The Best Auto Loan Companies

Tuesday, January 21st

2025 Auto Loan Company Reviews

Upstart

• Loans between $1,000 and $50,000 ⁽¹⁾
• Fixed 3 or 5 year terms ⁽³⁾
• Borrowers can get funds as fast as one business day ⁽⁴⁾
• Uses more than your credit score to determine eligibility
• Connects borrowers to more than 100 banks and credit unions
• Over 2.7 million customers and $34 billion in originations
• Available in 48 states (excluding Iowa and West Virginia)
• "A+” rated and accredited by the BBB
• Over 40,000 five-star reviews from clients

Securing an auto loan without breaking the bank or relying solely on your credit score is what Upstart is all about. Founded by former Google employees, Upstart takes a unique approach, considering your college degree, field of study, work history, and credit history years to assess your eligibility for a car loan.

Excellent choice for new borrowers

That makes Upstart an excellent option if you're a recent grad or just haven't built up much of a credit history yet. That's probably the "why” behind their numbers: over 2.7 million customers and $34 billion in loan originations.

Basic eligibility criteria

That being said, there are some criteria you'll have to meet in order to get an auto loan from one of Upstart's network of 100+ banks and credit unions. A FICO or Vantage score of at least 580 (or 620, depending on your state) is usually required, and applications with bankruptcies or delinquent accounts on their credit reports may not be eligible. You'll also need to be at least 18, have a minimum annual income of $12K, a personal bank account at a US financial institution, and "a full time job, job offer starting within 6 months, a regular part-time job, or another source of regular income”.

Funds can be deposited as soon as next-day

The application process is swift, typically taking 5-10 minutes to enter basic details like your name, address, income, employment, and educational background. Importantly, this process doesn't impact your credit score since Upstart performs a "soft" credit check to verify your information. Minutes after applying, you may receive loan offers, and once you accept the terms, your funds could be in your bank account as soon as the next business day.

Available almost everywhere

Now, let's dive into some specifics. Upstart offers loans in 48 states, excluding West Virginia and Iowa, with amounts ranging from $1,000 to $50,000. However, your state regulations may affect the minimum and maximum loan limits. Loan terms are typically three or five years, and at the time of this evaluation the APRs were very competitive.

Read the details

When you're considering the loan offers you receive, watch out for origination fees, which can range from 0% to 8%, depending on your state of residence, as well as any late payment or check-bouncing fees. Fortunately, Upstart lenders welcome early loan repayments and extra payments.

Over 40,000 five-star reviews

Upstart maintains an excellent reputation, shown by an "A+" BBB rating and accreditation with minimal complaints. While there are some negative comments, most appear to result from borrowers not thoroughly reading the loan terms and conditions. With over 45,000 reviews from Upstart borrowers just on Trustpilot, the company enjoys a nearly flawless average rating of 4.9 out of 5 stars. Many clients return to Upstart time and again for their lending needs, and funds are deposited quickly upon accepting the loan terms. What's more, many complete the entire process using their smartphones.

Best choice for auto loans

Upstart is a trusted and reputable source for quickly-funded, competitive loans, making it our #1 choice for vehicle financing. Especially if you appreciate lenders that consider your educational and employment history when determining eligibility, Upstart will be your preferred provider of auto loans too.

LendingTree

• Loan marketplace that refers you to multiple lenders
• Check out lender reviews even before applying
• Can be used for auto purchase, refinance, or buying out a lease
• Transparent process at every step
• Funds may be available as soon as next day
• "A+” rated and accredited by the BBB

LendingTree is a versatile online loan marketplace catering to various financial needs, including auto loans, credit cards, and small business loans. With roots dating back to 1998, they played a pioneering role in the peer-to-peer lending sector as an alternative to traditional bank financing.

Lots of lenders want your business

When you opt for an auto loan through LendingTree, your application initiates multiple offers from a wide network of lenders. While they don't specify the exact number of partners, their Automotive Lender Reviews section provides a comprehensive list of potential lenders for your reference. This transparency is helpful, allowing you to explore detailed information, ratings, and customer feedback about these lenders even before you complete your application. Among the auto loan providers you might be connected with are Bank of America, Capital One Auto Finance, LightStream, several credit unions, and many others.

