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Discover Auto Loan Calculator, Interest Rates & Overview

Carla Soto
Updated 26 November 2023
Fact checked

Discover auto loans overview

Discover logo

Discover offers quick and competitive personal loans to help you with auto financing. Through Discover, you can enjoy flexible terms, no upfront fees, and fast funding time to purchase cars, motorcycles, and recreational vehicles.

Want to see what a Discover auto loan will cost? Try the Discover 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 Discover auto loan features

  • Minimum loan amount: $2,500.
  • Maximum loan amount: Up to $40,000.
  • Interest rates: 7.99% to 24.99% APR.
  • Loan terms: 36 to 84 months.
  • Loan fees: No application or origination fees.
  • Discounts: Undisclosed.

DISCOVER AUTO LOAN OPTIONS

Personal loans

Though Discover doesn’t have auto loans, you can use a personal loan to finance your car, motorcycle, or recreational vehicle. Your interest rate can range from 7.99% to 24.99% APR, and you can pay your loan for up to 84 months.

Discover auto loan calculator

Loan Amount

$25,000

Term

60 months

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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 Discover auto loan

Eligibility criteria

  • U.S. citizen or permanent resident
  • At least 18 years old
  • Have a minimum individual or household annual income of at least $25,000
  • Have a physical address
  • Have an active email address and access to a computer or mobile device

Other than these, note that auto loans are subject to approval. This means that you need to meet the criteria for debt-to-income ratio (DTI), credit history, and application information.

What you’ll need to have ready

Personal details

When you apply for auto financing with Discover, 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 Discover 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.

One factor that influences your APR is your credit score. So, ensure that you have a good credit standing before applying. This will support your application and up your chances of getting better rates and terms and lower monthly payments.

Ways to apply for a Discover auto loan

  • Apply online by clicking the GO TO SITE link in the table below
  • Visit a branch
  • Call 1-866-248-1255

Additional Discover auto loan details

  • Automatic payment: Available.
  • Rate discounts: Potential lower APRs for borrowers with the best credit.
  • Repayment frequency: Monthly.
  • Late payment fees: $39.
  • Prepayment penalty: None.
  • Co-borrowers allowed: No.
  • Co-signers: Not allowed.
  • Hardship program: Loan repayment programs. (Know more)
  • Ways to repay: Mobile app, automatic payments, secure account center, over the phone, by mail, wire transfer, and electronic bill pay.

Vehicle restrictions and limitations

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

PROS AND CONS

Pros

  • Flexible loan terms.
  • Quick loan approval.
  • No application or origination fees.
  • No prepayment penalty.
  • Autopay available.
  • No collateral needed.
  • Fast funding time.
  • Funds can be used to buy cars, motorcycles, and RVs.
  • Multiple monthly payment options – mobile app, automatic payments, secure account center, over the phone, by mail, wire transfer, and electronic bill pay.
  • Loan repayment assistance available.

Cons

  • Lack of auto loans.
  • $39 late fee.
  • Higher range of interest rates.
  • Co-borrowers and co-signers not allowed.

FREQUENTLY ASKED QUESTIONS

Can I get a car loan through Discover?

Discover doesn’t offer auto loans, but you can apply for a personal loan to finance your vehicle.

Are Discover auto loan interest rates fixed or variable?

A Discover personal loan comes with fixed interest rates.

What is the maximum term of a Discover vehicle loan?

You can secure terms ranging from 36 to 84 months.

Where can I apply for a Discover auto loan?

You apply online or call 1-866-248-1255. Remember though that you need to go online to finalize your Discover loan.

How long does Discover take to approve car loans?

Most of the time, loan applications are approved within the same day as long as there is no missing information.

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

You may get the funds as soon as the next business day after approval and acceptance. This way, you can make your car payment earlier.

Can I repay my Discover car loan early?

Yes. Discover doesn’t charge prepayment penalties when you pay your loan sooner.

How do I pay my Discover auto loan?

You can make monthly payments to your current auto loan through the mobile app, secure account center, phone, mail, wire transfers, and bill pay.

Video: Ask the Expert: “3 tips for purchasing a car”


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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