Top 5 Loan Providers for New and Used Cars
Owning a vehicle is essential for every person in the country as public transport isn’t well developed in several places. However, not everyone has enough funds to buy a car by themselves. You have to look for auto loan providers so that you can get the best deal for financing the purchase of your vehicle. You will find a lot of auto loan providers who will offer you various types of deals for the financing new and used cars. It is essential that you choose a provider who offers a low interest rate and a simple application procedure.
The top five auto loan providers for new and used vehicles in the country are:
Bank of America
Bank of America is one of the top-rated banks in the country. By applying for an auto loan with this provider, you can benefit from their low interest rates and simple online application procedure. You can get an approval for an auto loan from this bank with the minimum credit score of 580. Moreover, you can also find a branch of Bank of America in every major city in the country. You don’t need to pay a pre-payment penalty if you wish to pay off the loan in advance. This bank also provides easy and quick loan approvals. However, there are some disadvantages of picking Bank of America like not getting a pre-approval online. They will not inform you about your APR until you apply for an auto loan. You may also have to pay a down payment, depending upon your credit score.
Capital One Auto Finance
Capital One is one of the most trusted financial services companies for customers with a bad credit score. This banking company provides you with a low APR, even if your credit score is poor. You can qualify for an auto loan quite easily by following their online procedure. They will provide you with an auto loan if you have a minimum monthly salary of around $1500. Additionally, several auto dealers work in association with Capital One. However, even if your credit score is good, they will require a down payment of 20%. To qualify for an auto loan with this provider, your vehicle should not be older than ten years and should not have more than 120,000 miles on it.
Digital Federal Credit Union
DCU is another excellent auto loan financing company. They have a limited number of branches in the country, but they provide an online application for auto loans. You will get everything done online, and you don’t have to visit its branch for any reason. This credit union offers low interest rates. Moreover, you can benefit from the low APR on both new and used cars. Energy efficient cars will get an extra discount with this credit union. However, they will not provide you with a loan until you open a checking account with them.
Chase Bank is one of the biggest banks in the country. The greatest advantage of applying for an auto loan with them is that they will provide you with an auto loan for sums as low as $7500. Additionally, they do not charge any loan fees. You will get low APRs with customer discounts. However, their loan term is pretty short and extends up to forty-eight months only. You will not get pre-approval online either.
Wells Fargo Bank
Wells Fargo has the most branches in the country. They will provide you with a fast and simple loan approval process as well as relatively low interest rates. You can also avail of a relationship discount. However, they will require a $99 origination fee at the time of loan application. Moreover, they will not provide you with information about your APR until you apply.
Thus, these are the top five top auto loan providers for new and used cars. You can select any one of these loan providers based on your requirements.