Purchase, refinance, or lease buy-out?

LendingTree offers both vehicle purchase and refinancing options. You can tailor your choice by selecting the loan type (purchase, refinance, or lease buy-out) and your desired loan term, ranging from 1 to 7 years. It's wise to indicate any down payment you can make, as it can potentially lead to better offers. You're also asked to provide the likely make of the vehicle you plan to buy for manufacturer-specific financing offers. The remaining application details are standard, including income, housing situation, address, and the last four digits of your SSN for identity verification.

Decide within 30 days

Once you have your loan offers, it's your responsibility to compare them and decide which lender and terms best suit your needs. You're under no obligation to select an offer, but understand that if you go more than 30 days without making a choice, you'll need to reapply.

Sample rates on the Disclosures page

LendingTree does not provide specific fee and APR information since these can vary significantly among their partner lenders. Instead, they offer an updated average rate for reference. During our review, LendingTree reported auto purchase loan rates that were as competitive as any other lender. You can access the latest data on LendingTree's Disclosures page.

Strong reputation

With an "A+" rating and accreditation from the Better Business Bureau, LendingTree is highly reputable. They have received numerous five-star reviews from satisfied clients who used their service for various funding needs. Recent comments highlight clients securing the lowest available rates and receiving their auto loan proceeds the following day. However, some complaints revolve around getting too-frequent phone calls, texts, and emails from lenders, which is a common concern with similar lender-network services.

Excellent option for getting multiple loan offers

Overall, LendingTree remains a top choice for competitive auto loan offers, providing valuable insights into their extensive network of lenders while streamlining the process through a single online form. Keep in mind that successful applicants here often have above-average credit scores, but it's still worth exploring LendingTree for an auto loan, even if your credit history is less than perfect.

SuperMoney

• Auto loan referral platform
• Transparent in naming the partners they work with
• Great resource for vetting auto loan providers
• Lots of reviews from other borrowers
• Loans up to $100K
• In operation since 2013

SuperMoney has been assisting consumers in making informed decisions regarding their finances since 2013. Their platform covers various financial services, including auto loans, and has earned recognition from reputable publications like Forbes, Huffington Post, Business Insider, and Yahoo Finance.

Your information will not be sold

SuperMoney guides you through straightforward questions related to your loan category, desired amount, credit score, employment status, and more. The process also involves providing your personal information, like your name, address, and Social Security Number, primarily for identity verification and a soft credit check. Creating an account with SuperMoney is the final step before reaching your loan offers. The company's commitment to keeping your information private sets them apart, as they don't sell your data to third parties, sparing you from the onslaught of unwanted solicitations that often follows a loan application.

Connects you with a network of lenders

Now, the important detail: SuperMoney is one of several referral platforms in our review, so they don't fund your auto loan themselves. Instead, they connect you with a vast network of lending partners; you can easily find the list of these partners on SuperMoney's dedicated page for auto loans (and there are over 14 pages' worth). There, you can also access client reviews without having to go through the application process.

Great tool for evaluating lenders

But, if you decide to use SuperMoney as your jumping-off point, you'll review the offers after you've completed your initial loan application and select the one that best fits your needs and budget, then complete your full application directly with the lender. It's a couple of extra steps, of course, but it lets you effectively compare all of your options before signing on the dotted line for a particular loan.

Might send you to another referral service

However, one of the tricky things about using SuperMoney is that sometimes your auto loan results may refer you to yet another referral platform. We didn't have that happen often as we worked through the process with various scenarios, but in that case it's really not a great use of your time to start with SuperMoney.

Limited but excellent reputation

Just like the last time we evaluated this auto loan service, there was no SuperMoney listing to be found with the Better Business Bureau (and we're still not sure why). On the other hand, there are now double the reviews on Trustpilot from what we saw before, up to more than 400 with an exceptional 4.9-star average. Over and over again, people say that SuperMoney is a phenomenal resource for researching auto lenders, even if you don't ultimately use the site to seal the deal on your loan.

Fantastic resource

We can't think of a reason not to use all of the resources SuperMoney has to offer. You could even use it to double-check the reputation of the other lenders on our list. That still-absent BBB feedback is really the only thing keeping SuperMoney from a higher ranking here.

