Finding financing for a new or used car purchase can often take just as long as finding your next vehicle! We have done the research and sifted through all of the information for traditional banks and online auto loan providers. While there are a lot of options, not all of them are time-effective or easy to deal with. We looked for the best and most efficient options that offer a good rate while being easy to work with. The top three auto loan companies for both new and used vehicles are US Bank, CarsDirect, and Capital One. Keep reading to learn more about how these three financing providers can get you into your new car with less hassle.
Top 3 Auto Loan Companies
- US Bank
- CarsDirect
- Capital One
US Bank
If you are looking to go the traditional route and secure your financing from a bank, US Bank offers the most flexible loans at some of the lowest interest rate levels. The one option that they do not offer is financing for a lease buyout. US Bank is also a great choice if you are buying a used vehicle as they do not automatically raise the interest rate as some lenders do. If the car is less than six years old and has less than 100,000 you will receive the same interest rate as new car buyers. They also offer good incentives if you are purchasing an EPA rated green vehicle.
Highlights
- One of the few options for buying vehicle from a private seller
- Interest rate discounts of 0.5% when purchasing some fuel-efficient vehicles
- Good deals on used car financing that do not automatically raise your rate
CarsDirect
In addition to helping you find the perfect vehicle provides financing whether you use their service or not. This financing service will find you several great lending options that have the best rates and terms for your situation. The one caveat is that it appears that possible lenders may continue to contact you even after you have made the decision to find your loan elsewhere. CarsDirect is very good at providing helpful information and educating its customers which makes them the perfect choice for first-time buyers. If you want the best rate and most favorable loan terms CarsDirect is the way to go.
Highlights
- CarsDirect also offers refinancing of your current car loan if you are looking for more favorable terms
- Provides financing for smaller loan amounts and for purchases from private sellers
- Informative and helpful option that is great for first-time car buyers
Capital One
This credit card company also has a wide array of auto loans available to both current card holders as well as everyone else. If you do happen to have a credit account with them you may qualify for a lower rate or other favorable terms. Capital One is also one of the few lenders that works with customers with a less than perfect credit rating. The company offers pre-approval so that you will be ready to go once you find the vehicle of your dreams. Their lending network spans over 12,000 that deal with them for direct financing which can make your purchase even more seamless.
Highlights
- Competitive interest rates
- One of the few lenders that works with folks with less than perfect credit history
- Extensive network of over 12,000 dealers with direct lending options for a simple financing experience
Conclusion
Vehicles are often the next largest purchase that we make after our home. It makes sense to shop around and find the lender with the most favorable terms and these top three auto loan companies are a great place to start.