Tue. Feb 18th, 2020

Cyber4hits blog

Just another blog

What Car Should I Buy? 5 Questions to Ask Yourself

Just because cars are getting more expensive, it doesn’t mean your car loan has to break the bank. Car debt and car payments have been hitting new highs recently, so it’s more important than ever that you do your research for the best rate. To that end, we researched the best auto loans of…

Loading ....
 



Just because cars are getting more expensive, it doesn’t mean your car loan has to break the bank. Car debt and car payments have been hitting new highs recently, so it’s more important than ever that you do your research for the best rate. To that end, we researched the best auto loans of 2020, whether you’re purchasing or refinancing, or if you’re a credit union loyalist or an online-only type of shopper.

Overview of the best auto loans in 2020

Company

APR Range

Term

Amounts

Best for Comparison Shopping

No. 1

LendingTree

As low as 3.99%

24 – 84

$5,000 – $300,000

Best Purchase

Top Credit

LightStream

3.99% – 10.84%

24 – 84

$5,000 – $100,000

Fair Credit

Capital One

As low as 3.39%

36 – 84

$4,000 Minimum

Best Credit Union

No. 1

Penfed

2.49% – 17.99%

36 -84

$500 – $100,000

No. 2

Navy Federal CU

As low as 2.49%

12 – 96

$250 Minimum, No Maximum

Best Online-Only Lender

No. 1

Carvana Auto Loan

NA

12 – 72

Any vehicle on website

Using information from LendingTree, we compiled auto loan data over a six-month period across 31 auto lenders. We analyzed new and used auto lending, as well as refinance loans, selecting lenders from among those that consumers chose most often and offered the lowest average APRs.

Start with LendingTree

LendingTree is our parent company. LendingTree is unique in that they allow you to compare multiple, auto loan offers within minutes. Everything is done online. LendingTree is not a lender, but their service connects you with up to five offers from auto loan lenders based on your creditworthiness.

With LendingTree, you can fill out one short online form, and there are dozens of lenders ready to compete for your business. Upon completing the form, you can see real interest rates and approval information instantly. Some auto lenders will do a hard pull on your credit and this is common with auto lending. It’s important to remember, multiple hard pulls will only count as one pull, so the best strategy is to have all your hard pulls done at one time.

Best purchase for top credit: LightStream

*Your APR may differ based on loan purpose, amount, term, and your credit profile. Rate is quoted with AutoPay discount, which is only available when you select AutoPay prior to loan funding. Rates without AutoPay may be higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 3.99% APR with a term of 3 years would result in 36 monthly payments of $295.20.

LightStream is the online-only division of SunTrust Bank, which recently merged with BB&T. It offers auto loans for people with good to great credit (660-plus). It even has a Rate Beat Program in which LightStream will offer a rate 0.10 percentage points lower than the rate offered by a competing lender.

Its lowest rates assume you will enroll in AutoPay, which automatically deducts your monthly payment from your bank account or charges it to your credit card. Enrolling in AutoPay means a 0.50% APR discount; if you do not enroll in AutoPay when you accept the loan offer, your APR will increase by 0.50%.

Lightstream New Auto Loan APRs

Loan Amount

Loan Term (months) *

24 – 36

37 – 48

49 – 60

61 – 72

73 – 84

$5,000 to $9,999

5.24% – 6.79%

5.84% – 7.39%

6.29% – 7.84%

6.59% – 8.14%

6.79% – 8.34%

$10,000 to $24,999

3.99% – 5.99%

4.44% – 6.24%

4.69% – 6.49%

4.94% – 6.74%

5.14% – 6.94%

$25,000 to $49,999

4.44% – 5.99%

4.69% – 6.24%

4.94% – 6.49%

5.19% – 6.74%

5.39% – 6.94%

$50,000 to $100,000

4.44% – 5.99%

4.69% – 6.24%

4.94% – 6.49%

5.14% – 6.69%

5.29% – 6.84%

As of 2/5/2020. Includes a 0.50 point discount for autopay. Exact rates depend on your credit profile.

LightStream Used Auto Loan APRs

Loan Amount

Loan Term (months) *

24 – 36

37 – 48

49 – 60

61 – 72

73 – 84

$5,000 to $9,999

5.24% – 6.79%

5.84% – 7.39%

6.29% – 7.84%

6.59% – 8.14%

6.79% – 8.34%

$10,000 to $24,999

3.99% – 5.99%

4.44% – 6.24%

4.69% – 6.49%

4.94% – 6.74%

5.14% – 6.94%

$25,000 to $49,999

4.44% – 5.99%

4.69% – 6.24%

4.94% – 6.49%

5.19% – 6.74%

5.39% – 6.94%

$50,000 to $100,000

4.44% – 5.99%

4.69% – 6.24%

4.94% – 6.49%

5.14% – 6.69%

5.29% – 6.84%

As of 2/5/2020. Includes a 0.50 point discount for autopay. Exact rates are dependent on your credit profile and for purchases made from dealer.

Best purchase for fair credit: Capital One

Capital One is one of the largest banks in the U.S., and offers rates competitive with other large lenders. It has several hundred branch locations and works with more than 12,000 dealerships. It also offers pre-qualification with the Capital One Auto Navigator, which can help you to find a car and get approved for a car loan before going to a dealer.

However, it may offer a relatively low maximum amount you could borrow, up to $40,000 in the past ( spokesperson recently declined to provide a maximum). Other lenders offer up to $100,000 auto loans.

Best credit union auto loan: PenFed Credit Union

PenFed Credit Union can offer its membership some of the lowest rates available on new and used auto financing and refinancing. Qualified borrowers may be able to finance up to 110% of the vehicle’s value.

However, because PenFed is a credit union, you must be a member before accepting a loan. But wile the credit union has historical ties to the U.S. military, the only requirement to become a member is to have a valid Social Security number or a Tax…

Click Here To Buy Bitcoins

Click Here For investment Broker
Best Social Media

Best Online Casino

Best Place To Sell Software!


 


Loading ....