Credible

• Loan amounts available from $600 to $200,000
• Connect with up to 10 different lenders at once
• Funds can be used for any type of auto purchase
• Checking rates won't impact credit score
• Best Rate Guarantee
• "A+” rated and accredited by the BBB
• Thousands of five-star reviews
• In business for over 10 years

Nobody wants to spend hours filling out multiple online applications for an auto loan, and Credible understands that. With a single form, you can apply to ten different lenders, making it easy to discover how much you can borrow and at what rates. Credible has been facilitating loans for over a decade, helping individuals secure funds for a wide range of purposes, including buying a car or consolidating credit card debt. In essence, Credible connects you with sources of personal loans, and you have the flexibility to decide how to utilize the funds.

Broad network of lending partners

Curious about the lenders in Credible's network? Among others, the list includes Discover, Zable, LightStream, PenFed Credit Union, LendingClub, Best Egg, SoFi, Avant, Happy Money, OneMain Financial, Upgrade, and Upstart (several of which you'll see evaluated separately here at Top Consumer Reviews). Each of these services has its own set of criteria for approving auto loans: some may focus on clients looking to consolidate debt or on individuals with good-to-excellent credit. The good news is that Credible streamlines this process for you. Your application is only matched with lenders willing to work with you based on your unique situation. Within this network, loan amounts can range from $600 to $200,000 as of the date of this evaluation.

"Soft pull” on your credit

To begin the process, you'll complete Credible's online form, providing details about your education, employment status, contact information, and Social Security number. This information is necessary for a "soft pull" of your credit. Shortly after, you'll receive a list of lenders that are tentatively offering you auto financing, pending your application completion and acceptance of the loan terms.

Best rates, guaranteed

Credible offers a borrower-friendly benefit with their Best Rate Guarantee. If you find a better rate with another lender and close on that loan, you might qualify for a payment of up to $200. Check the Learn More section on the Credible site to understand the criteria for eligibility, such as submitting your request within a week of closing on your auto loan.

Highly rated

Credible consistently receives high ratings. With an "A+" rating and BBB accreditation, they maintain a strong reputation. Customer reviews also speak highly of their service. Out of nearly 7,000 client ratings, Credible averaged 4.7 out of 5 stars. Clients praise the platform for delivering on its promise: a quick and easy way to compare loan offers from multiple lenders at once, resulting in a positive borrowing experience when loans are funded through partner companies. Any complaints typically relate to the lender itself rather than the reliability or usefulness of Credible.

Saves you time

The only notable drawback of using Credible for your auto loan is that you'll still need to complete the borrowing process with another company once connected through your Credible account. However, Credible significantly streamlines the initial application process by routing it to multiple lenders, ultimately saving you that time and effort. Just keep in mind that loan terms, rates, and fees will depend solely on the lending partners, requiring additional research once you're matched with them. We continue to recommend Credible as a convenient, trustworthy way to get an auto loan.

Upgrade

• Auto loans from $1,000 to $50,000
• Origination fees of 1.85% to 9.99% deducted from loan proceeds
• Repayment terms from 24-84 months
• "A+” rated and accredited by the BBB
• Two lending partners
• "A+” rated and accredited by the BBB
• In business since 2017

Launched in 2017, Upgrade provides an extensive range of financial services, including rewards checking, affordable personal loans, credit cards, and financial education. With its headquarters in San Francisco and additional offices in Phoenix, Atlanta, Orange County (CA), and Montreal, Upgrade has served over 2.5 million customers and loaned over $24 billion in its first few years.

Easy application

The process for applying for an auto loan through Upgrade is refreshingly straightforward. Start by specifying your desired loan amount, which can range from $1,000 to $50,000, and indicate the loan's purpose (in this case, it would be "major purchase”). You will be required to specify whether your application is individual or joint and provide the necessary personal details for yourself and anyone included in the loan agreement. You'll also enter your annual income; be aware that if you are self-employed, there are specific qualification requirements as explained in the link provided on that page.

You'll have to verify your identity

To receive your auto rate quotes, you'll need to create an Upgrade account using your email address and a password of your choice. Then, provide your full Social Security Number to verify your identity. If Upgrade cannot locate your credit profile through TransUnion or another credit bureau, you'll receive a notification indicating that your loan request has been denied.

