New & Used Best Auto Loan Companies 2019

Top 3 Auto Loan Companies Comparison Chart

Advertiser Disclaimer - Some links on this page may pay us advertising fees.

1st 


lendingtree logo

LendingTree is our #1 recommendation. Tons of satisfied customers, Competitive pricing, and an amazing customer service record gives them the 1st spot.

2nd


auto credit express logo

Auto Credit Express is our #2 recommendation. Multiple lender options and an the most transparent billing process gives them the 2nd spot.

3rd


myautoloan logo

MyAutoLoan is our #3 recommendation. Some of the lowest starting, rates and an instant approval process earned them the 3rd spot.


Searching for a new or used auto loan can be both confusing and time consuming; especially with all of the different steps required to get the process completed.

But, what if I told you:

That there is an easy way to compare multiple auto lenders at one time, pick the best option, and get approved for your loan.

In this post today I am going to go ​compare the best auto loan companies to give you a jump start on the credit repair process.

best auto loan companies

Best Auto Loan Companies


1. LendingTree

lendingtree logo

LendingTree is our #1 recommended auto loan company because they are able to provide you with offers from their network of over 300 banks and lenders.

With this network, you are able to find the lowest payments and interest rates for your specific auto loan at a much faster pace. 

You are able to get the best rates from lenders who are competing for your business with one simple request form.

There is absolutely no easier and faster option for obtaining an auto loan in 2019.

lendingtree homepage

Features & Benefits

Why get an auto loan from LendingTree? Here are just a few reasons they're our favorite: 

  • Multiple Loan Offers
  • National Lender Network
  • Bad Credit Is OK
  • Loan Calculators

LendingTree has been in business for over 20 years and are the creators of the "multiple lender loan offers" business. 

While they do not actually provide the loan, they are able to pull from a database of lenders and banks that can offer you a loan regardless of your score. 

With a reputation for getting people the lowest interest rates and a super fast funding speed, LendingTree pushes itself ahead of its competition.

LendingTree Reviews (5/5)

LendingTree has over 5,800 5-Star reviews on Trustpilot and has a great customer service team. In fact, they have an A+ rating with the BBB

lendingtree auto loan reviews bbb

Want to learn more? Read our full LendingTree review here. ​

LendingTree Auto Rates

The best thing about LendingTree is that they offer multiple lenders so you are able to see a wide range of interest rates.

Loan Type

Rates As Low As

Rates As High As

New Car Loan

2.89%

13% or More

Used Card Loan

3.83%

13% or More

Now, the down side to any of this is that your rates will be determined by the lender you decide to go with as well as your credit score and financial situation.

The reason for giving a range is that different lenders have different requirements and different rates based on the length of the loan.


2. Auto Credit Express

auto credit express logo

Auto Credit Express is our #2 recommended auto loan company because they have created one of the nation's largest networks of auto dealers that specialize in financing auto loans for different types of credit profiles.

Their process for helping you obtain a loan is much different than other sites that match you only with a lender.

They actually help get you with an auto dealer that can help you with your financing. 

auto credit express homepage

Features & Benefits

Why get your auto loan through Auto Credit Express? Here are just a few reasons they're one of our favorites: 

  • Multiple Loan Options
  • National Lender Network
  • Bad Credit Is OK
  • Quick 3 Minute Application
  • Only Need 6 Months Of Employment

Now, remember, Auto Credit Express doesn’t actually offer loans; however, they connect you with local dealerships and lenders across the U.S. who specialize in helping people obtain loans with bad credit, no credit, good credit, bankruptcies, and repossessions. 

Each dealer will have their own terms and while Auto Credit Express Doesn't pull your credit, one of the lenders or dealerships probably will.  

Auto Credit Express Reviews (4.8/5)

Auto Credit Express has over 1,200 5-Star ratings on Trustpilot and has a great customer service team. In fact, they have an A+ Rating with BBB and have been in business for over 15 years. 

auto credit express bbb

Auto Credit Express Rates

Like LendingTree, Auto Credit Express doesn't offer its own loans and therefore won't have actual rates. 

The rates will come from the different auto dealerships depending on your specific financial profile.

Loan Type

Rates As Low As

Rates As High As

New Car Loan

N/A

N/A

Used Card Loan

N/A

N/A

The only downside to Auto Credit Express is that you usually won't know your rate until you have been approved.

This means you need to make sure you have all your ducks in a row before you apply to make sure you don't waste your time with multiple lenders and can't get a loan.


