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Financer.com helps you find the best auto loans. Compare car loan rates below and apply for an auto loan online.

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3.5
Read 3 reviews.
Loan amount: 10,000 $
All
Term of Loan: 1 Year
Interest rate: from 5.99 %
Monthly payback: 860.62 $
Total cost from: 327.42 $
Borrow up to: 
35,000 $

Estimated pay back: 
11-12-2018
Poor credit score: 



Weekend payout: 

Age: 
18

Credit check: 
Minimum Income: 
n/a

Banks: 
n/a
More information
5
Read 2 reviews.
Loan amount: 10,000 $
All
Term of Loan: 1 Year
Interest rate: from 7.00 %
Monthly payback: 865.27 $
Total cost from: 383.21 $
Borrow up to: 
35,000 $

Estimated pay back: 
11-12-2018
Poor credit score: 



Weekend payout: 

Age: 
18

Credit check: 
Clarity Services
Minimum Income: 
n/a

Banks: 
n/a
More information
3
Read 2 reviews.
Loan amount: 10,000 $
All
Term of Loan: 1 Year
Interest rate: from 34.00 %
Monthly payback: 994.65 $
Total cost from: 1,935.82 $
Borrow up to: 
10,000 $

Estimated pay back: 
11-12-2018
Poor credit score: 



Weekend payout: 

Age: 
18

Credit check: 
Experian and TransUnion
Minimum Income: 
n/a

Banks: 
n/a

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The Financer.com Guide to Finding the Best Car Loans

online car loansBuying a new car can be an exciting experience, but for most people paying in cash is simply not an option.

This means you will need an auto loan. There are two financing options for buying a vehicle: direct lending and dealership financing. Below, we will examine these two options.

Tip: Use the car loan comparison above and find the best loan rates.

Direct Lending – Get a Car Loan from a Bank or Apply Online

cheapest car loan ratesWith direct lending, you obtain a loan directly from a finance company, bank, or credit union. You will agree to pay the amount financed for the vehicle purchase along with a finance charge over a period of time. The loan from the lender is used to pay for the vehicle, regardless of the dealership where it is purchased.

One of the benefits of direct lending is that you have the opportunity to shop around and compare several different lenders to ensure you receive the best terms before you actually purchase a vehicle. Also, you are able to review credit terms in advance of taking out a loan and buying a vehicle. This means you will know the interest rate up front.

Online Car Loans are a Simpler and Faster Way to Get an Auto Loan

Nowadays, finding a car loan online is easy. We recommend you to take a look at our car loan comparison on this page. Comparing online car loans is always a good idea, since the costs of online car loans may vary thousands of dollars in price.

Compare online car loans with our loan comparison tool before applying for an auto loan online.

Dealership Financing

Another option is dealership financing. With this option, you obtain financing through the dealership where the vehicle is purchased. You will enter into a contract with the dealer in which you purchase a vehicle and agree to pay the purchase amount for the vehicle along with the finance charge over a set period of time.

While the dealer might hold onto the finance contract, most dealerships sell financing agreements to banks, credit unions, or finance companies. The purchaser of the finance contract is known as an assignee and that entity will be responsible for servicing your loan account and collecting payments.

Dealership financing can offer some advantages, including convenience. Since vehicles and financing are offered at the same location, consumers can enjoy extended hours, including the ability to shop and secure financing in the evenings and on weekends.

The Many Options of Dealership Financing

Multiple financing options may also be available. For instance, it’s not uncommon for dealers to have established relationships with different finance companies and banks. This means you may be able to benefit from a variety of financing options.

Special programs may also be available. For instance, many dealers often offer low-rate, manufacturer-sponsored, or incentive programs to encourage buyers to make purchases.

It should be kept in mind that these programs may be limited to specific vehicles or may come with special requirements. For example, you may be required to agree to a shorter contract length or a larger down payment, so it’s important to make sure you always understand the terms of the offer. You may also be required to have a higher credit rating to qualify for these programs.

Consumers should always make a point of shopping around before making a final decision regarding which type of financing is best for their particular needs.

Applying for Car Loan Financing

When applying for financing, it’s also important to understand the type of information you will need to provide. If you opt for dealership financing, you will usually submit your application through the Finance and Insurance Department at the dealership. This will involve completing an application, which will require such information as:

  • Name
  • Social Security Number
  • Date of Birth
  • Address
  • Employer
  • Length of Employment
  • Occupation
  • Income Sources
  • Total Gross Monthly Income
  • Debt Obligations

The dealership will also likely obtain a copy of your credit report. This will contain information regarding both past and current credit obligations, any relevant data from public records, and your payment record. The credit report will detail the type and terms of all of your accounts, the credit limit, most recent payments, and most recent balance for each account. The status of your account will also be included in the comments section of the credit report. This will include any past due information. If a creditor has taken any legal steps to collect on a debt, this information will also be included.

Most dealerships will submit your application to multiple possible assignees, which may include finance companies, banks, and credit unions, to find an assignee who will be willing to purchase your finance contract. Your credit application will be evaluated using various techniques to determine whether you will be approved for a loan.

When you finance through a dealer, you will not deal directly with prospective assignees. The decision to purchase your finance contract, which will determine whether you may be approved for financing, will be based on an evaluation of your credit score, credit report, your completed application, and sales terms, including your down payment amount. If an assignee agrees to purchase your contract, they will notify the dealership of the buy rate at which they will purchase the contract.

Always Compare the Car Loan Interest Rates

Consumers should be aware that the interest rate they are offered when financing at a dealer may or may not be lower than the rate they would be able to obtain with direct lending. In many cases, consumers can negotiate the terms of payment and the APR with a dealership. The APR that consumers negotiate when obtaining dealership financing is typically higher than the wholesale rate. This is because the rate includes the amount the dealer is compensated for handling the consumer’s financing.

If the dealer promotes a discount, rebate, or special price, consumers should make sure they know exactly what is being offered and what the eligibility requirements are for those offers. This is quite important, as such offers can reduce the purchase price of the vehicle, thus the amount the consumer must finance. Prior to signing a contract, consumers should always ask questions about all terms, including whether those terms are final.

Last Piece of Advice

The purchase of a new vehicle is an important decision. Since many loan terms are 36 months or longer, the choice of financing to use when buying a new vehicle is also important. Understanding the various options available and taking the time to make sure you obtain the best terms can ensure you obtain an auto loan that is right for your specific situation.

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