Pay attention to origination fees

Upgrade's auto loans offer decent fixed-rate APRs with repayment terms spanning from 24 to 84 months. These offers include a one-time origination fee of 1.85% to 9.99%, which will be deducted from your auto loan proceeds; you'll need to plan accordingly so that you have the exact amount you need for your financing.

BBB ratings vary on partner lenders

Because Upgrade funds its auto loans through just two financial partners, Cross River Bank and Blue Ridge Bank, this results in a fast one-day fund deposit into your bank account once your loan is approved. While Cross River Bank currently holds a less-than-spectacular "C-" rating from the Better Business Bureau, Blue Ridge Bank enjoys a more favorable "B+" rating. Upgrade itself maintains an "A+" rating from the BBB. Make of those differences what you will, but none of it is cause for concern, because of their overwhelming positive customer reviews.

Over 30,000 five-star reviews

Upgrade's reputation is backed by almost 40,000 reviews looking just at comments on Trustpilot, with 92% of customers awarding it a 4- or 5-star rating. Some customers have complained about slightly longer wait times for loan processing and approval. However, the majority describe the auto loan application process as quick, easy, and reliable. Some were beyond excited to actually qualify for a loan with a credit score below 600, while others say they love Upgrade for being easy, fast, and transparent.

Worth the fees

Although Upgrade is newer compared to some competitors, it has rapidly built an excellent reputation, making it a terrific choice for your auto loan needs. While we could live without the origination fees, they might very well be worth it for the customer service and higher-than-average approval rates for buyers with bad credit. Upgrade is worth a try.

SoFi^®

• Auto loans available from $5,000 to $100,000
• Flexible repayment terms spanning from 2 to 7 years
• Most loans funded same or next day
• Available in all states except Mississippi
• Live customer support 7 days a week
• "A+” BBB rating

SoFi aims to empower you to manage your finances wisely, with over two million members and $50 billion in funded loans, helping individuals like you achieve their financial goals. While SoFi provides auto loans, it also offers a range of additional products and tools to assist you in paying off your debt strategically, building financial security, investing, saving for your future, and more. These resources can help you navigate your financial journey and reach financial independence.

Not the most competitive rates

At the time of this review, SoFi's auto loan rates included a 0.25% autopay rate discount and a 0.25% direct deposit rate discount. They may not have the most competitive rates, but at least they're lower than what you'd pay on a typical credit card. Still, most of us aren't trying to buy a car on our MasterCard.

Origination fees or not?

We were also confused with SoFi saying in their large print that there are "no origination fees required”, but the fine print at the bottom tells borrowers to expect origination fees of 0% to 6%, deducted from any loan proceeds. Which is it? We encourage you to read the details very carefully on any SoFi loan you consider, and maybe confirm the details with someone at SoFi's live customer support (available 7 days a week).

Quick and easy application

The application itself is pretty speedy: you'll start by providing basic information such as your name, desired loan amount (ranging from $5,000 to $100,000), and indicate the loan's intended use; in your case, that would be "major purchase”. Next, indicate your birthdate, citizenship status, individual income, and the other details typically requested when applying for an auto loan. These questions are used to help verify your identity; otherwise, you'll need to provide your Social Security Number if your credit history can't be matched with the details you provided.

Most loans are funded the same day

If SoFi makes you an offer you like on a car loan, we've got great news: 82% of their loan applications are funded the same day when signed before 7PM EST on a business day. That means you could find the car of your dreams in the morning, apply for the loan at lunchtime, and go back to the dealership with funds in hand after work.

Mostly five-star ratings, with a few exceptions

And, overall, SoFi has a strong reputation, demonstrated by an "A+” rating from the Better Business Bureau and over 7,000 five-star ratings on Trustpilot alone. For the most part, people who use SoFi to finance a vehicle through what's technically a personal loan are happy with the amount they can borrow, the speed at which the funds are available, and the transparency of the process. But, we'd be lying if we said that SoFi's track record is completely unblemished: at the time of this evaluation, there were over 700 complaints in the most recent 12-month period, and a total of more than 1,300 in three years. Fortunately (?), however, those were almost always related to glitches people were experiencing with SoFi's banking products (like not being able to access money from checks deposited remotely) and not with auto loans themselves.