3. myAutoloan

myautoloan logo

myAutoloan is our #3 recommended auto loan company they created a proprietary system to help figure out the 4 best lenders for your specific financing situation. 

Even if you have bad credit, MyAutoLoan is a great option for obtaining financing for a new or used vehicle.

myAutoloan homepage

Features & Benefits

Why get an auto loan through myAutoloan? Here are just a few reasons they're one of our top options: 

  • Multiple Loan Options
  • National Lender Network Access
  • Bad Credit Is OK
  • Up To 4 Offers In 2 Minutes
  • 100% Online Process

On top of that, you are able to get matched with lenders that work best with your profile to give you the best opportunity for getting approved for a loan.

However, it is going to cost you a hard credit pull on your credit report and you need to be mindful of the different rates for each lender. 

myAutoloan Reviews (4.5/5)

myAutoloan has over 400 5-Star reviews on Trustpilot and an A+ Rating with BBB and have been in business for over 10 years. 

myAutoloan bbb

Want to learn more? Read our full myAutoloan review here. ​

myAutoloan Rates

Like the other companies above, myAutoloan doesn't actually provide loans therefore the rates are subject to the companies you are matched with.

Loan Type

Rates As Low As

Rates As High As

New Car Loan

3.9%

27%

Used Card Loan

4.2%

28%

Luckily, myAutoloan does match you with the companies you are most likely to be approved by so you should have a strong idea of what your rate would be before you have to put anything in stone.


how do i qualify for an auto loan?

The way you qualify for your loan is going to be different for each company.

There are a lot of requirements for an auto loan and if you have credit issues your requirements get even tougher. 

However, there are some general guidelines you probably should meet before you can apply and those are: 

  • Be At least 18 years old A current resident of the US
  • Employed full-time or make $1,000 per month
  • Have A Valid Drivers License

Requirements for a subprime auto loan get a bit more specific. Your lender might need proof of your identity, income, and residency, as well as for you to provide proof of a working telephone and a list of references.

Some of the specifics typically include:

  • $1,500 to $2,000 of monthly pre-tax income from a single source and a recent pay stub to serve as proof of income.
  • Six months on a current qualifying job, with at least three years of employment history.
  • A utility bill in your name for the address listed on your application to serve as proof of residence.
  • A phone bill to serve as proof of having a landline or contract cell phone from a national carrier in your name. No pre-paid phones qualify.
  • A list of six to eight personal references complete with names, addresses, and phone numbers.

If you don't have perfect credit that is fine, some of the above companies have lenders who specialize in approving people for auto loans with bad credit.

What Will I Need To Close On My Loan?

Since you don't know which lender or dealership you will be going to, it's best to be prepared.

Things the lenders might need are: 

  • Banking History
  • Proof Of Income
  • Proof Of Identity
  • Proof Of Insurance
  • Proof Of Residency
  • Information On Vehicle You Plan To Purchase
  • Current Vehicle Registration (If you plan to do a trade in)

Keep in mind this is just a general list, the lenders could need more or less information, just have at least the things above ready and a down payment handy if you need one.

will i need a down payment

If you need a down payment or not will depend on your specific situation, and it usually is up to your lender if you will be required to come with a down payment.

On average, the down payment requested is usually 20% of the vehicles asking price, but it can go down to 10% if you are dealing with a subprime lender.

Usually a down payment shows a lender that you are serious about getting your car. 

Regardless if you are required to put up a down payment, it's probably the best thing you can do when it comes to financing a car. 

Even more so if you have bad credit because putting money down will reduce the amount you are financing; which over time saves you money in interest charges.

Taking Action

There is no reason to only look at one company for your auto loan rates, all it takes is a bit of time and a bit of work.  

Keep in mind, you will only be charged 1 inquiry on your credit report from Fico during a 30 day time period, so even if you see more than one hit your credit, only 1 will count.

The fastest solution will be to go with one of the companies above that match you with the lender that will be best for you..

Whatever you decide, I would say go with the lowest rate possible for the shortest term that you can afford; the faster you can pay your loan off, the better.

Disclaimers:

Annual Percentage Rates (APR), loan term and monthly payments are estimated based on analysis of information provided by you, data provided by lenders, and publicly available information. All loan information is presented without warranty, and the estimated APR and other terms are not binding in any way. Lenders provide loans with a range of APRs depending on borrowers' credit and other factors. Keep in mind that only borrowers with excellent credit will qualify for the lowest rate available. Your actual APR will depend on factors like credit score, requested loan amount, loan term, and credit history. All loans are subject to credit review and approval.


Click Here to Leave a Comment Below 0 comments

Leave a Reply: