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Sunday, December 4th
LendingClub can get you the money you need to buy a car. Your funds will be structured as a personal loan, not specifically an auto loan, and rates tend to be a little on the high side. But, LendingClub no longer uses a peer-to-peer structure to provide loans, and their recent customer feedback shows that the company is definitely trending upward with respect to overall satisfaction. This is a good option for your auto loan.
BlueSky is a decent option for people with less-than-perfect credit who are looking for an auto loan. The service earns an "A+" and accreditation from the BBB, with few customer complaints. But, your information may be passed from one lending partner to another, and also to network dealerships who want to fund your purchase directly. That's not necessarily a bad thing, but there are more direct and transparent services out there if you're trying to borrow money to buy a car.
You're right if you suspect that the answer to that question is "not necessarily at the dealership". You might initially be lured in by a dealership's attractive 0% financing offers - but unless you've got extremely good credit, you're not going to qualify. And, in the excitement of getting your new (or new-to-you) car, you could wind up with interest rates on your car loan that are even higher than what you'd get elsewhere.
Savvy consumers know that the best way to get truly competitive rates on auto loans is by comparison shopping with online lenders. Even if you're just starting the research process, it only takes a few minutes to find out how much you're qualified to borrow and with what loan terms. With that information in hand, perhaps with a preapproval letter too, you'll be much more confident walking into the dealership and negotiating the best possible deal on the car itself.
Some providers of auto loans specialize in helping customers with less-than-perfect credit. These lenders can work with you to get a loan that you can afford, and they take into account your whole financial picture - not just your low credit score, previous late payments, or a bankruptcy in your past. Of course, if your credit history is excellent, shopping around for your auto loan online will likely turn up dozens of offers to choose from.
It's important to carefully consider several criteria when evaluating different online lenders. These factors include the following:
TopConsumerReviews.com has reviewed and ranked the best auto loan providers available today. We hope this information helps you get the right financing for your next vehicle purchase or refinance!
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Edmunds: How to mitigate rising auto loan interest rates
The Federal Reserve issued its latest interest rate hike in early November. It marks the sixth increase this year and has pushed new auto loan finance rates to their highest since 2019. Rates for used ...
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