Rankings ⇾

Best Auto Loans

  1. Carchex
  2. Lendingtree
  3. Lendingclub
  4. My Auto Loan
  5. Cars Direct
  6. Road Loans
  7. Automotive
  8. Auto Credit Express
  9. Onemain Financial
  10. Iloan
  11. Usaa
  12. Instant Car Loan
  13. Web 2 Carz

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What To Look For When Shopping For An Auto Loan in 2019

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What To Look For When Shopping For An Auto Loan

Shopping for another vehicle can be a very stressful experience. Finding a vehicle you can afford and that meets your needs is a tough combination in this economy. Nothing complicates the process more than finding a loan with an interest rate that you can afford.

While individuals shopping for a new vehicle will spend days or weeks looking for the best deal for their money, they often do not put the same kind of research and time into the loan they will use to finance their purchase.

Auto dealers are not interested in getting you the best interest rate or the best deal for you. They are interested only in selling a vehicle and will put their interests ahead of your own. That's why it's best to have resources and knowledge prior to shopping for a vehicle.

So what do you look for when shopping for an auto loan?

For most shoppers, the ultimate goal when looking for a good deal on an auto loan is to find a monthly payment that is affordable to them. However, focusing solely on a monthly payment that is within your price range is a mistake if you fail to factor in the other loan terms, including the interest rate. With a high interest rate, in conjunction with payments that are spread out over five years or more, it can actually end up costing twice as much to finance a vehicle as the vehicle actually is worth. While higher monthly payments up front may seem like a bad deal, they actually save you money in the long run by lowering the amount you repay in interest.

So the first piece of advice when shopping for auto loans is to look at all factors, not just a monthly payment.

Now that you understand which financial factors to look for when shopping for an auto loan, we can discuss the best options for finding a good deal.

The best place to start looking for an auto loan is through online auto loan stores. These sites have access to a variety of bank car loan rates and can automatically deliver the best loan deal to you. Organizations like TopConsumerReviews.com have reviewed and ranked the best online auto loan stores available today. You can save time and money by checking out these reviews prior to making your auto loan decision.

Another place to look for an auto loan is your own financial institution. If you are a longtime customer in good financial standing with your financial institution, they may negotiate with you for a loan at a decent interest rate. Local banks and credit unions are known for their ability to provide good loan rates for long-time customers.

Most bank websites provide information on their current loan rates. Individuals can take that information, and then compare it with what is listed on other websites to determine what interest rates they can find no their own. There are online tools available where you can enter your zip code to find out the current interest rates for your area. You can find out what your monthly payment would be, as well as accrued interest payments, over the term of the loan.

The last place to consider securing a loan is through the auto dealer; however, this is usually the most expensive option. 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 tend to add a 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.

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Auto Loans In The News

Counties risk losing millions in unpaid car loans, mortgages to MCAs

Auditor General Edward Ouko when he appeared before the Senate County Public and Investment Committee at County Hall, Nairobi on Wednesday 24/04/19. [Boniface Okendo,Standard] A host of county ...

Published:  Sun, 19 May 2019 14:00:00 GMT

Jury convicts Chesapeake man of auto loan fraud scheme

NORFOLK, Va. - A federal jury convicted a Chesapeake man on May 16 for charges of credit union fraudand aggravated identity theft. Court records and evidence presented at trial stated that ...

Published:  Sun, 19 May 2019 16:49:00 GMT

"They Were Conned': How Reckless Loans Devastated a Generation of Taxi Drivers

A Pakistani immigrant who thought he was just buying a car ended up with a $780,000 medallion loan that left him unable to pay rent. A Bangladeshi immigrant said he was told to lie about his income on ...

Published:  Sun, 19 May 2019 19:58:00 GMT

US delaying car tariffs a 'wise decision,' EU finance chiefs say

Amazon is leading a $575 million funding round for Deliveroo, taking the total the food delivery firm has raised to date up to $1.53 billion. Huawei says that it has been preparing for the "insane" ...

Published:  Fri, 17 May 2019 05:01:00 GMT

U.S. News Announces 2019's Best Memorial Day Car Deals

truck or SUV - especially if you negotiate hard on the price of the new car and then apply these deals." 2019 Kia Sorento 0% financing for 66 months plus $2,000 bonus cash 2019 Chrysler Pacifica 0% ...

Published:  Sun, 19 May 2019 21:04:00 GMT

First Community Credit Union president talks growth, car loans and why Walmart matters

The largest credit union in St. Louis often finds itself having to explain to people what it is. First Community Credit Union had $2.2 billion in deposits and more than 300,000 members at the end of ...

Published:  Fri, 17 May 2019 03:00:00 GMT

Coalition launches initiative to cap auto title loan costs

PHOENIX (AP) - A newly formed coalition that includes faith, consumer and civil rights groups has filed an initiative that would cap the interest charged on auto title loans. The group known as ...

Published:  Thu, 16 May 2019 15:37:00 GMT

Chesapeake man convicted of auto loan fraud

NORFOLK, Va. - A federal jury on Thursday convicted a Chesapeake man on charges of credit union fraud and aggravated identity theft. Prosecutors said 25-year-old Adante Leshaun Dupree took part in a ...

Published:  Thu, 16 May 2019 17:44:00 GMT

Toyota Auto Receivables 2018-D Owner Trust -- Moody's upgrades auto loan ABS issued by Toyota Motor Credit in 2017 and 2018

READ NOW: Google is scanning your Gmail inbox to keep a detailed list of your purchases, and there's no easy way to erase it (GOOGL, GOOG) ยป ...

Published:  Fri, 17 May 2019 15:08:00 GMT

SBI cuts rates for electric car loans

MUMBAI: In an attempt to incentivise the shift to green vehicles, SBI has cut rates on auto loans for purchase of electric cars. Borrowers will get a discount of 20 basis points on the interest they ...

Published:  Mon, 29 Apr 2019 09:40:00 GMT

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