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Sep 22

Join us as we take a look at some of the best auto loans in 2020

Reading Time: 3 mins

A car is one of the most expensive purchases you’ll make in your life – but for most of us, there’s no way around it. Public transport just isn’t up to scratch in many places, and a car just makes life easier.

A new car can set you back tens of thousands of dollars, but unfortunately, not many of us have $40,000 to pay upfront for a new car.

This is where auto loans come in – there are plenty of trusted auto loan providers that will offer you a good interest rate and terms relative to your credit score. Spreading the cost into monthly payments can certainly make life easier.

If you’re on the market for an auto loan, or just want more information on what options are out there, then keep reading to find out about some of the best auto loans. You can also check out this helpful review on the best auto loans at Crediful.com for a more in-depth look.

 

LendingTree

Pros

  • Competitive interest rates starting at 1.85%
  • Refinancing options and lease buyouts
  • Can shop for both used and new cars
  • Handy cost estimator
  • Can compare multiple offers for free

Cons

  • Down payments are highly recommended

LendingTree is a quick and easy way to find a loan despite your credit score. Your credit score won’t be affected at all during the application process, and you can view multiple offers after completing just one simple application form.

You can use the convenient online tool to help you see what kind of terms and amounts you’ll qualify for – simply provide them with your location, loan amount, and credit rating.

If you want to get approved in advance of buying your car so you can budget, then you’ll be glad to hear that this is possible with LendingTree.

LendingTree also allows you to refinance existing loans, which is perfect if you’re sick of your current auto loan. Loan terms can be as long as 84 months, which is perfect for long term refinancing.

 

CarsDirect

Pros

  • Applying will take approximately one minute
  • Accept a wide range of credit types
  • Can compare lots of loan products at once
  • Options for refinancing and lease buyouts
  • Loan amount can be as high as you need

Cons

  • They require lots of information

LendingTree is an inclusive loan provider that accepts borrowers with any credit types, which is perfect if your credit score is less than perfect.

While many loan applications can be tedious and take time to complete, this application can be done in around 60 seconds. It’s quick and easy to apply – although they do require certain paperwork.

You’ll be asked to provide recent payslips, a copy of your photo ID, W2 forms, your tax history, bank statements, proof of residence, and proof of insurance. This is pretty typical for a car loan, but it can be difficult acquiring all this information and evidence.

Once you hear back from potential lenders, you can browse your offers and choose the one that’s best for you. There’s no limit to how much you can borrow with CarsDirect, which is perfect if you have a more high-end car in mind.

 

Capital One Auto Finance

Pros

  • Great interest rates if you have good credit
  • Convenient Capital One loan calculator
  • Provide loans for both new and used cars
  • Accept low credit borrowers

Cons

  • The maximum loan amount is $40,000

As long as your credit score is higher than 500, you can take advantage of the quality and trusted auto loans that Capital One provides.

Your car must have a milage less than 120,000, and be a 2009 model or newer in order to be considered – if not, then unfortunately you’ll have to look elsewhere.

You can shop for both new and used cars, with loan amounts ranging from $4,000 to $40,000 – which is perfect for a standard car. If you want a more high-end car, then unfortunately a Capital One loan may not cover it.

If you want to see what kind of auto loan you’ll be eligible for, then use their easy and convenient loan calculator.

 

Chase

Pros

  • Chase customers save an average of $3,106 off the MSRP
  • Convenient online portal and loan calculator
  • Both loans and car buying services
  • Loans of up to $600,000
  • Faster process if you’re already a chase customer

Cons

  • None

Chase is perfect for both securing a loan and finding the car of your dreams. Chase partners with TrueCars so you can browse through a wide variety of cars. You can get an auto loan for new and used cars, which is always good to know – especially if you’re on a budget.

The average Chase customer will save $3,106 off the MSRP, which is certainly a pulling factor. Get started today with their easy application process – and use their payment calculator to get some idea as to what you’ll be paying per month.

If you’re an existing Chase customer, then the process will be a lot simpler, and you’ll have access to better deals.

 

 

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