When purchasing a car, one major obstacle for many people is the cost. Even inexpensive cars can cost thousands of dollars. Many people don’t have thousands of dollars to spend at once, especially if they need a new car as soon as possible. Getting a car loan can help you cover the cost of the car while offering easy ways to repay.
When shopping for a vehicle, one of the steps that shouldn’t be neglected is looking for auto loans. Finding the right loan can help you save money while repaying the loan and negotiating with dealerships. Having a car can help you negotiate a lower rate, or even decrease monthly payments.
PenFed Credit Union
PenFed Credit Union offers low rates for new and used auto loans. They even offer to refinance loans. They offer loans from $500 up to $100,000 so that no car is out of reach. Depending on what kind of loan you are applying for, rates can start as low as 1.39% for a new car. To get a loan from PenFed, you will need to join the credit union, but those standards are easy to meet.
LightStream
LightStream is an auto loan company where the application can be completed entirely online with money often coming in the next day. They offer a variety of loan types, including new and used cars and classic car loans. The loan rates range from 2.49% to 9.49%, with applicants with the best credit getting the lowest rates.
Bank of America
Bank of America is a familiar financial institution to many, making them a welcome choice for many people. They also offer rates as low as 2.59% with a maximum of $7,500 for a loan. They do not give out loans for cars older than ten years or with more than 125,000 miles. Borrowers can choose from a 48, 60, or 72-month long loan after completing the quick application process.
Consumers Credit Union
Consumers Credit Union offers auto loans as low as 2.69% for up to 60 months. They also don’t have a minimum or maximum loan amount, loans are approved based on your credit history and the car report. Borrowers must also be a member of the credit union, which requires a payment of $5.
myAutoLoan
myAutoLoan is the best choice for people with a poor credit score. This is a marketplace option where borrowers can compare multiple offers and choose the loan best for them. The application process is quick and borrowers can compare four lenders. Loans are as low as 2.49% for new, used, and refinancing loan options.
Summary
Buying a car is expensive and many people can struggle to cover the expensive costs. Having a loan will help you buy off the car without a high-interest rate. Even if you have a history of bad or low credit, it is possible to find a lender that will help you. Get the car of your dreams with an auto loan.
