Whether it’s comparing features, taking test drives, or smelling the smell of a new car, buying the perfect car, truck or van can be an exciting time. At the same time, if you end up with the wrong loan or the wrong loan provider, it can also mean that you are overpaying thousands of dollars. Read on as we explore the best car loan providers available on the market.
Consumer Credit Union
Consumers prefer credit unions over banks because they often have lower interest rates. CCUs require that you pay a fee of $ 5 and keep a minimum amount in your bank account. In return, you can then avail auto loans at rates as low as 2.69% with fixed rates, mechanical repair coverage, and affordable payment options.
While you won’t get the low rates that CCUs can offer, with Oportun you can rest assured that you won’t be paying too much. Loan amounts offered by Oportun can range from $ 5,000 to $ 35,000, allowing you to buy the car you love. And more importantly, Oportun does not involve strict criteria to be eligible for credit.
A capital letter
If you prefer the support of a serious and well-known financial organization, Capital One is your best bet. Additionally, if you are in the market for a replacement or used car, you can submit an application to be prequalified for auto financing through the bank’s Auto Navigator program.
OpenRoad Lending saves you an average of $ 100 per month on car payments with rates as low as 1.99%, subject to their eligibility criteria. The application process is also fairly straightforward and completely online.
Carvana is the perfect loan provider if you are looking for a completely online process. With it, you can apply for a car loan, choose your car and have it delivered to you, all without leaving the comfort of your home. And if you want to trade in your old car, it can be picked up when your new car is delivered. All of this without a minimum credit score requirement.
Finally, be sure to always do your due diligence before deciding to go ahead with a particular loan provider.