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      January 17, 2019

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OneMain Financial vs iLoan

Best Auto Loans

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

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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

Best Reviews

2019

Auto Loans Reviews

3 stars
OneMain Financial

ONEMAIN FINANCIAL Visit Site

BBB Rating:

A+

OneMain Financial is a big name in the consumer loan market, which includes auto loans. They've been in business since 1920 and have earned an A+ rating from the Better Business Bureau.

OneMain earns high marks for their reliable history and their current BBB rating. However, they miss the mark with website friendliness and functionality. Their current loan interest rates and fees are difficult to find within their website, making it hard to determine whether OneMain Financial is worth your consideration. Customers have to talk with a customer service representatives at OneMain to identify the basic information that most companies are willing to provide right on their website.

We found that borrower feedback of loan experiences at OneMain frequently included high interest rates, confusing fees, and mandatory loan insurance. Some customers reported a 25%-38% loan rate, even before additional fees were added in.

OneMain appears strong and solvent, so we feel it is a legitimate lending source. On the plus side, OneMain will lend money to people searching for an auto loan with low credit ratings and/or no collateral. However, the cost seems to be high interest rates and questionable customer service. Our concerns centered around the cost associated with borrowing money for a car loan from OneMain.

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2.5 stars
iLoan

ILOAN Visit Site

BBB Rating:

A+

iLoan aims to make the borrowing process simple and transparent. They do not have any loans that are specifically for buying a car; rather, applicants take out a personal loan that can be used for whatever they need. These loans do have a maximum amount of $25,000, so keep that in mind if you're looking for financing for a vehicle that costs more.

All loans funded by iLoan are backed by their parent company, OneMain. OneMain has an excellent reputation spanning more than 100 years and is an accredited, A+-rated business with the BBB.

iLoan is true to its commitment of making the borrowing process easy and open. To start, you'll need to select the purpose of your loan (most likely "other", since "auto loan" isn't one of the options in the dropdown box) and the desired amount. From there, you'll be asked to provide your personal information: name, proof of residence, income, and identity, and bank account details. iLoan also has a free service called Instant Verification: if you grant them secured access to your bank account, they can verify your income that way instead of asking for pay stubs or W2s. This may speed up the processing of your auto loan application, though most iLoan borrowers report that their applications are processed in an hour or less, with funding being completed on the next business day.

Independent customer reviews do confirm that iLoan processes loans quickly, and many people seem grateful to have found a lender that will give them the money they need. They also have many compliments for iLoan's customer service representatives: "patient", "knowledgeable", and "helpful" are the most-used words to describe them.

On the other hand, interest rates at iLoan tend to be much higher than other lenders'. We do appreciate that the company is very upfront with their rates, which range from 11.24% to 36.00%. Your auto loan offer, including the interest rate and other terms, will depend on your particular borrower profile, such as your credit history and monthly income.

iLoan also comes up short when it comes to their service area: at the time of our review, they were only operating in 12 states (Alabama, California, Delaware, Idaho, Illinois, Missouri, Nevada, New Mexico, Oregon, South Carolina, Utah, and Wisconsin). Unless you live in one of those states, iLoan won't be able to provide you with an auto loan.

While we appreciate iLoan's reputation (through OneMain), it's not quite enough to make up for high interest rates and a service area that only covers a fourth of the United States. For customers needing an auto loan, chances are good that they'll find better rates with one of the higher-ranked lenders in our review.

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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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