Finding the most cost-effective car loan companies can make all the difference when it comes to monthly payments and overall interest costs. Bankrate has compiled a list of top auto loan providers so that you can compare rates and terms so you can get the most affordable financing for your new or used vehicle, regardless of its make or model.
Capital One
Capital One financing provides a range of car loan options, such as traditional loans and leases. Furthermore, they offer auto loan refinancing to help customers reduce their monthly payments and enhance the terms of their existing loan.
Capital One boasts a network of over 12,000 dealerships, giving customers access to an extensive selection of models and brands. Furthermore, Capital One provides an auto learning center to educate borrowers on auto financing and other financial services.
Capital One also provides GAP coverage to give customers added security for their investment. This insurance helps cover any differences between a car’s market value and what the customer still owes on it.
CarsDirect
CarsDirect is an auto financing company that offers multiple loan types. Their network of lenders caters to a range of credit backgrounds, even helping borrowers with bad credit or no credit secure auto loans.
Their website is user friendly and they provide online chat and direct email support. Alternatively, you can get assistance from a live representative at the company’s office.
This service boasts a 60-second application process and can provide you with an approval within 24 hours of submission. However, be aware that financing terms may change at any time; thus, be sure to read all details thoroughly before agreeing to anything.
Ally
Ally is one of the top car loan companies for consumers searching to purchase either a new or pre-owned vehicle. They provide competitive financing, though your credit score and amount put down will determine your interest rates.
Ally’s monthly car payment calculator can assist you in determining the size and type of loan that best fits into your budget. It allows you to alter the finance amount, annual percentage rate (APR), and loan term to estimate how much each payment will cost you in monthly installments.
Ally offers auto refinancing and lease buyout loans. Additionally, they have a single-pay lease option which may be suitable for people with bad credit.
PenFed
PenFed offers competitive auto loan rates, gap insurance and extended warranties. Plus, its auto buying service with TrueCar helps you find the car of your dreams.
PenFed only has 50 physical branches nationwide, but it serves members through online, mobile banking, and credit cards. The company specializes in helping those with poor or no credit rebuild their scores.
PenFed offers low loan amounts of $500 and up to $150,000 with an interest rate starting at just 6% for 36-month financing terms.
Consumers Credit Union
Consumers Credit Union provides its members with a range of car loan options. These include fixed rate mortgages and refinancing options that could save borrowers money on monthly payments or increase their borrowing power.
For those seeking a more traditional car loan, CCU also provides auto loans that can finance 100% of your vehicle and offer mechanical repair coverage. While these interest rates may be lower than some competitors’, they also come with a higher credit requirement.
Consumers Credit Union requires certain eligibility requirements and a one-time $5 membership fee in order to become a member. Once accepted, you’ll have access to multiple savings and checking accounts as well as all their services.