A decent option for auto financing

You've got nothing to lose by getting an auto loan quote from SoFi. It's a soft pull, so it won't hurt your credit score, and some of their perks are very consumer-friendly. Our one tip: try going through one of the auto loan referral platforms higher up on our list first, so that you can get a SoFi quote and several others at the same time.

My Auto Loan

• Matches you with up to 4 lenders
• Funds can be available within 24 hours
• Can be used to buy new or used, from a dealership or a private seller
• Can be used to refinance or pay off a current vehicle
• No minimum or maximum loan requirement
• "A+” rated and accredited by the BBB

My Auto Loan, part of Horizon Digital Finance, has you covered if you need to borrow money to buy a car. They connect you with up to four carefully vetted lenders from their network, making your auto loan or refinancing experience as hassle-free as possible. The simple online application takes a mere two minutes, and you can have access to your funds within 24 hours, giving you the flexibility to purchase your dream car or settle an existing loan.

Eligibility requirements

My Auto Loan's eligibility criteria are somewhat veiled (though you can find them if you look at the General Guidelines link we spotted in the FAQ). Lenders will have their own criteria for approving your loan application, but My Auto Loan says you should expect the following requirements as a bare minimum:

• At least 18 years old
• Minimum gross yearly income of $21,000 for a new auto loan; $18,000 for a refinance loan
• Not a resident of Alaska or Hawaii
• Vehicle must be 10 years old or newer, with fewer than 125,000 miles
• Minimum loan amount of $8,000 for a new car, $5,000 for a refinance
• FICO score of 600+

Helpful tools

On their website, you can also find an interest rate chart, a credit score-based interest rate estimator, and a payment calculator, making it easier to gauge your loan options. You'll access all of that and more through the Learn More dropdown at the top of the page.

No surprises in the loan application

To get started, you'll need to select the type of loan offer that suits your needs, be it for a new or used car, refinancing, a private party sale, or a lease buyout. The application process involves providing the standard personal and employment details, specifying the loan amount, and furnishing details about the vehicle you intend to buy, including its estimated sales price, your preferred loan term (ranging from 24 to 84 months), and any cash down payment. To complete the pre-qualification application, you'll also need to provide your Social Security number and date of birth.

Funds may be available within 24 hours

Most applicants receive a list of loan offers promptly, but some lenders may take additional time to verify the provided information. In such cases, they will notify you accordingly. However, if you receive multiple offers right away, the lender you choose may be able to deposit your funds within one business day. You'll get an online certificate or check with your funds, and you can use it to buy any car you like: new or used, dealership or private seller, it's up to you.

Reputation is solid

Customer feedback about My Auto Loan is generally favorable, with the service maintaining an "A+" BBB rating and accreditation since 2003. The platform has received hundreds of five-star reviews from individuals who successfully secured their auto loans through this service.

Some areas for improvement

Despite these strengths, My Auto Loan falls slightly short in terms of transparency compared to similar lender referral platforms. Essential information, such as the identity of the four lenders in their network, average interest rates, and fees, is conspicuously absent, potentially leaving prospective borrowers a bit in the dark about what to expect. It's important to highlight that complaints related to high interest rates, even for borrowers with excellent credit scores, are occasionally associated with this lending service. Nevertheless, other aspects of My Auto Loan's service, including quick funding and transparent customer service, continue to shine through.

Still a decent choice

Since applying with My Auto Loan won't impact your credit score, it's wise to explore your options by comparing their offers with those of higher-rated lending partners in our review. This way, you can make an informed decision to secure the best auto financing for your needs. It's not our favorite option, but My Auto Loan isn't awful either.

Auto Credit Express

• Specializes in auto loans for people with bad credit
• Connects you with partner dealerships willing to give you a loan
• Over 4,400 dealerships in the network
• "A+” rated and accredited by the BBB
• Over 3,000 five-star reviews
• In business since 1999

If you're on the hunt for a car loan and your credit score isn't perfect, Auto Credit Express could be a game-changer. With over 20 years in the business and a stellar "A+" rating plus BBB accreditation, they've got a reliable reputation, especially if your credit isn't top-notch.

