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      July 3, 2020

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Auto Loans

  1. LendingTree
  2. My Auto Loan
  3. Cars Direct
  4. LendingClub
  5. Road Loans
  6. Automotive
  7. Auto Credit Express
  8. OneMain Financial
  9. USAA
  10. Instant Car Loan
  11. Web 2 Carz

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Best Auto Loans Better Business Bureau Reliability Seal

Best Auto Loans

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


2020

Auto Loans Reviews

5 stars
CARCHEX

CARCHEXTopConsumerReviews.com Best-In-Class Blue Ribbon Award

CARCHEX provides excellent options for borrowers looking to finance or refinance their auto loan. In addition to auto financing and refinancing, CARCHEX also offers vehicle inspection services, auto warranties, car buying tips, and more. Their website is easy to use and they've earned a strong BBB rating for their services. They earn our highest rating.

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4.5 stars
LendingTree

LENDINGTREE

LendingTree is one of the nation's largest providers of new and used car loans. For those wanting the most competitive loan rate terms, LendingTree is a great place to look. This company maintains relationships with the top banks and lenders in the U.S. and expedites the process of quickly and efficiently providing up to 5 competing loan options with only one application. Customers will find fixed rate loan terms from 12 to 84 months for loans from $7,500 to $300,000.

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4 stars
My Auto Loan

MY AUTO LOAN

my Auto loan is a well-established service that connects you with offers from up to four lenders for your auto borrowing needs, from new and used car purchases to refinancing a current loan or even buying out the lease on your vehicle. Their lender's interest rates are very competitive, and using my Auto loan's service is completely free. As an accredited company with the Better Business Bureau for more than 10 years, my Auto loan is a solid choice for your next car loan.

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4 stars
Cars Direct

CARS DIRECT

Cars Direct provides a great service: linking car shoppers with dealer partners which offer auto loans. They have a quick application process and accommodate customers with all credit scores. And they have lenders across the country. Cars Direct has been in business since 1998 and scores above average customer ratings across the internet. We rank Cars Direct among the highest for auto loans.

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4 stars
LendingClub

LENDINGCLUB

LendingClub provides personal loans that can be used for auto loans in the amount of $1,000 to $40,000. They also may offer more affordable lending rates than a traditional auto loan. LendingClub is a leader in facilitating personal loans between borrowers and individual lenders.

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4 stars
Road Loans

ROAD LOANS

Road Loans has built a top-notch website that streamlines the car loan process. They've been in business over 10 years and support flexible financing for a full range of credit scores. If you're in the market for a car loan, Road Loans is an option you should consider.

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3.5 stars
Automotive

AUTOMOTIVE

The Automotive website is well organized, educational and informative for anyone in the market for a new car. During your search for cars, you can also apply for a loan online - to be matched with a number of available lenders.

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3.5 stars
Auto Credit Express

AUTO CREDIT EXPRESS

Auto Credit Express specializes in bad credit car financing. The easy application process and available tools make Auto Credit Express a go-to website for those with damaged credit.

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3 stars
OneMain Financial

ONEMAIN FINANCIAL

OneMain Financial has a long history of providing personal loans to individuals. They've earned a strong BBB rating, but the website lacks details we think should be there. We also found some reports of high interest rates and fees.

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2.5 stars
USAA

USAA

USAA provides auto loans to military personnel and their families. However, issues with their website layout, along with customer complaints at the BBB, brought us some concern.

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2.5 stars
Instant Car Loan

INSTANT CAR LOAN

Instant Car Loan is an auto loan website catering to customers with all credit scores. They have an easy 2-step application process that links customers to local lenders. Also, they claim to have an A+ rating with the BBB but we could find no such accreditation. This inconsistency compels us to give Instant Car Loan a lower ranking.

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1.5 stars
Web 2 Carz

WEB 2 CARZ

Web2Carz is a busy and unappealing website. Many of the car loan navigation buttons were not functioning during our review. We recommend you use a higher ranked auto loan company for your 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!

What You Should Know Before Getting An Auto Loan

Buying a new vehicle can either be an exciting experience, or one that stresses you to the max. For some people, it can even be a combination of the two. Sometimes people get caught up in the excitement of buying another vehicle, and find themselves being talked into more than they can reasonably afford. And once the deal is done, it’s hard to undo it.

Rushing into buying a new or used vehicle is never a good idea. Unlike other investments, such as real estate, vehicles are a very poor investment. They begin to depreciate in value the minute they are driven off the dealer’s lot, and continue to lose value for every year of ownership. However, for most people, vehicles are a necessity in order to get to work and other places they need to go. If you are lucky enough to live in an area with stellar public transportation, a vehicle is something you likely can do without. But for anyone living outside the reach of decent public modes of transport, a vehicle is a necessary evil.

