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      July 7, 2020

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LendingClub vs Automotive

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

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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.

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.

Continue reading below reviews

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2020

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4 stars
LendingClub

LENDINGCLUB

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BBB Rating:

A

For those looking for an auto loan, traditional loan companies may not be the most affordable option. Other solutions, such as a personal loan, may be cheaper in the long run. LendingClub is a leader in the social lending market and facilitates personal loans, which can be used as auto loans.

Social Lenders such as LendingClub bring individuals that can provide financing for auto loans together with borrowers who need them. They do this with a secure website and sophisticated back-end processing. Without a bank in the mix, borrowers are typically able to get a lower interest rate on their auto loan than traditional methods.

LendingClub currently holds an "A" Better Business Bureau rating. They help facilitate thousands of loans for customers and lenders each and every month. Shoppers can expect a loan rate between 6.95% and 35.89%. Best APR is available to borrowers with excellent credit.

It's very easy to see if a lender is available for your auto loan needs. You just input the amount you want to borrow, the purpose of your loan, and other information such as your credit score, contact information, and income level. Once LendingClub validates this information, they present you with the terms of your loan. If you choose to proceed, personal lenders have a few days to fund your request. Of course, borrowers with a better credit rating typically have an easier time attracting lenders.

If you have any questions during the process, you can speak to a LendingClub representative for assistance. Like any peer-to-peer lending company, a fee is built into the loan in order to cover costs. Also, you can anticipate a one-time processing fee that ranges from 1% to 6% of the loan amount, depending on your loan terms.

If you're looking for an affordable car loan between $1,000 and $40,000, LendingClub may be a solution that works well for your financial situation over traditional auto loan companies.

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3.5 stars
Automotive

AUTOMOTIVE

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BBB Rating:

Not Available

Automotive is a California based company that provides a one-stop-shop for your car buying needs. You can analyze different makes and models of cars, search for new or used cars, apply for a car loan and find insurance - all from the convenience of your home at Automotive.

The Automotive website stands out as a well organized and informative resource for all of your car buying needs. We liked the layout and easy to find resources such as car maintenance, car reviews, estimating the retail value of cars and so much more.

One of the other helpful resources at Automotive is their free auto loan quote. The application process is very straightforward:

  • Input name, contact information, employment information, housing, social security number and other general information.
  • A credit check is performed and your information is verified.
  • If a lender is matched to your financing needs you will receive a phone call to discuss.

Automotive's nationwide database of lenders is said to work with all credit scores and situations. We also found that the approval process was fast and efficient but that may vary on more challenging situations.

We liked the Automotive website and found it educational and informative as well as easy to navigate. We would have liked more history and an available Better Business Bureau rating but still found the website a solid choice for your car loan needs.

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Continued from above

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!

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