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    You are at:Home » Complete Review of The Best Auto Loan Providers of The Year

    Complete Review of The Best Auto Loan Providers of The Year

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    By pps-DUEditor on April 28, 2021 Auto

    Getting an outstanding auto loan is the first step to getting the car you want. Having the best lender backing your purchase can have plenty of upsides in the long run.

    A great loan provider gives you the lowest rates, excellent service, and fast processing of paperwork that can make the whole process a breeze. We’ve taken into account a number of things to come up with this list of top auto loan providers.

    PenFed Credit Union

    Pros

    New, used, and refinance loan options

    Easy online application process

    Finance up to 110% on new cars

    Cons

    Must be a member of the credit union to apply

    Lowest rates available exclusively through its car-buying service

    Highlight: Interest rate as low as 1.39%

    Consumers Credit Union

    Pros

    Loan options for new, used, and refinanced vehicles

    No minimum or maximum loan amount limit

    Readily available across all 50 states

    Cons

    Must be a member of the credit union

    The lowest rates are available only for those with a minimum 640+ credit score

    Highlight: Interest rates as low as 2.69%

    For bad credit: Oportun

    Pros

    No minimum credit score is required for a loan application

    Apply online quickly and get an instant approval

    Pre-qualify with soft credit check

    Cons

    Available in 12 states only

    High-interest rates

    Highlight: Get loan amounts ranging from $5,000 to $35,000

    For Techies: Carvana

    Pros

    Pre-qualify with a soft credit check

    No minimum credit score requirement

    The end-to-end online shopping experience

    Cons

    Financing options only on Carvana’s vehicles

    $4,000 minimum annual income needed to qualify

    Only available on used vehicles

    Highlight: Avoid a hard inquiry on your credit while you shop online for rates

    For refinancing: Lending Club

    Pros

    Compare auto loans from multiple lenders online

    Pre-qualify with just a soft credit check

    Never worry about origination fees or prepayment penalties

    Cons

    Available in only a few states

    Select vehicle restrictions

    Highlight: Interest rates ranging from 3.99% to 24.99%

    For Used Cars: LightStream

    Pros

    Offers secured and unsecured auto loans

    No restrictions on vehicles

    0.5% autopay discount

    Cons

    Best rates for borrowers with solid credit

    No pre-approval process

    Highlight: Interest rate as low as 2.49%

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