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      November 24, 2020

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Credible vs OneMain Financial

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

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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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Best Reviews

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 stars
OneMain Financial

ONEMAIN FINANCIAL

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BBB Rating:

A+, accredited since 1985

OneMain Financial is a lender with a very long history - more than 100 years! They have in-person branches in 1,500+ locations throughout the country offering personalized service.

Loans from $1,500 to $20,000

When it comes to financing, this company provides personal loans that can be used for whatever purpose you choose - including the purchase of a vehicle. Their loan amounts range from $1,500 to $20,000, so you might be out of luck if you're hoping for a brand-new Porsche or Tesla and need an auto loan to do it.

No risk

It's easy to see if you qualify to borrow money from OneMain. Start by entering the desired loan amount and click on "Check For Offers". On the next page, you'll fill out the usual details: name, contact information and address, last four digits of your SSN (to verify your identity), monthly net income and source, and if you currently own a vehicle. Checking for a pre-qualified offer won't affect your credit score, so there's no risk to seeing what OneMain has available for your auto loan.

Less convenient

Although we didn't find this information stated explicitly in the site's fine print, OneMain only provides auto loans in 44 states (according to the Better Business Bureau). Unfortunately, that may mean it's trial-and-error for you to determine if you live in one of the 6 states that isn't served by this company. You also have to go to a OneMain branch in person, if you decide to accept their loan offer. That makes this service a lot less convenient when compared with online-only auto loan providers.

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Where do you live?

Where you live may also impact the size of the auto loan you qualify for. You've got minimum loan sizes ranging from $2,100 to $3,100 in Alabama, California, Georgia, Ohio and Virginia. On the other end of the spectrum, unsecured loans have limits ranging from $7,500 to $14,000 in Florida, Iowa, Maine, Mississippi, North Carolina, New York, Texas and West Virginia.

Collateral needed for large loans

For the largest loans, you'll be required to provide collateral to secure them. OneMain will put a first lien on a car you already own: it has to be no more than 10 years old, meet certain value requirements, be titled in your name and have valid insurance. That could be a problem if the whole reason you need an auto loan is to get a car, let alone a second car. But, we appreciate that this lender is upfront with that kind of information: many of their rivals also have requirements and limits, but you'll have a hard time finding them until you're well into the application process.

Pay attention to your loan details

Speaking of disclosure, OneMain Financial charges origination fees that also depend on where you live. Expect to pay a flat fee ranging from $25 to $400, or a percentage of your total loan ranging from 1% to 10%. You'll find your specific fees on the Loan Agreement and Disclosure Statement. While your auto loan terms will vary, OneMain publishes that their APR typically ranges from 18.00% to 35.99%, with term lengths of 24, 36, 48 or 60 months. Those interest rates are really high, compared with some of the other companies in our review - if your credit history is good. Just be sure to read your disclosure statement very carefully, and don't be afraid to shop around to get a lower rate.

Customer complaints

As a big corporation with a history spanning a century, OneMain can be expected to have its fair share of customer complaints. We were a little surprised to see more than 700 on the BBB site alone, as well as over 1,300 customer reviews that were mostly negative. On the other hand, OneMain Financial has an "A+" rating and accreditation from the BBB, and you can read for yourself the responses to those complaints from company reps. That's a good sign when negative comments receive a prompt, professional reply, and it shows OneMain's commitment to their customers.

Thousands of 5-star ratings

You'll see that commitment and customer satisfaction reflected in reviews beyond the BBB site. We found more than 20,000 5-star ratings for OneMain from clients who praised this lender for being fast, fair, and easy to work with, particularly giving kudos to the people working in the branches where the auto loans are finalized.

Strong reputation

OneMain Financial has some things going for them with respect to auto loans. Their reputation is strong, they've been in business for a long time, and they go to great lengths to be transparent with the fees and interest rates borrows can expect. On the other hand, you may have more limits - geographic and financial - when trying to borrow money for your car here, and their interest rates aren't what we would call "competitive". If you get an initial auto loan quote from OneMain, we suggest making some comparisons with other options before signing on the dotted line at your local branch.

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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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