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      September 24, 2020

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Credible vs Instant Car Loan

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

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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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1 star
Instant Car Loan

INSTANT CAR LOAN

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BBB Rating:

D-, not accredited

Instant Car Loan promises that you can request a car loan in seconds. In operation for more than 10 years, this auto loan referral service encourages customers of all credit types to apply, having worked with thousands of people who didn't have perfect credit histories.

Not so instant

To see if you qualify for an auto loan through Instant Car Loan, you start by entering your name, zip code and email address. In step two, you'll have to provide your detailed information: SSN, employer name and gross monthly income, and so on. Your application will be shared with up to five partner lenders, and those partners might run a credit report before contacting you. Instant Car Loan isn't so "instant": they don't fund anything themselves, but rather connect you with their network of auto loan providers.

Serious concerns

However, because of some serious concerns we had with this site, you may not feel comfortable going through the whole process of applying for an auto loan. Why? Here's what we found.

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D- rating

Would you entrust your finances to a lender whose parent company is called "Internet Brands"? That's who owns Instant Car Loan - along with Cars Direct, Groove Job, and several other businesses. Sure, that in itself might not be so bad, but when you consider that Internet Brands has a "D-" rating from the Better Business Bureau, it becomes obvious that you won't want to give this auto loan provider access to your personal information.

Is anyone there?

We came across one customer comment from over a year ago, asking if anyone is actually managing this business. No one ever responded. Plus, the Instant Car Loan site proudly claims an "A+' rating with the BBB: that is definitely not the case.

Cannot recommend

With all that said, we just don't feel that Instant Car Loan is a trustworthy source of funding for your auto loan. We cannot recommend strongly enough that you work with one of the higher-ranked lenders in our review.

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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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