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The Best Auto Loan Companies

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.

Monday, November 30th

2020 Auto Loan Company Reviews

Upstart Review TopConsumerReviews.com Best-In-Class Blue Ribbon Award 5 Star Rating

Upstart

5 Star Rating TopConsumerReviews.com Best-In-Class Blue Ribbon Award

Upstart believes that a credit score isn't the only factor to consider when giving you an auto loan. Their approval process looks not just at your credit history but also at your educational background, employment history and potential future earnings to determine a more thorough financial portrait - making it more likely that you'll be approved. Upstart loans typically fund within a day, and happy customers praise this service for being easy and affordable. Upstart earns our highest recommendation for auto loans.

Credible Review 4.5 Star Rating

Credible

4.5 Star Rating

Want to see which lenders are willing to give you an auto loan without having to fill out multiple applications? Credible is the option for you. Not only is our highest-ranked lender included in their partner network, but also nine other reputable companies. You'll still have to read the terms and conditions of your loan carefully - Credible doesn't fund it, the partner does - but users of this platform say that it streamlines the borrowing process and makes it more likely to get an auto loan that's approved and affordable.

LendingTree Review 4 Star Rating

LendingTree

4 Star Rating

LendingTree offers personal loans ranging from $1,000 to $50,000 that can be used to buy your next car. Their free-to-use service matches you with a variety of lenders who compete for your business. Although LendingTree may have limited auto loans for those with credit scores lower than 640, clients rave about the experience they had when getting financing here.

My Auto Loan Review 3.5 Star Rating

My Auto Loan

3.5 Star Rating

My Auto Loan can help you get the financing you need for a new or used vehicle, to refinance your current car loan, to buy from a private seller or to buy out your lease. The company has a solid reputation and satisfied customers say that the service connected them with loans they could afford. We wish this loan referral platform offered greater transparency about the four lenders in their network: you won't know until you submit your information what you'll get as an interest rate or which company is offering you financing.

Auto Credit Express Review 3.5 Star Rating

Auto Credit Express

3.5 Star Rating

Auto Credit Express works to pair borrowers with their network of partner dealerships who specialize in auto loans for people with bad credit. In other words, you won't get a loan here, but you'll be matched with a local dealership that's willing to work something out. This company actually has an excellent history of making that happen, with thousands of car buyers giving Auto Credit Express high marks. And, because ACE doesn't fund your loan, they won't run your credit report before connecting you with a dealership. Particularly if your credit isn't fantastic, you should see what Auto Credit Express can do for you.

CARCHEX Review 3.5 Star Rating

CARCHEX

3.5 Star Rating

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.

OneMain Financial Review 3 Star Rating

OneMain Financial

3 Star Rating

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.

LendingClub Review 3 Star Rating

LendingClub

3 Star Rating

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.

Road Loans Review 1.5 Star Rating

Road Loans

1.5 Star Rating

In the past, RoadLoans connected consumers with auto loans for new or used cars, as well as refinancing on already-purchased vehicles. Loans could be approved within a matter of minutes, and the service would even recommend trusted dealerships in the area for using the funds. However, a sharp decline in RoadLoans' reputation with the BBB, plus an application process that now redirects applicants to Chrysler Financial, puts this lender near the bottom of our rankings for auto loans.

Instant Car Loan Review 1 Star Rating

Instant Car Loan

1 Star Rating

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.

Compare the Best Reviews

Continued from above...

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:

  • 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!

The Best Auto Loan Companies Compare Auto Loan Companies Compare Auto Loan Company Reviews What are the best Auto Loan Companies Best Auto Loan Company Reviews

Auto Loan Company FAQ

Most auto loans are funded by smaller banks and credit unions. But, as you look for an affordable auto loan, you might see some familiar names like Capital One and Southeast Financial.
That depends on several factors, including your credit history and the amount you need to borrow. Searching for a car loan online gives you the advantage of comparison "shopping" for the best rate available to you.
No problem! There are many lenders that are willing to work with you even if your credit score isn't the best. You'll probably pay higher interest rates than a borrower with an 800+ credit score, but you'll still be able to get a loan.
When you request a rate quote online, most lenders perform a "soft pull" of your credit history: checking the information you provide against the credit bureaus' records to verify your identity. That doesn't affect your credit score. But, if you go through the entire process and actually submit a loan application, it'll temporarily lower your score.
You can get an auto loan without ever setting foot in a bank! Many of us have used a car dealer to obtain financing but, obtaining a car loan online is a smart and empowering option.
Auto loans are available in amounts ranging from $1000 to $100,000. To determine your eligibility for a loan, the lenders will take into account your credit history, current debts, and income.
Is 24 hours soon enough? While most auto loans take a few days to a week to be funded and deposited to your account, at least one lender has a one-day turnaround for most customers.
No, not when you choose a reputable provider! It's easy to find an auto loan from a lender with a strong reputation. Positive customer comments and a high rating from the Better Business Bureau are two indicators that the company is a trustworthy option for your loan.

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