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Friday, March 24th
Upstart believes that a credit score isn't the only factor to consider when giving you an auto loan. They employ a sophisticated artificial intelligence process that looks beyond just your credit history to determine a more thorough financial portrait - making it more likely that you'll be approved for your loan. Upstart loans typically fund very quickly, and happy customers praise this service for being easy and affordable. Upstart earns our highest recommendation for auto loans.
CARCHEX has a very good reputation in the automotive industry, especially for products like service plans and vehicle inspections. For over 15 years they've been helping customers refinance their auto loans. With nearly 100 lenders in their peer-to-peer lending network, they have the ability to connect you with an excellent loan quote. However, if you're looking for a new loan instead of a refinance, you're out of luck.
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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