Where is the best place to find auto loans? Auto loans are one of the most universally accepted parts of owning a car. Especially in today's market, not many people have the funds to buy a car outright. Most new cars are a minimum of $20,000, and most cost much more. Even if you're buying something used, you'll be looking at putting down some serious cash if you want something reliable.
Best Option
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Credible is an online marketplace for auto loans designed to connect you with auto lenders around the US. You can get prequalified in minutes without impacting your credit score. Plus, with a Best Rate Guarantee, you can be sure that you're getting a good deal when you secure an auto loan through Credible. With a highly positive reputation from the Better Business Bureau and Trustpilot, Credible's borrowers consistently recommend this company as a simple site to get loans of all kinds. For this reason, it earns a full 5 stars in our review.
Great
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Auto Credit Express is an auto loan platform that connects you with over 4,000 dealerships and lenders to get you the best deal for your car. If you're worried about bad credit, Auto Credit Express will help you out, too. The service has a standout reputation across the board with an "A+" rating from the Better Business Bureau and high marks on Trustpilot as well. If you're looking for a quick auto loan process and easy car shopping once you get to the dealership, Auto Credit Express is worth a look.
OneMain Financial is a direct lender for auto loans, with service in 44 states and local branches, so you can do your finances in person if you prefer. OneMain Financial also has a stand-out reputation from the BBB and Trustpilot, where it receives high praise for its polite and helpful staff. If you want a more personal, hands-on touch for your auto loan, check out OneMain Financial.
Very Good
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Lending Tree is a quick and easy auto lender that helps you find financing for new car purchases, refinancing, or buyouts for a lease. With service in all 50 states and a promise of low APR rates, you definitely want to give Lending Tree a look. While it has stellar ratings from the BBB, there are some recent reviews that suggest a slight increase in issues with this auto loan marketplace. But overall, it remains a competitive option, especially for low APRs.
Good
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SoFi is a little different from other auto loan sites in our review. The company is more than just a lender: it offers digital banking, investments, credit cards, and more. Instead of specializing in auto loans, SoFi offers personal loans that you can use to buy a car. As a direct lender, SoFi's payments are simple, but you might find higher APRs here than with sites that offer auto loans. For these reasons, SoFi remains a competitive financial institution overall.
Average
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MyAutoLoan offers auto loans for all three main car-financing use cases: new cars, used cars, and refinancing. With service across the US, you can get an auto loan from MyAutoLoan as quickly as 1 day with its quick online application. However, with increasingly negative reviews regarding the site's usability and some issues with unexpected administration fees, it doesn't stand out above the average. For these reasons, MyAutoLoan earns a more balanced score in our review.
Fair
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SuperMoney is a quick-comparison style marketplace that helps you look at different auto loan options side by side. While it promises low APRs, SuperMoney customers report that their actual offers are much higher than with other lending platforms. The company does have a strong reputation on Trustpilot, but it's a bit lower than most of its competitors on the BBB. Since SuperMoney doesn't stand out compared to other marketplace-style sites, it falls a little below average in our review.
Subpar
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Upgrade is a finance site that offers a range of different services, including auto loans, savings accounts, and credit cards. While the company has a generally strong reputation, with an "A+" rating from the BBB and solid scores on Trustpilot, we ran into some technical difficulties that would prevent customers from being able to complete a loan application. For this reason, it earns a lower rating in our review, but it has the option to move up in the future if the technical issues are resolved.
Weak
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Carvana is known for helping you buy and finance vehicles, and promises a high rate of approval for auto loans (with any credit score). However, Carvana's loans can only be used to purchase a car from the site's inventory, and there have been increasingly poor reviews for the process of buying those cars. With problems of car quality, government action, and vehicle delivery delays as rising concerns, Carvana earns one of our lowest ratings.
Continued from above...
Auto loans are one of the most universally accepted parts of owning a car. Especially in today's market, not many people have the funds to buy a car outright. Most new cars are a minimum of $20,000, and most cost much more. Even if you're buying something used, you'll be looking at putting down some serious cash if you want something reliable.
That's where auto loans come in. Instead of handing over your hard-earned money when you take the car home, you sign up for an auto loan that helps you spread the payments out over time. Many customers will jump right in and take a loan through the dealership or their bank. But there are other, sometimes much less costly options to consider, too.
