If you are looking for an auto loan, you will find that there are definitely some deals that are better than others. If you really want to get the very best deal on an auto loan, you will have to take the time to do your research. Because there are so many different lenders out there to choose from, it is imperative that you know exactly what your options are like. After you have done this research, you should find it much easier to get a great deal on a loan.
CarsDirect
CarsDirect is a car buying service, but it also provides a way for you to get the best possible auto loan. If you need to get one of these loans right now, it is highly recommended that you use this service to your advantage. It has a loan calculator as well as a trade-in calculator, so you will be able to figure out how much you can afford and what your current car is worth. There is no minimum or maximum amount for which you can apply, which is definitely a good thing. One of the downsides is that after you submit your information, you may receive calls or emails from lenders even after you have made your selection.
MyAutoLoan
MyAutoLoan connects customers with lenders for all major loan types. There is also a very handy interest rate estimator that will help you get a better idea as to what you should expect to pay for a loan based on your credit score, location and the type of loan. There is also an extensive FAQ section on the website that you can visit to get answers to any question you may have.
U.S. Bank
You will find that U.S. Bank is one of the most trusted lenders of auto loans, but there are many different types of loans that you can get from them. They have some very competitive rates and consumer-friendly information of the big bank lenders. There are loans for cars purchased from private sellers, which is a problem for a lot of big banks. U.S. Bank does not automatically penalize used car buyers with a higher interest rate, which is definitely nice. The auto loan process itself is very clearly detailed for prospective customers, and there is a special “green car” discount program that reduces rates by 0.5% for buyers who choose certain fuel-efficient vehicles.
LightStream
LightStream, which is an arm of SunTrust Bank, is a potentially great option for those who are looking for an auto loan and have great credit. You will find that rates start at 2.29% APR with AutoPay for new cars and used cars purchased from dealers. Depending on what your credit is like, LightStream offers secured and unsecured loans. This company will also beat other lenders’ offers and has a $100 guarantee for unsatisfied customers. If you are unsatisfied within the first 30 days after getting a loan, they will actually give you $100 once you complete a service questionnaire.
Bank of America
Bank of America offers all sorts of auto loans, and it’s important that you take the time to explore the options you have here. This bank allows for vehicles up to 10 years old with 125,000 miles. Interest rates are very competitive, and current Bank of America customers are eligible for interest rate reductions. There are over 5,000 different Bank of America branches across the U.S., so you shouldn’t have a problem finding one in your area. This is really one of the better auto loan lenders in the country right now.
Conclusion
Because there are so many different lenders that you can go to for an auto loan, it is crucial that you take an adequate amount of time to see what your options are like. The more time you spend doing this research the better, because you definitely don’t want to end up paying more than you need to for your loan. If you are in the market for an auto loan, this information and research will help you out quite a bit. The lender you choose will ultimately determine the terms of the loan, which is important for obvious reasons.