Your information will be shared, FYI

The online application process is a breeze and involves just a few steps. You fill in your name, address, birthdate, housing situation, monthly payments, employment details, Social Security number, and contact information. Your application goes through Auto Credit Express' network of dealerships for approval. Be aware that the fine print of the application says that you're agreeing to be contacted by car dealers, lenders, and other network partners "regarding this loan request and relevant marketing/advertising messages” (sounds a little spammy to us).

Loan offer must be used at a partner dealership

Keep in mind that if your auto loan gets the green light, it can only be used to buy a car from one of their "authorized licensed car dealer partners." At the time of our review, there were over 4,400 active dealerships nationwide in their network, which you can browse on their site. The dealership, not Auto Credit Express, provides the funding. In the past, Auto Credit Express provided a rough framework of eligibility criteria, so that prospective borrowers would know if filling out the application was even worth the three minutes it takes, but the company doesn't seem to offer that heads-up anymore.

Some useful tools

On the Auto Credit Express website, you'll find additional resources, including a car loan estimator, details on obtaining your free credit score, and information about loan options such as $500 down and military financing.

Plenty of praise from happy clients

This auto loan platform gets a lot of praise, to the tune of more than 3,000 five-star ratings on Trustpilot alone. Time and again, people who use the Auto Credit Express platform to get a loan say that the process is easy to understand, and that they were connected with dealerships willing to give them a chance when more traditional lending options said no. For individuals struggling to get funding to buy a car, Auto Credit Express seems to offer a path to vehicle ownership when all else fails.

Owned by a big internet-focused conglomerate

There's one aspect of Auto Credit Express that has us a little on the fence: they're owned by the same parent company (Internet Brands) that owns the lowest-ranking lending platform on our list. It's a huge corporation (that owns big names like WebMD, Martindale-Avvo, and Fodor's), but the BBB ratings for the overarching brand and specifically for Auto Credit Express are all over the place. "A+”? "D-”? Accredited or not? It leaves us a little less than comforted by it all.

Good option for car-shoppers with bad credit

If you've got less-than-stellar credit and you're having trouble finding a lender to finance your car purchase, Auto Credit Express is worth trying. Just make sure you understand what you're getting into (like having your information passed on as a paid lead to businesses that might not be related to auto loans) when you fill out the online application. However, for car buyers with solid credit just looking for a loan with good terms that can be used at the dealership of their choice (or to buy a vehicle from a private seller), Auto Credit Express isn't the best option out there.

OneMain Financial

• Loan amounts range from $1,500 to $20,000
• Funds can be direct deposited
• Collateral required on larger loans
• Available in 44 states
• Origination fees of $25 to $400 or up to 10% of the loan total
• In business for over 100 years

Looking for an auto loan from a lender that's been around for over a century? You're in luck with OneMain Financial. They've got a history that spans more than 100 years and a whopping 1500+ in-person branches all over the country, offering a personalized touch.

Loans limited to a max of $20K

When it comes to your financing needs, OneMain Financial is a big-bank option for personal loans that can be used for pretty much anything you want, including the purchase of your dream car. They offer loan amounts ranging from $1,500 to $20,000. Unfortunately, in today's marketplace, that's probably not going to cover the entire cost of any new car, so be prepared to add a down payment or shop for a used vehicle if you're set on getting your auto loan from OneMain.

Application is easy

Qualifying for a loan at OneMain is a breeze. Just start by entering the loan amount you need and click "Check For Offers." On the next page, you'll fill in the usual details: your name, contact info, address, the last four digits of your SSN to verify who you are, monthly net income and its source, and whether you already own a vehicle. And here's the good part - checking for a pre-qualified offer won't make a dent in your credit score. So, there's no harm in checking out what OneMain has up its sleeve for your auto loan.

Available in 44 states

One thing to note, though not explicitly mentioned on the site: OneMain only offers auto loans in 44 states, according to the Better Business Bureau. So, if you're in one of the six states not on their list, you might need to embark on a trial-and-error journey to find that out. At least OneMain has done away with the requirement of visiting one of their branch locations to pick up your auto loan proceeds: you can now get them through a bank-issued debit card or via ACH deposit to your bank account.

