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      May 26, 2016
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Finding an auto loan is no longer limited to what your current bank will offer or what the dealer brings to the table. You can take control of your next auto loan terms by shopping online for the best deal available. Several auto loan companies post the most competitive auto loan rates online to attract your business.

Get Your Auto Loan With CARCHEX Today! In today's economy, may people have less than perfect credit. Many companies offer car loans to those who have suffered bankruptcy, late payments or a low credit score. By researching and finding the best auto loan, you'll potentially save hundreds to thousands of dollars each year in payments and interest over other auto loans.

However, not all auto loan companies are the same. There can be wide differences in the features and auto loan terms that they offer.

Before you apply for your next auto loan, consider the following important factors:

  • Application Process. What is the process of applying for the auto loan?
  • Best Auto Loans
  • History. Does the auto loan company have a history of pleasing the customer and using quality business practices? How do they rank at the Better Business Bureau?
  • Focus. What type of auto loans do they offer? Are their auto loans geared for all levels of credit?

TopConsumerReviews.com has reviewed and ranked the best Auto Loans available today. We hope these reviews help you find the most affordable loan available for you!

Disclosure: We pay our reviewers for their reviews. We are not compensated by companies for their reviews, but we are compensated for links and advertisements on our website. Click here for details.

2016

Auto Loans Reviews

5 stars
CARCHEX

CARCHEXTopConsumerReviews.com Best-In-Class Blue Ribbon Award

CARCHEX provides excellent options for borrowers looking to finance or refinance their auto loan. In addition to auto financing and refinancing, CARCHEX also offers vehicle inspection services, auto warranties, car buying tips, and more. Their website is easy to use and they've earned a strong BBB rating for their services. They earn our highest rating.
Read More... Visit
Site

4.5 stars
Lending Tree

LENDING TREE

Lending Tree is one of the nation's largest providers of new and used car loans. For those wanting the most competitive loan rate terms, Lending Tree is a great place to look. This company maintains relationships with the top banks and lenders in the U.S. and expedites the process of quickly and efficiently providing up to 5 competing loan options with only one application. Customers will find fixed rate loan terms from 12 to 84 months for loans from $7,500 to $300,000. Read More... Visit
Site

4.5 stars
Lending Club

LENDING CLUB

Lending Club provides personal loans that can be used for auto loans in the amount of $1,000 to $40,000. They also may offer more affordable lending rates than a traditional auto loan. Lending Club is a leader in facilitating personal loans between borrowers and individual lenders.
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Site

4 stars
Avant

AVANT

Avant is a relative newcomer to the personal lending business, but they can provide auto loans to borrowers with both excellent and less-than-perfect credit. They don't charge any fees for car loan applications or loan prepayments. For those people who'd like to get their money in as little as 24 hours, Avant is a good choice worth considering.
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Site

4 stars
Road Loans

ROAD LOANS

Road Loans has built a top-notch website that streamlines the car loan process. They've been in business over 10 years and support flexible financing for a full range of credit scores. If you're in the market for a car loan, Road Loans is an option you should consider. Read More... Visit
Site

3.5 stars
Automotive

AUTOMOTIVE

The Automotive website is well organized, educational and informative for anyone in the market for a new car. During your search for also apply for a loan online - to be matched with a number of available lenders. Read More... Visit
Site

3.5 stars
Auto Credit Express

AUTO CREDIT EXPRESS

Auto Credit Express specializes in bad credit car financing. The easy application process and available tools make Auto Credit Express the go-to website for those with damaged credit. Read More... Visit
Site

3 stars
Springleaf Financial

SPRINGLEAF FINANCIAL

Springleaf Financial has a long history of providing personal loans to individuals. They've earned a strong BBB rating, but the website lacks details we think should be there. We also found some reports of high interest rates and fees. Read More... Visit
Site

2.5 stars
USAA

USAA

USAA provides auto loans to military personnel and their families. Issues with the website layout and customer complaints at the BBB brought some concern.
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Site

1.5 stars
Web 2 Carz

WEB 2 CARZ

Web2Carz is a busy and unappealing website. Many of the car loan navigation buttons were not functioning during our review. We recommend you use a higher ranked auto loan company for your needs. Read More... Visit
Site

What You Should Know Before Getting An Auto Loan

Buying a new vehicle can either be an exciting experience, or one that stresses you to the max. For some people, it can even be a combination of the two. Sometimes people get caught up in the excitement of buying another vehicle, and find themselves being talked into more than they can reasonably afford. And once the deal is done, it’s hard to undo it.

Rushing into buying a new or used vehicle is never a good idea. Unlike other investments, such as real estate, vehicles are a very poor investment. They begin to depreciate in value the minute they are driven off the dealer’s lot, and continue to lose value for every year of ownership. However, for most people, vehicles are a necessity in order to get to work and other places they need to go. If you are lucky enough to live in an area with stellar public transportation, a vehicle is something you likely can do without. But for anyone living outside the reach of decent public modes of transport, a vehicle is a necessary evil.

