Where to Get a Car Loan?

By Sarah H. — Published February 06, 2018

Where to Get a Car Loan?

Where to Get a Car Loan?

Given the fact that buying their first car or upgrading to a new one is largely a sentimental decision for most buyers, there is a lot of strategic planning and research that goes into it. As such, finding the best car loan in the market is top on the list for most potential automobile buyers.

The rate of interest offered by a lender is essentially one of the most important factors that the borrowers usually account for while zeroing in on the most value for money deal for them. However, there are numerous other factors as well such as the reputation of the lender, the ease of application, the speed of approval and disbursal, the prepayment and late payment penalties and such that must also be factored in while deciding on a suitable lender. Here is a list of some of the best lending companies and banks in the country that can offer you cost-efficient car loans at highly competitive rates of interest.

U.S. Bank
The US Bank is one of the largest financial entities in the United States that offers a comprehensive range of auto loan options including loans for used car buyers and those who are purchasing their vehicle from a private seller as well. In addition to offering a highly simplified application and approval process, the US Bank also provides a specific discounted rate of interest for buyers who are planning to go for an EPA-certified, eco-friendly, fuel-efficient electric vehicle. With an APR as low as 2.89% for new cars loans and 3.70% for used car loans, the US Bank auto loans might be deemed as among the most cost-efficient ones in the market.

Bank of America
Another leading bank in the US that offers competitive deals on auto loans across the country is the Bank of America. In addition to offering reasonable rates for new cars, used cars, car refinances, lease buyouts, and private seller purchases, the Bank of America also approves loans for the purchase of vehicles that are up to a decade old and have run up to 125,000 miles. And what’s more! If you are a regular customer who holds an account at the Bank of America, you might also be eligible for attractive reductions in the interest rates as well! With its comprehensive online banking portals, the Bank of America has made it extremely easy for the users to apply for auto loans without having to leave the comforts of their home.

Auto Loan USA
A leading finance company in the US, the Auto Loan USA is another frontrunner in the market that offers easy financing as well as refinancing solutions for potential car buyers. In addition to extending cost-efficient credit to new and used car buyers, the Auto Loan USA also provides excellent auto loan options for the enlisted military personnel regardless of whether or not they have an acceptable credit score. In other words, it is great opportunity for building or repairing your credit score simply by taking out a car loan from Auto Loan USA at a reasonable interest rate that you can easily manage to repay.

Santander Consumer USA
Regardless of whether you are buying your first car or planning to upgrade to a brand new one, Santander Consumer USA is a reputed and reliable lending company that offers easy auto loans to the residents of the United States. With a comprehensive network of north of 14,000 car dealers across the country, the Santander Consumer USA offers its customers customized auto loan options that have flexible management and return rates.

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