Cars are expensive – there’s no way around it. Even if you purchase a cheap car, there’s still more to pay for, from insurance to repairs.
For many people, it’s not a feasible option to pay upfront in full for the car. This is where auto loans come in, to help you spread the cost of your vehicle and its expenses.
There are plenty of auto-loans you could apply for in 2020 – if you’re considering buying a new vehicle or are just curious to see what’s out there for you, then keep reading to find out more about the best auto loan rates.
MyAutoLoan
| PROS | CONS |
| Handy tools available | Your loan must be $8000 or higher |
| Opportunity to refinance existing loan | |
| Auto-payment calculator |
To be accepted for a loan with MyAutoLoan, you must require a loan of at least $8000, and you must earn at least $1800 per month.
There are different loan product types, which is perfect if you need something different than a simple car loan. With MyAutoFinance, you can refinance existing loans, get a lease buyout, and you can even apply for a loan for a third-party purchase.
On their website, there are plenty of handy tools available that can help you find the perfect loan for you, and also help you manage the loan. There’s an auto-payment calculator, which will help you plan your payments and see what’s in your budget.
You also have access to the interest chart, which is updated on a daily basis. This means you can see where the rates are headed – if they’re going to drop or rise. This is perfect as it helps you work within your budget.
CarsDirect
| PROS | CONS |
| Accepts loans for a wide range of credit types | Requires lots of paperwork to be accepted |
| Can also shop for cars on the website | |
| Application takes less than a minute | |
| No limit to your loan |
No matter what your credit score, you’re likely to be accepted for a loan with CarsDirect. It will take you around 60 seconds to get your application sorted, but you’ll need the following paperwork later on, which is standard for pretty much any lender.
- A copy of your photo ID
- W2 forms
- Two years of tax history
- Bank statements
- Most recent pay stubs for the past 30 days
- Proof of residence
- Proof of insurance
Once your application has been submitted, you should hear back from several different lenders pretty quickly, which is perfect as you get to choose the one that’s best for you and your budget.
If you have your eye on an expensive vehicle, then don’t stress as there’s no limit to how much you can borrow with CarsDirect. If you don’t know what car you want, then you can browse their website and shop for cars through CarsDirect, which is super convenient.
Blue Sky Auto Finance
| PROS | CONS |
| Relaxed credit requirements | Must earn a minimum of $1800 p/m if you have a low credit score |
| Can borrow up to $30,000 | |
| Likely to get multiple loan offers |
If you don’t have a high credit score, then it’s not the end of the world as you’re likely to be accepted by one of the lenders on the Blue Sky Auto Finance website.
They’re generally pretty relaxed about credit scores – however, if your credit score is below 652, then you’ll need to prove that you earn at least $1800 per month.
You can borrow up to $30,000, which is enough to cover a huge variety of quality cars. The lenders don’t require a down payment to borrow this money, which is ideal if you’re waiting for payday.
Once you’ve submitted your application, you should hear back from at least 2 lenders pretty quickly – and then you can get the ball rolling!
Chase
| PROS | CONS |
| Can also browse for cars on their website | Must be a Chase customer to receive the best deals |
| Offers loans for both new and used vehicles | |
| Online portal that helps you calculate payments |
Whether you want a new or a used vehicle, Chase has you covered. If you have no idea what car you want, then you can browse the Chase website – there’s a wide variety of cars to choose from.
Chase partners with TrueCars to offer both loans and vehicles, and you’ll save money too. In fact, the average customer of Chase saves $3106 on average!
The online portal on Chase’s website has tools that will help you find the best deal. You can calculate payments and see what other people paid for the same car as you. You can also check the status of your application – although you should hear back pretty quickly.
