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Which are the best auto loan lenders?
One of the most crucial elements when it comes to car shopping is essentially to find the right loan. After all, most analysts believe this is something just as important as finding the right vehicle, considering that making the wrong decision would get into a long road of difficulties.
Getting to this point, in order to get the lowest and more comfortable interest rate, you will have to shop around for an auto loan just to determine what kind of financing is currently available and see if it fits with your financial situation.
Most of the times, dealerships mark up the interest rates on loan offers from the country’s lenders, and that can easily leave customers paying more for the same car.
Given this situation, it is quite important to find the best auto loan lender in order to make everything easier. In case you don’t know which is the one for you, here are the best auto loan lenders you can find this year.
Bank of America
The first thing to take into consideration about Bank of America is the fact that its interest rates are as low as 2.99 percent for a new car purchase loan, and is available in all 50 states of the country. Basically, we’re talking about such a famous auto loan lender that even some myautoloan reviews mention it.
Currently, Bank of America is offering some of the most impressive rates for auto loans, to the point in which the 2.99 percent APR to start for a new car purchase is probably the lowest starting interest rate you will find this year. As a matter of fact, with Bank of America, the starting interest rate for a used car could be as low as 3.49 APR.
The reason why this is so outstanding is essentially because many other large banks across the United States like JPMorgan start their auto loan rates around 4 percent, which simply cannot be compared with what Bank of America offers.
If this doesn’t look good enough, another great detail that makes Bank of America one of the greatest auto loan lenders in the country is the fact that it offers rate discounts for its current customers up to .5 percent.
This is probably the best auto loan lender you can find if you have an excellent or good credit score. As a matter of fact, its interest rate ranges from 3.99 percent to 8.14 percent for a new car purchase, while the minimum FICO score requirement is of 660 and is also available in all 50 states.
Believe it or not, this is such an incredible loan lender that many believe it is equal or even better than Bank of America considering how comfortable it is to operate with it. Of course, this is something that depends on the type of customer.
LightStream, which is part of the SunTrust Bank, focuses almost exclusively on auto loans to people with really good credit. However, it does offer loans in every part of the United States, and considering that it focuses on a narrow subset of customers, LightStream’s rates go lower than many other lender.
With this one, for a 36-month loan for a new car purchase that costs between $10,000 and $25,000, interest rates range from 3.99 percent to 5.99 percent.
According to Experian data from last year’s third-quarter, the average loan interest rate of most lenders in the United States is at 4.19 percent for those borrowers that have credit scores above 780 buying new cars, with LightStream beating the average.
This is definitely the best auto loan lender in the United States if you have a bad credit score. Its interest rate range goes from 3.39 percent to 11.25 percent, with a minimum FICO requirement of 500 and the same advantage of being available in 48 states of the country.
Being one of the most famous lenders in the United States, Capital One offers reputable and very easy auto loans for everyone who has a credit score of 500 or higher. According to over 10 reviews, the typical buyer in this credit range will usually see loan offers with 16.89 percent APR’s for used cars and 11.71 percent for new ones.
According to Experian, these figures represent a rate that could quickly increase the cost of buying a car. Getting to this point, the outstanding detail about this lender is the fact that it offers rates lower than these figures, offering interest rates that top out at 11.25 percent.
As reported by Magnify Money, Capital One offers loans as small as $7,500 for used cars. However, it is worth pointing out that this lender’s maximum loan amount of $50,000.
This article does not necessarily reflect the opinions of the editors or management of EconoTimes.