Drive Home in The Car of Your Dreams: Best Auto Loans in 2019
Is it time to upgrade your vehicle, but you don't have the cash?
Americans take out billions of dollars in car loans each year.
The average car loan is $30,958. That's a lot of money, which is why it is important to find the best loan to fit your needs.
The best auto loan option for you will depend on your situation. Keep reading to discover some of the best auto loans on the market, whether you have bad or excellent credit.
Best Auto Loan Services Online
With so many loan options available, searching online can really simplify the process. You can easily compare the features of each lender and their loans. Here are some of the online lenders you should look into for the best rates.
CarsDirect
While CarsDirect is known as a car-buying service, they also offer auto loans. Their website offers handy tools such as a loan calculator, a trade-in calculator, and tons of articles about car buying strategies.
There is no minimum or maximum amount for you to have to request for a loan.
After submitting your information, CarsDirect does share your information with other lenders. This means you may have to dodge emails and phone calls from them even after making a selection.
Carvana
Carvana advertises itself as the "new way to buy a car." You can search for your next car, collect all of the vehicle details, and even access vehicle history reports on their website.
Their financing terms are completely customized for each customer, which provides an informed search for their next vehicle.
The exact amount you can borrow depends on your finances, credit score, and the amount you want to borrow. Carvana's loan terms range from 36 to 72 months.
Once you apply for financing through Carvana, you have 45 days to decide on a vehicle. Most loan vendors only allow 30 days.
The entire car-buying process is completed online, and your car can be delivered right to your door when you're finished with a seven-day satisfaction guarantee.
Auto Credit Express
It is hard enough to find the car of your dreams, but finding one within your budget can sometimes seem impossible – especially if you have poor credit.
Auto Credit Express helps borrowers get a loan for their dream car, regardless of past credit history. Approval is typically awarded to borrowers with a monthly income of $1,500 or more.
With relationships with dealerships and lenders nationwide, Auto Credit Express connects borrowers with new and used cars that they otherwise might not be able to finance. With these partnerships, they help an average of 130,000 customers a month get into a vehicle they never thought possible.
In less than 15 minutes, you can receive pre-approved loan options from a nearby dealership.
Bonsai Finance
Bonsai Finance offers online installment loans up to $5,000. Online installment loans are the newest sources of ready cash available for those with bad credit.
The application process is quick and easy. You can complete it without ever leaving the house. Minimal information is required to request an installment loan and approval decisions are available in seconds.
These loans are perfect for buying used cars or paying an existing loan with ready cash.
Bonsai Finance offers a network of lenders who can meet a variety of needs. This service is designed to help borrowers who may have a low credit score.
Best Big Bank Auto Loan Options
We've explored the online options, but what about the best brick-and-mortar bank auto loan lenders? Big banks offer customers the comfort of personal touch.
LightStream
LightStream is an arm of SunTrust bank that offers low rates for customers with excellent credit. It offers some of the highest borrowing amounts and lowest rates without fees.
By providing funds directly into customer accounts, LightStream helps customers save time at the dealership. This gives customers more power to negotiate a better deal with the seller.
LightStream uniquely offers a lower APR if you bring back a lower offer from another vendor.
Borrowers must have good credit to consider LightStream as an auto loan option. To be eligible, you must have a credit score of 660 or higher, several years of credit history, a demonstrated ability to save, and a low debt-to-income ratio.
U.S. Bank
U.S. Bank offers competitive loan options and customer-friendly information for car buyers.
Your APR can be as low as 4.56%. They also offer a 0.50% autopay discount and do not require a down payment. Their online tools can help you calculate monthly payments based on purchase price.
Other benefits of U.S. Bank loans include loyalty discounts, equal rates for new and used vehicles, and good financing (up to 120%).
They also offer competitive options for refinancing your existing auto loan.
Bank of America
Bank of America offers tools to help customers with the application process. Their simple, three-step process allows them to put funds into your account within 3 days. The approval process only takes minutes and your rate is locked in for 30 days.
You could be eligible for a 15% discount if you have, or decide to open, a Bank of America checking account.
Bank of America's dealer network can streamline the car-buying process. They deposit funds directly into your account so that you are prepared to negotiate at any of their network dealerships.
Wells Fargo
With 65 years of experience, Wells Fargo offers customers low rates and quick approval decisions.
Wells Fargo offers discounts for customers who sign up for automatic payments. They also offer customers the ability to easily check their FICO score through the online account manager.
Their terms range from 12 to 72 months.
Buyers in a hurry should be cautious, as Wells Fargo offers higher-than-average loan amounts. It can be tempting to borrow more than you need.
No matter what kind of financing you're looking for, you're likely to find one that meets your needs.
Compare Your Options For the Best Auto Loans
Auto loans are usually a necessity, as most people don't have the funds up-front to purchase a new or used car.
Now that you have an overview of the best auto loans available in 2019, it's time to explore your options. Take these tips and search around for your auto loan before you commit to buying a vehicle.
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