Auto Loans Reviews

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CARCHEX

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.

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LENDING TREE

LendingTree is one of the nation's largest providers of new and used car loans. For those wanting the most competitive loan rate terms, LendingTree 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.

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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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MY AUTO LOAN

my Auto loan is a well-established service that connects you with offers from up to four lenders for your auto borrowing needs, from new and used car purchases to refinancing a current loan or even buying out the lease on your vehicle. Their lender's interest rates are very competitive, and using my Auto loan's service is completely free. As an accredited company with the Better Business Bureau for more than 10 years, my Auto loan is a solid choice for your next car loan.

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CARS DIRECT

Cars Direct provides a great service: linking car shoppers with dealer partners which offer auto loans. They have a quick application process and accommodate customers with all credit scores. And they have lenders across the country. Cars Direct has been in business since 1998 and scores above average customer ratings across the internet. We rank Cars Direct among the highest for auto loans.

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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.

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AUTOMOTIVE

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

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AUTO CREDIT EXPRESS

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

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ONEMAIN FINANCIAL

OneMain 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.

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USAA

USAA provides auto loans to military personnel and their families. However, issues with their website layout, along with customer complaints at the BBB, brought us some concern.

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INSTANT CAR LOAN

Instant Car Loan is an auto loan website catering to customers with all credit scores. They have an easy 2-step application process that links customers to local lenders. Also, they claim to have an A+ rating with the BBB but we could find no such accreditation. This inconsistency compels us to give Instant Car Loan a lower ranking.

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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.

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Auto Loans

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.

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
  • 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!



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 In The News

How the Fed Rate Increase Affects Your Mortgage, Car Loan and Credit Card Bill

The Federal Reserve's decision to raise its benchmark interest rate on Wednesday, the fifth increase since the financial crisis, will probably reach beyond Wall Street and into most American homes. Anyone with a credit card will see a small but instant ...

Published:  Wed, 13 Dec 2017 10:42:00 GMT



How a Fed rate hike could impact your auto loan

The short answer is "yes." However, it's not a perfect correlation. In other words, don't expect auto loan rates to increase by the exact amount the Fed raises the federal funds rate target range. There are certain consumer interest rates that are directly ...

Published:  Wed, 13 Dec 2017 12:03:00 GMT



How to throttle down on car costs and save thousands

As with insurance, shopping around can save you a lot of money. And make sure to look at options outside of the car dealer's financing. Sometimes the manufacturer might offer the lowest rate, but other times the better option might be a bank or credit union.

Published:  Tue, 12 Dec 2017 04:59:00 GMT



Subprime shrinks in Q3 auto loans

The share of subprime and deep subprime new-vehicle loan originations in the third quarter hit its lowest level since 2012, while prime and super prime loans continued to make up nearly three-quarters of the market, according to Experian's latest State of ...

Published:  Thu, 07 Dec 2017 13:00:00 GMT



Save time, hassle, and money with our guide to painless car buying and leasing

Federal law guarantees you one free credit report each year. Next, you need to shop around for the best loan rates. The car company might offer the best deal. Your dealership's Finance and Insurance department might be able to get you the best rate.

Published:  Wed, 13 Dec 2017 06:00:00 GMT



Subprime Auto Loans Decline in Third Quarter, Experian Says

The percentage of subprime vehicle loans dropped in the third quarter to its lowest level in five years, a trend that credit-reporting company Experian says disputes the notion of a pending bubble. "For some time now, the story has been focused ...

Published:  Sat, 09 Dec 2017 06:14:00 GMT



Smartphone app AutoGravity lets consumers get preapproved for auto loans

Valerie Cusco said her husband warned her not to fall for a scam. She really, really wanted a new car. And her birthday was coming. And she didn't want to wait. And she was excited. So she surrendered all her personal information and, well, it turned out OK.

Published:  Mon, 11 Dec 2017 20:00:00 GMT




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