terms depend on your state of residence and your ability to meet OneMain Financial's credit standards, including a responsible credit history, sufficient income after monthly expenses, and availability of collateral. APRs are generally higher on loans not secured by a vehicle.

Disbursement of Funds. Funds can be accessed within an hour after loan closing if using a bank-issued debit card and disbursed through the SpeedFunds® debit card network. Alternatively, funds may be disbursed by electronic deposit to the borrower’s bank account through the ACH network (available approximately 1 to 2 business days after closing) or by check.

Credit Score. OneMain Financial looks at a variety of factors when evaluating your loan application, including your credit score and credit history. Although they consider borrowers with less-than-perfect credit, you may need to have a minimum credit score to qualify.

Age and Residency. You must be at least 18 years old and a U.S. citizen or permanent resident. Also you must be a resident of the state where you are applying for a loan.

Income. You must have a stable source of income, such as a job or benefits, that is sufficient to cover your loan payments.

Debt-to-Income Ratio. Your debt-to-income ratio (DTI) is calculated by dividing your total monthly debt payments by your gross monthly income. OneMain Financial considers your DTI when evaluating your loan application, and you may need to have a certain DTI to qualify for a loan.

Collateral. For larger loan amounts, a first lien on a motor vehicle no more than ten years old, meeting OneMain Financial's value requirements, titled in your name with valid insurance, may be required. Not all applicants will qualify for larger loan amounts or most favorable loan terms.

Minimum and Maximum Loan Sizes. Loan sizes are subject to state-specific regulations. For example, borrowers in Alabama must borrow at least $2,100, while in California, the minimum loan size is $3,000. Maximum unsecured loan sizes also vary, with North Carolina unsecured loans capped at $7,500 for all customers and secured loans at $11,000 for present customers. General values range from $1,500 to $20,000.

Refinancing or Debt Consolidation. If considering refinancing or consolidating existing debt, be aware that this may result in higher total finance charges if the interest rate is higher or the loan term is longer. Consider the impact of increasing your debt, monthly obligations, and the length of your repayment term.

Origination Fees. Charged as either a flat amount ($25 to $500) or a percentage fees (1% to 10%) of the loan amount, depending on the state.

Late Payment Fees. Flat fees range for late payments may be a flat amount ($5 to $30) or a percentage (1.5% to 15%) of the payment amount, subject to state regulations.

Non-Sufficient Funds Fees (NSF). Fees ranging from $10 to $50 are charged for payments returned due to insufficient funds, where state laws allow.

Governmental Fees. Charges related to securing a lien on a vehicle's title, passed through at cost from state or county fees.