Your location impacts your loan amounts

Where you live could also dictate the size of the auto loan you qualify for. For instance, minimum loan sizes range from $2,000 to $3,100 in Alabama, California, Georgia, North Dakota, Ohio, and Virginia. On the flip side, unsecured loans have limits from $7,000 to $14,000 in Maine, Mississippi, North Carolina, and West Virginia.

Large loans have to be secured with collateral

Now, if you're looking for a larger loan, brace yourself because you'll need collateral to secure it. OneMain will slap a first lien on a car you already own. There are certain requirements - it can't be more than 10 years old, has to meet specific value criteria, be titled in your name, and have valid insurance. If you're looking for a loan to buy a car, especially your first one, this might be a huge hurdle. But credit where it's due: OneMain is pretty upfront about these requirements, which is more than can be said for many of their competitors. Those other lenders might have their own demands, but you'll often have to dig deep into the application process to discover them.

Rates and fees fail to impress

Speaking of disclosure, OneMain Financial charges origination fees that vary depending on your location. You can expect a flat fee from $25 to $400 or a percentage of your total loan, ranging from 1% to 10%. The specific fees are laid out in the Loan Amounts and Fees section, linked at the bottom of the site. However, they no longer come right out and tell you what you can expect for interest rates. Even if you've got a good credit history, the interest rates you see may be higher when compared to the offers of 0% to 10% you might get from a dealership. So, always read the disclosure statement with a fine-tooth comb, and don't hesitate to comparison shop quotes for a better rate.

Reputation is lower than you'd expect

As a big corporation with a century-long history, OneMain is no stranger to customer complaints. The BBB site alone has over 1,000 complaints in the last three years (though they don't let you read them, mysteriously) and more than 1,600 customer reviews, which land at a just-average 3.7 stars out of 5. Also, OneMain Financial still holds accreditation, but their rating has dropped from an "A+” to a ho-hum "B”. The reason? According to the Better Business Bureau, it's due to action taken against OneMain by the Consumer Financial Protection Bureau (CFPB), related to refunding practices for some add-on loan products.

Still gets some praise

And yet, OneMain gets praise for being fast, fair, and easy to work with. We found over 10,000 reviews for the company, typically averaging similarly to what we spotted on the BBB. Borrowers offered compliments to specific employees for being helpful and professional, and at least at the beginning of their loan, they were satisfied with the overall experience.

Consider other auto lenders first

OneMain Financial does have its strengths when it comes to auto loans. Their long-standing reputation and transparency with fees and interest rates set them apart. But, be aware of the geographic and financial limitations, and the potentially not-so-competitive interest rates. If you're considering an auto loan from OneMain, it's a smart move to explore other options before signing on the dotted line.

Instant Car Loan

• Auto loan referral service
• Matched with up to 5 lenders

Looking for quick car loan approval? With over a decade of experience, Instant Car Loan is a referral service that caters to all credit types, especially those with less-than-perfect credit histories. This service claims to make it easy, but there are some things you should know.

Run-of-the-mill application process

Getting started is simple. You provide your name, zip code, and email address, and then furnish more detailed info like your Social Security Number, employer details, and monthly income. Your application is shared with up to five partner lenders, who might run a credit check before contacting you. Instant Car Loan doesn't directly fund loans but connects you with their network of auto loan providers.

"D-” rating from the BBB

However, we didn't feel comfortable proceeding with the application process for some valid reasons. One of the problems is the parent company, "Internet Brands," which owns Instant Car Loan along with other businesses like Cars Direct, Tenant Market, Loan App, and Groove Job. While this may not seem alarming (everyone's hustling, right?), Internet Brands holds a "D-" rating from the Better Business Bureau, raising red flags about entrusting your personal information to this auto loan provider.

Is anyone home?

Additionally, customer complaints from the last several years remain unanswered, suggesting a lack of business management. Despite the Instant Car Loan site's claim of an "A+" BBB rating, the reality couldn't be further from the truth.

Don't bother applying for an auto loan here

There's just not much else to say about Instant Car Loans. It's not a reliable source of funding for your vehicle purchase, your information is likely to be sold to lenders who may or may not be reputable, and even the Better Business Bureau would say this service is a no-go. Fortunately for you, there are plenty of trustworthy auto loan options with the higher-ranking companies on our list.