Find the best auto loan or refinancing provider for your credit score.
Finding the best auto loans can be tricky. There is a sea of providers out there, and getting stuck with a bad car loan can mean years of debt. The difference between a good interest rate and a bad interest rate can add http://yourloansllc.com/installment-loans-ia/ up to thousands of dollars after all is said and done.
When making this major financial decision, it’s important to compare your loan options. This list will point you to a number of reputable auto lenders to help you decide where to apply, whether you have excellent credit or not. We’ll also explain the application process as well as tips for how to get the lowest auto loan interest rates.
Best Auto Loans: 10 Top Providers
There is no one best auto loan provider for everyone. While most people looking for loans will want to find a provider offering the lowest annual percentage rate (APR), the interest rate you receive depends on your credit history as well as a number of other factors. Different financial institutions ounts.
Finding the best provider also depends on which type of car loan you need: a new car loan, used car loan, or a refinancing loan. The table below shows some information for a few of the best auto loan providers for a variety of borrower types. Some of the providers listed below administer loans directly to customers, while others are brokers that match customers with loans. Both can be good places to start when looking for the best auto loans.
Based on the available information, we think some of the best auto loans can be found from the following companies:
- PenFed Credit Union: Lowest APR
- Auto Approve: Best for Refinancing
- Auto Credit Express: Best for Bad Credit
PenFed Credit Union: Lowest APR
PenFed Credit Union was initially started to serve military members and their families, but its services have since been made available to the general public. While not accredited by the Better Business Bureau (BBB), PenFed Credit union has an A+ BBB score.
The credit requirements for a PenFed Credit Union car loan are higher than many other lenders, but it offers some of the lowest interest rates in the industry. PenFed also offers a car buying service, so you can shop for a vehicle and complete a loan application in one place.
PenFed does have a moderate customer review reputation online, though most complaints filed through the BBB regard PenFed home loans. Also, given the size of PenFed, the number of customer complaints is relatively low.
Auto Approve: Best For Refinancing
Auto Approve only offers car loan refinancing, not purchase loans. However, it does this well. While drivers with poor credit may not be eligible for an Auto Approve loan, those who are eligible may find interest rates as low as 2.25 percent.
Auto Approve holds BBB accreditation, an A+ rating, and a 4.7 out of 5.0-star customer review score based on about 400 reviews. As even a one-percent interest rate reduction could save you hundreds of dollars, there’s no reason not to see what refinancing offers you can find with Auto Approve.
To learn more about this provider, read our complete Auto Approve review . You can also visit AutoApprove to compare rates.
Auto Credit Express: Best For Bad Credit
Auto Credit Express specializes in loans for customers with poor credit. The company even has representatives that can help loan seekers build their credit scores through their loan repayments.
Customer experiences with Auto Credit Express vary, but few loan providers look to work with customers who have especially bad credit. If you need a vehicle and are having difficulty securing a loan because of poor credit, Auto Credit Express can help. Even drivers going through a bankruptcy or repossession may be able to secure an auto loan from Auto Credit Express.