Friday, September 29th
2023 Auto Loan Company Reviews
LendingClub
- Fixed-rate loans from $1,000 to $40,000
- Minimum loan amounts vary by state
- Competitive APRs
- Origination fees ranging from 3% to 6%
- All loans have repayment terms of at least 36 months
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.
OneMain Financial
- BBB Rating: A+, accredited since 1985
OneMain Financial has been around for a century, providing personal loans for a wide range of uses - including auto financing. We appreciate their strong reputation and transparency with respect to their fees and interest rates. However, you'll have to visit a local branch to finalize your auto loan, and that won't be possible if you live in one of the six states where OneMain doesn't have a presence. You might also find their interest rates and minimum/maximum loan requirements to be less attractive than some of our higher-ranked sources of car loans.
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Where Can You Get the Best Auto Loans?
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.
Auto Loan Company FAQ
Continued from above...
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:
- Reputation. A seemingly-great auto loan is a bad deal if the lender isn't trustworthy. What does the Better Business Bureau say about the company? Have other car shoppers had a good experience?
- Functionality. How easy does the auto loan site make the borrowing process, from information-gathering to funding? Can you work through the steps of securing your loan quickly and intuitively?
- Options. To whom does the lender cater (e.g. people with good/bad credit? New/used car shoppers?)? Do you have a wide range of loans to choose from, both with respect to interest rates and length of the loan period? Are there any perks or penalties in the fine print?
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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