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      November 14, 2018

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My Auto Loan vs Cars Direct

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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.

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Best Reviews

2018

Auto Loans Reviews

4 stars
My Auto Loan

MY AUTO LOAN Visit Site

BBB Rating:

A+

If you're looking for transparency and reliability when it comes to financing your next vehicle, put myAutoloan on your list. This Texas-based service, as part of the Horizon Digital Finance group, has been accredited with the Better Business Bureau for more than a decade and holds an impressive A+ rating. Although myAutoloan does not do the lending themselves, but rather refers applicants to as many as four lenders, they simplify the process and make it easy to get a variety of offers to choose from.

We were impressed by both the range of services offered by myAutoloan as well as the interest rates offered by their lending partners. Not everyone makes the typical new or used car purchase from a car dealership; so, if you're looking to refinance your current auto loan, to buy out the lease on your vehicle, or even to get a loan to buy a car from a private individual, myAutoloan can help. At the time of our review, their lenders' interest rates ranged from 1.74% to 3.48% for terms up to 72 months. Of course, those rates come with the standard disclaimer that they depend on an individual's credit history and credit score.

In order to be eligible to be matched with up to four lenders, myAutoloan requires that you meet the following criteria:

  • Must be at least 18 years of age (or the age of majority according to your state's laws)
  • Have a minimum income of $1,800/month or $21,600/year
  • Have no open bankruptcies
  • Live in the continental US
  • Be purchasing a vehicle that is no older than 8 years, has fewer than 100,000 miles, and costs at least $8,000

If you meet those criteria, you can complete myAutoloan's simple, two-minute application by entering basic information about yourself, your employment, and the vehicle you wish to purchase. You'll be given up to four loan offers from which to choose; if one meets your needs, you will receive your online certificate or check within 24 hours.

We also like the helpful information available on the site, under the headings of Learn About Financing, Rates & Calculators, and Resources. There you'll find descriptions of the various types of auto financing, calculators to help you determine how much you can afford to borrow or what your monthly payments might be, an auto buying guide, and quite a bit more. They'll even connect you with insurance companies to protect your purchase, and the government website to check for any recalls on your new car.

Customer reviews are overwhelmingly positive. From helpful customer service agents to extremely fast delivery of funds, myAutoloan and its lending partners deliver what they promise.

We love myAutoloan's straightforward service that helps borrowers find the best loan for their purchase and their excellent reputation for customer service. We recommend you give them a try for your auto loan needs.

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4 stars
Cars Direct

CARS DIRECT Visit Site

BBB Rating:

Not Accredited

Cars Direct is a website where you can search for new and used cars, trade-in an existing vehicle, or obtain automotive financing. They act as the broker in the auto loan process, which means the auto loan is not through Cars Direct, but through one of their trusted dealer partners which offers financing terms based on customer applications submitted through Cars Direct. Auto loans for new and used cars, as well as refinancing loans can be found through Cars Direct.

Cars Direct has an easy online application process, which approves some customers in as little as 60 seconds or with an income of at least $500/week. These benefits may be part of the reason they've helped over 5 million drivers get approved for auto loans since opening for business in 1998. To begin the process, fill out and submit the online application. Next, a dealer partner will be in contact within 24 hours to go over the customized financing options with you. Now the fun part, select the correct vehicle for you and drive away in your new or used car. No application or processing fees are paid to Cars Direct through the entire process.

Cars Direct is headquartered in California, but works nationwide with dealerships so customers from across the country are able to use their service. They work with customers who have all kinds of credit: great, good, below average, bad, and even those with no credit or credit which includes a bankruptcy. Along with providing an easy auto loan process, Cars Direct also has advice on many related topics, including managing your auto loan, types of auto loans, car loan rates, and more.

Cars Direct is not providing the auto loan, but rather a dealer partner. As a result, the choice of cars made available through Cars Direct is limited to where the loan is originated. Once the shopper qualifies for the loan they are provided a list of car options to choose from. This may be unfavorable for those that already have their care picked out and simply need a loan.

The only downside to using Cars Direct is the inability to shop for any car with a loan obtained through Cars Direct. Other than that, the process and nationwide network is easy and thorough. Their longevity in the industry is also a plus, along with above average customer ratings found at multiple sites online. We rank Cars Direct among the highest for auto loans.

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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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