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Friday, February 26th
LendingClub offers vehicle financing in the form of personal loans up to $40,000. They use a peer-to-peer investing/lending model that makes money available to borrowers who might be turned away by traditional banks. This company has taken steps to increase their transparency with respect to fees and rates, but previous issues led to their rating with the BBB being removed. And, customer feedback is a mixed bag - you'll love LendingClub if things are going as expected, but you could have serious problems with the servicing of your loan.
Instant Car Loan doesn't directly provide auto loans. They work as a referral service, connecting you with partner lenders in their network. But, the parent company of this business has a "D-" rating with the Better Business Bureau, and we have serious concerns about the security of any personal information (like Social Security numbers) entered when using this site. You'll be much better off getting your auto loan from another lender in our review.
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!
Select any 2 Auto Loan Companies to compare them head to head
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