An auto loan will aid you in purchasing a car or refinancing it. You can also get a loan sanctioned against your car and repay it in monthly installments. While searching for an auto loan, you need to keep in mind the rate of interest they are charging, along with the time they are taking for the sanction of the loan and the documentation required.
Some of the Best Auto Loan Rates Are Mentioned Below:
Consumers Credit Union
They make up the top of the list of best loan lenders because they finance the 100% cost of your vehicle or its renovation. They will offer loans at a meager interest rate if you qualify as per their rules and regulations.
Penfed Credit Union
With a minimum loan amount of $500 and an interest rate of less than 1%, Penfed union is a perfect choice for getting an auto loan. You must be a credit union member, and you can avail of their loans through their car-buying service only. They offer a loan of up to 125% of the total cost.
They offer a large amount of money as a loan to those who pre-qualify for their loan through a credit check. It is a big Bank lender and provides complete security throughout the process. However, you can avail of this loan only through dealers in contact with Capital One.
The loan sanction process through oportun takes less than 24 hours and provides a loan to even those with a bad credit score. The only drawback of Oportun is that the interest rates can be as high as 35%.
Open Road lending
It is one of the best choices for refinancing as it can help you save as much as $100 per month. There is no extra application charge for this loan. However, you won’t have any chance to pre-qualify and compare the interest rates. There is also a limitation with the age and mileage of the vehicle.
You don’t have to push away your dream of owning a car or renovating it because of the unavailability of money at hand. You need to do a previous search for a suitable auto loan lender with an appropriate interest rate. Once done, you can repay the money in installments and get the car you like.