So what exactly is an auto loan? Basically, it's money that's lent to you by a third party to help you purchase your next car. You use the money you borrowed to buy the car off the lot, and then pay back the loan over time (usually over a number of years) in monthly payments. Your car is the collateral for the loan, so if you stop making payments, your lender can take the car back (since it's technically their money that owns it until you pay it off). Things like your credit score and your job security can be factors in securing the best loan with the lowest interest rate.
Most people generally go with the obvious choice: through the dealership (especially if they're offering 0% financing or other deals in the first year), or through their trusted banking institution. However, there are tons of lenders that will give you money for an auto loan. And since these guys aren't actually trying to sell you the car (usually), you won't have to worry about feeling pressured in the moment, and can take the time to pick out the best loan for your situation.
In today's day and age, you can easily apply for auto loans directly online. You don't even need to be at the dealership. It's faster than ever, and you can do it from the comfort of your home. Generally, you'll need your driver's license, information about your job and income. Because the loan process will likely include a credit check, have your Social Security Number ready when you apply for an auto loan online. During the process, make sure to watch the interest rates. Those are the most important parts as they'll determine how much more you'll pay over time. Make sure you shop around and compare offers to make sure you get the best deal for your finances and credit.
If you're ready to get that new set of wheels, we get the feeling. Nothing's better than that new car smell when you drive it off the lot. To make sure you get the best deal on your auto loan, here are some factors to consider that can help you pick the best lender:
Whether you're grabbing a new eco-car, a shiny Toyota, or one of those pretty red Mazdas that are so popular these days, your new car is only a few clicks away. To make sure you have the best chance of finding a lender that will get you back on the road with your new car, Top Consumer Reviews has researched and ranked the best auto loan providers available today. Enjoy your new set of wheels!
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What You Should Know Before Getting An Auto Loan
Buying a new vehicle can either be an exciting experience, or one that stresses you to the max. For some people, it can even be a combination of the two. Sometimes people get caught up in the excitement of buying another vehicle, and find themselves being talked into more than they can reasonably afford. And once the deal is done, it's hard to undo it.
Rushing into buying a new or used vehicle is never a good idea. Unlike other investments, such as real estate, vehicles are a very poor investment. They begin to depreciate in value the minute they are driven off the dealer's lot, and continue to lose value for every year of ownership. However, for most people, vehicles are a necessity in order to get to work and other places they need to go. If you are lucky enough to live in an area with stellar public transportation, a vehicle is something you likely can do without. But for anyone living outside the reach of decent public modes of transport, a vehicle is a necessary evil.
Before buying any vehicle, whether new or used, shoppers should consider a few things.
First and foremost is to determine affordability. How much vehicle can you reasonably afford to own without going broke in the process? As a general rule, buyers should not spend more than 20 percent of their monthly income after taxes on a vehicle. If you are spending more than that, you risk overextending yourself financially and running the risk of ruining your credit report.
To estimate how much of a monthly payment you can afford, be sure to look at more than the purchase price of the vehicle. You must also factor in the interest rate, maintenance fees and insurance for the vehicle. All of these things should be considered under the 20-percent umbrella rule.
Consumers also should do some hefty research on the best way to secure financing if they are unable to cover the full cost of the vehicle's purchase price in cash. One of the best places to look for an auto loan is through online auto loan companies. Some of these businesses have access to a large number of loan companies and can automatically compare their auto loan rates, delivering only the best ones to you.
Some websites also provide a valuable tool when researching loans and interest rates. Consumers are able to use prediction software to plug in their local zip code and generate a list of the going interest rates in their area. Some online calculators also will take all of the factors involved in owning a vehicle - purchase price, insurance, maintenance and financing - and generate a monthly cost for you. It's always good to make use of these kinds of resources to be certain you're not overextending yourself financially.
Another place to look for an auto loan is with your own financial institution. Having a solid financial history with a bank can help to secure a good deal. With longstanding customers, a bank may be able to negotiate a fair interest rate for you, and certainly better than what you could find through the car dealer.
Securing a loan through the auto dealer is usually not the best idea. It usually is the most expensive option when it comes to financing. While auto dealers may have a variety of financial institutions to tap in order to get a variety of interest rates and offers, they also are permitted to add up to a 3-percent fee on to the total in order to compensate themselves for securing the loan. So as a general rule, auto dealers should be the last place you look for a loan.
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