Before buying any vehicle, whether new or used, shoppers should consider a few things.

First and foremost is to determine affordability. How much vehicle can you reasonably afford to own without going broke in the process? As a general rule, buyers should not spend more than 20 percent of their monthly income after taxes on a vehicle. If you are spending more than that, you risk overextending yourself financially and running the risk of ruining your credit report.

To estimate how much of a monthly payment you can afford, be sure to look at more than the purchase price of the vehicle. You must also factor in the interest rate, maintenance fees and insurance for the vehicle. All of these things should be considered under the 20-percent umbrella rule.

Consumers also should do some hefty research on the best way to secure financing if they are unable to cover the full cost of the vehicle’s purchase price in cash. One of the best places to look for an auto loan is through online auto loan companies. Some of these businesses have access to a large number of loan companies and can automatically compare their auto loan rates, delivering only the best ones to you.

Some websites also provide a valuable tool when researching loans and interest rates. Consumers are able to use prediction software to plug in their local zip code and generate a list of the going interest rates in their area. Some online calculators also will take all of the factors involved in owning a vehicle – purchase price, insurance, maintenance and financing – and generate a monthly cost for you. It’s always good to make use of these kinds of resources to be certain you’re not overextending yourself financially.

Another place to look for an auto loan is with your own financial institution. Having a solid financial history with a bank can help to secure a good deal. With longstanding customers, a bank may be able to negotiate a fair interest rate for you, and certainly better than what you could find through the car dealer.

Securing a loan through the auto dealer is usually not the best idea. It usually is the most expensive option when it comes to financing. While auto dealers may have a variety of financial institutions to tap in order to get a variety of interest rates and offers, they also are permitted to add up to a 3-percent fee on to the total in order to compensate themselves for securing the loan. So as a general rule, auto dealers should be the last place you look for a loan.

 

What to Know Before Taking on a 72- or 84-Month Car Loan

But should you go for 72- or 84-month auto loans? There are drawbacks to consider with long-term auto loans, even with low, or no, interest. A lower monthly payment doesn't mean lower overall cost.

Published:  Wed, 01 Jul 2020 10:53:00 GMT



DigniFi Reports Multi-Million Cash Infusion To Help Consumers Finance Car Repairs

Cash-strapped drivers who put off repairs to their vehicles will have a better shot at low-cost loans to pay their bills after DigniFi, a financing platform for auto repairs and services announced a ...

Published:  Thu, 02 Jul 2020 03:04:00 GMT



The 5 Best Auto Refinance Loans of 2020

Learn more about how we review products and read our advertiser disclosure for how we make money. Refinancing your auto loan can help you lower your interest rate, reduce your monthly payment, and ...

Published:  Mon, 29 Jun 2020 17:02:00 GMT



Charge-Offs Rise Due To Coronavirus, But Auto Loan Fundamentals Are OK, Moody's Says

Unemployment caused by the coronavirus crisis will likely drive charge-offs on auto loans higher than current low levels, Moody's said.

Published:  Tue, 30 Jun 2020 13:06:00 GMT



Auto Loan Interest Rates See a Slight Lift in June, According to Edmunds

"Although car shoppers still got to take advantage of favorable financing conditions in June, all signs point to automakers pulling back on the more generous incentives introduced at the outset of ...

Published:  Wed, 01 Jul 2020 17:15:00 GMT



Avis Budget Benefits From Improving Used Car Market, Morgan Stanley Says In Upgrade

Load Error Consumers have bought both new and used cars during the pandemic, and auto sales have exhibited higher-than-anticipated resiliency, Jonas said in the Thursday upgrade note. (See his track ...

Published:  Thu, 02 Jul 2020 10:44:25 GMT



DigniFi, a tech platform for financing auto repairs, raises $14M to keep American drivers rolling

DigniFi, the Kirkland, Wash.-based tech platform that helps drivers finance auto repairs and services, has raised $14 million. The Series A funding was led by BuildGroup and Exor Seeds.

Published:  Tue, 30 Jun 2020 08:28:00 GMT



Federal Loan Saved a Soccer Season Nearly Lost to the Pandemic

The N.W.S.L. was one of millions of businesses that took Paycheck Protection Program loans this year. The money got the league and its players through eight uncertain weeks.

Published:  Thu, 02 Jul 2020 14:46:00 GMT



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