If you're shopping for a new or used vehicle and need to get your financing in order, then you've reached the right place. We work with top online auto lenders to help you get the best deal. No matter what your credit score, there are banks available who are willing to work with you to help you get into that perfect car or truck. You can review and compare some of the top online automobile lending services using our partner links below. Click Get Started for further details and submit your application to apply now and get approved for a new car loan!
Compare Auto Loan Offers
- No Credit, Bad Credit, Past Repossession or Bankruptcy – No Problem
- All applications accepted - Get approved now - Fast, easy, and secure
- Lowest rates for purchase, or save up to $700 a year by refinancing today
- Up to 4 loan offers in minutes
Useful tips to consider when applying for an Auto loan
Owning a vehicle has become more of a necessity than a luxury in the modern world. Luckily, there are a number of ways to acquire a vehicle. An automobile loan is the most common ways since most people do not have enough cash at hand. For those seeking a loan for a new car, truck, SUV, or other type of vehicle, there are several useful tips to help you when applying for a one.
Improve your credit score
A good credit score will place you in a good position to get the best deal. This means you will get lower interest rates, along with a lower monthly payment. In the US, you are allowed to obtain a free credit history report from each of the major credit bureaus, but you should also be aware of your credit score. You can improve your credit score by cleaning up any discrepancies, paying down your credit card balances, and most other types of loans.
Shop around for the best offer
There are many institutions that are willing to lend you money for a new or used vehicle. Just make sure you compare the different offers available and choose one that suits your needs best. One good method of comparing is by reviewing the total dollar amount of all the payments you are going to make for the auto loan from the available lenders.
Ask about personal insurance discounts
Some lenders will offer a discount to borrowers who have a life or disability insurance. Ask each company about landing a better deal if you’re insured. Then also request a list of all their current specials and available discount offers to see which one you qualify for.
Higher down payment
You are more likely to get better offers if you can pay a sizable down payment as opposed to a smaller one. A large down payment means less risk to the lender, and therefore lower interest rates.
Low Total debt to income ratio
Most lenders will consider your debt to income ratio (a percentage of your total recurring debts against your gross income) to determine the amount of car loan you can get. Your total income to debt ratio should be less than 45%. Of course, the lower the better.
Analyze your Budget
Before you accept an auto loan you should consider your budget and determine how much you can genuinely commit to the loan. It’s advisable not go for a super expensive car at the top of your approval amount which will strain your monthly budget. Most auto loans take at least a couple of years to be paid off, so you could be left with hardly any spending money during that time.
It is always a great feeling getting the keys to your new car. Getting a loan is the easiest way to obtain your car of choice. However, it’s important to consider all of the factors involved before getting yourself into a situation that makes it hard for you to afford your bills afterwards.
* We make every reasonable effort to provide you with the most accurate offer information available; however, it's still important to review the terms and conditions set-forth on each company's website. All information is presented here without warranty of any kind. Click on each of the links above to compare offers further and review additional details.