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      November 24, 2020

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Credible vs Auto Credit Express

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To help you find the Best Auto Loans, TopConsumerReviews.com provides you with an in-depth comparison of Credible and Auto Credit Express.

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Where can you get the best auto loans? You're right if you suspect that the answer to that question is "not necessarily at the dealership".

You might initially be lured in by a dealership's attractive 0% financing offers - but unless you've got extremely good credit, you're not going to qualify. And, in the excitement of getting your new (or new-to-you) car, you could wind up with interest rates on your car loan that are even higher than what you'd get elsewhere.

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2020

Auto Loan Reviews

4.5 stars
Credible

CREDIBLE

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BBB Rating:

A+, accredited since 2015

You shouldn't have to fill out dozens of online applications to get an auto loan, right? Credible agrees with you: with just one form, you can apply with ten different lenders to see how much you can borrow and at what rates.

Nearly 10 years

For nearly ten years, this service has helped borrowers get the money they need for buying a car, paying off credit card debt, and many other purposes. In other words, Credible connects you with sources of personal loans, which you can then use to purchase your next vehicle.

10 lenders in network

If you're curious, these are the ten lenders in the Credible network:

  • Avant
  • Axos Bank
  • LendingPoint
  • LightStream
  • Marcus
  • Payoff
  • Prosper
  • SoFi
  • Upgrade
  • Upstart (our #1 pick for auto loans)

Loans from $1,000 to $100,000

Each of those services has different criteria for approving your auto loan, and some may only work with clients looking to consolidate debt or who have good-to-excellent credit. The good news is that Credible does all of that determination for you, and your application is only matched with lenders willing to work with you and your situation. Across that network, loan amounts range from $1,000 to $100,000, with interest rates typically between 5.99% APR and 35.99% APR.

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Soft pull of your credit

To get started, you'll complete Credible's online form with your educational background, employment status, contact information and Social Security number, so that a "soft pull" of your credit can be run. This will not affect your credit score. You'll then get a results list of the lenders who are tentatively offering you vehicle financing, pending your completed application with them and acceptance of your loan terms.

Best Rate guarantee

A nice benefit offered by Credible is their Best Rate Guarantee. Should you happen to find a better rate with a lender elsewhere and actually close on that loan, you might qualify for a payment of up to $200! You should read the Learn More pop-out on the Credible site if this applies to you; there are some criteria that determine your eligibility, such as turning in your request within a week of closing on your auto loan.

Customer compliments

Credible gets high marks all around. Not only do they continue to have an "A+" rating and accreditation from the BBB, but their customer reviews tell a similar story. Out of nearly 4,000 client ratings, Credible had an average of 4.7 out of 5 stars. Users say that the platform delivers what it promises: a fast, easy way to compare loan offers from multiple lenders at once, and a good borrowing experience once the loans are funded with the partner companies. Any complaints we found tend to be directed towards the lender itself and not about the reliability or usefulness of the Credible service.

Strong choice

The biggest drawback of using Credible for your auto loan is the obvious one: you'll still have to complete the actual borrowing process with another company, once you've been connected via your Credible account. This platform can still save you time and hassle with a one-stop application that is routed to several lenders, so it's worth considering for your auto loan. Just remember that any loan terms, rates and fees will depend solely on the lending partners, so you'll still need to do some research once you've been matched with them.

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3.5 stars
Auto Credit Express

AUTO CREDIT EXPRESS

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BBB Rating:

A+, accredited since 2004

If you're trying to buy a car and your credit history is less-than-perfect, you might want to check out Auto Credit Express. This service has a good reputation: an "A+" and accreditation from the Better Business Bureau, with very few complaints over more than 20 years in operation. In other words, if you've got bad credit, this is a good option to have!

Quick & easy application

The online application process only has a few steps: fill in your name, address, birthdate, living situation (rent, own, live with family) and monthly payments, employment information, Social Security number and contact information. Your application will be given to Auto Credit Express' network of dealerships for approval.

Car dealer partners

It's important to note that, if your auto loan is approved, it can only be used to buy a car from one of their "authorized licensed car dealer partners". At the time of our review, there were more than 1,000 active dealerships nationwide in their network; you can click on the big purple box towards the bottom of the page and browse them to see if there are any in your area. It will be the dealership that gives you the funding, not Auto Credit Express, so your credit report will not be checked when you fill in the application on this site.

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Specialize in bad credit

This service specializes in auto loans for people with bad credit, so there are some basic eligibility requirements you'll need to meet if this applies to you:

  • At least 18 years old
  • Minimum gross monthly income of $1500 if your credit score is less than 625
  • No auto loan repossessions within the last year (unless they were included as part of a bankruptcy)
  • Completed 341 meeting of creditors if there's a Chapter 7 Bankruptcy
  • Authorization to Incur Debt required from trustee for a Chapter 13 Bankruptcy

Helpful information

You can also check out some of the resources at the bottom of the Auto Credit Express site. There, you'll find a car loan estimator and details on how to get your free credit score, as well as information on loan options like $500 down, military financing, and more.

Smooth transactions

We were pretty impressed with the number of recent customer reviews saying that they had an excellent experience using this service to get the auto loan they needed. People frequently mentioned low down payments, fantastic customer service at the partner dealerships, and a smooth transaction overall.

Solid track record

While you may have to give up some options if you get your auto loan with Auto Credit Express (because of the requirement to get the funding through one of their partner dealerships), it might be a good idea to see what they come up with - especially if your credit history is a little shaky. This lending referral service has a solid track record with thousands of satisfied car shoppers, earning them a better-than-average rating among sources of auto loans.

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Continued from above

Savvy consumers know that the best way to get truly competitive rates on auto loans is by comparison shopping with online lenders. Even if you're just starting the research process, it only takes a few minutes to find out how much you're qualified to borrow and with what loan terms. With that information in hand, perhaps with a preapproval letter too, you'll be much more confident walking into the dealership and negotiating the best possible deal on the car itself.

Some providers of auto loans specialize in helping customers with less-than-perfect credit. These lenders can work with you to get a loan that you can afford, and they take into account your whole financial picture - not just your low credit score, previous late payments, or a bankruptcy in your past. Of course, if your credit history is excellent, shopping around for your auto loan online will likely turn up dozens of offers to choose from.

It's important to carefully consider several criteria when evaluating different online lenders. These factors include the following:

  • Reputation. A seemingly-great auto loan is a bad deal if the lender isn't trustworthy. What does the Better Business Bureau say about the company? Have other car shoppers had a good experience?
  • Functionality. How easy does the auto loan site make the borrowing process, from information-gathering to funding? Can you work through the steps of securing your loan quickly and intuitively?
  • Options. To whom does the lender cater (e.g. people with good/bad credit? New/used car shoppers?)? Do you have a wide range of loans to choose from, both with respect to interest rates and length of the loan period? Are there any perks or penalties in the fine print?

TopConsumerReviews.com has reviewed and ranked the best auto loan providers available today. We hope this information helps you get the right financing for your next vehicle purchase or refinance!

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