Before buying any vehicle, whether new or used, shoppers should consider a few things.

First and foremost is to determine affordability. How much vehicle can you reasonably afford to own without going broke in the process? As a general rule, buyers should not spend more than 20 percent of their monthly income after taxes on a vehicle. If you are spending more than that, you risk overextending yourself financially and running the risk of ruining your credit report.

To estimate how much of a monthly payment you can afford, be sure to look at more than the purchase price of the vehicle. You must also factor in the interest rate, maintenance fees and insurance for the vehicle. All of these things should be considered under the 20-percent umbrella rule.

Consumers also should do some hefty research on the best way to secure financing if they are unable to cover the full cost of the vehicle’s purchase price in cash. One of the best places to look for an auto loan is through online auto loan companies. Some of these businesses have access to a large number of loan companies and can automatically compare their auto loan rates, delivering only the best ones to you.

Some websites also provide a valuable tool when researching loans and interest rates. Consumers are able to use prediction software to plug in their local zip code and generate a list of the going interest rates in their area. Some online calculators also will take all of the factors involved in owning a vehicle – purchase price, insurance, maintenance and financing – and generate a monthly cost for you. It’s always good to make use of these kinds of resources to be certain you’re not overextending yourself financially.

Another place to look for an auto loan is with your own financial institution. Having a solid financial history with a bank can help to secure a good deal. With longstanding customers, a bank may be able to negotiate a fair interest rate for you, and certainly better than what you could find through the car dealer.

Securing a loan through the auto dealer is usually not the best idea. It usually is the most expensive option when it comes to financing. While auto dealers may have a variety of financial institutions to tap in order to get a variety of interest rates and offers, they also are permitted to add up to a 3-percent fee on to the total in order to compensate themselves for securing the loan. So as a general rule, auto dealers should be the last place you look for a loan.

 

 

 

Auto Loans are Gaining Popularity Among Millennials

CHARLOTTE, N.C., May 25, 2016 /PRNewswire/ -- Millennials in Memphis, Milwaukee and St. Louis are seeking auto loans more often than their counterparts in any of the nation's top 50 cities, according to a new study by LendingTreeĀ®, the nation's leading ...

Published:  Wed, 25 May 2016 04:43:00 GMT



Zero Down Auto Loans with Bad Credit to Save Money

In exchange of offering bad credit zero down car loans to people with not so perfect credit score, the lenders often charge higher-than-average rates of interest. It is a common practice that is mainly designed to minimize risk. Additionally, details on ...

Published:  Tue, 24 May 2016 05:30:00 GMT



Auto loans roar to trillion dollar level

With auto sales cruising at a near record pace, the amount of money borrowed by car, truck and SUV buyers topped $1 trillion for the first time ever. Getty Images Experian, which tracks auto loans, says the total amount of auto loans in the first quarter ...

Published:  Thu, 19 May 2016 04:35:00 GMT



Lendingtree : Auto Loans are Gaining Popularity Among Millennials

LendingTree analyzed auto loan requests received from May 15, 2015 and May 15, 2016 for consumers between 18 and 34 years of age, along with requests from the total population of auto-loan-seekers in the same period. The city ranking is created from the ...

Published:  Wed, 25 May 2016 04:35:00 GMT



Good news is coming for America's low-wage workers

In a note on the growth of subprime auto loans, BAML economists Emanuella Enenajor and Lisa Berlin showed reason for optimism based on wage-growth metrics from the Bureau of Labor Statistics' employment report. "Finally, the lower-income consumer ...

Published:  Tue, 24 May 2016 04:35:00 GMT



Subprime lender GO Financial to stop originating auto loans

Subprime lender GO Financial will no longer originate auto loans effective today, company President Colin Bachinsky told Automotive News. "We're going to stop the pipeline for new applications,"¯ Bachinsky said. The lender, of Mesa, Ariz., will verify ...

Published:  Thu, 12 May 2016 02:19:00 GMT



Is Your Credit Score Killing Your Love Life?

During college, Lowry was able to build up to a score of 720, although she didn't having any student or auto loans. Following her dad's advice, she used one credit card, made a small purchase each month and they paid it off on time and in full.

Published:  Tue, 24 May 2016 07:34:00 GMT



TVA credit union opens Morristown branch, plans upgrades

The credit union made more than 19,000 auto loans in 2015, for a total of $359 million. Siler said the credit union has become its members' lender of choice for auto loans and is working to become that for home loans, too. In 2015, the credit union ...

Published:  Mon, 23 May 2016 15:17:00 GMT



Second credit-ratings agency flags increased stress in auto-loan market

S&P Global Ratings joined rival credit-ratings agency Fitch Ratings in flagging increasing risk in the market that packages and sells low-rated auto loans. S&P said Monday that U.S. subprime retail auto loan asset-backed securities (ABS) transactions are ...

Published:  Mon, 23 May 2016 14:06:00 GMT



 

 

 

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