How to Find the Best Auto Loans

Buying a car can be expensive, but knowing how to find the best auto loans available can save you a substantial amount of money. Below are some helpful tips.

Qualifying for an Auto Loan

The first step is making sure you can qualify for the best auto loans. Qualification depends on your credit score, debt history and employment history. Typically lenders require a credit score of 680 and higher for the best auto loans, as well as a consistent history of timely payments on all debts and more than six months tenure at your current job.

Whom to Approach

If you have good credit, start with your local bank. They typically have lower interest rates and are neutral about what type of car you purchase. A finance company is best if your credit score is slightly tarnished. You may have to pay a comparatively bigger down payment and higher interest rate, but these companies are flexible.

Researching online can also help you find the best auto loans. Online auto loan websites are quick and include both those sites where you can compare interest rates and those where you can submit a request for a loan quote. Try both types of sites and get quotes from multiple lenders in order to find the best auto loan for your specific situation. You can fill in your application online and get approved within a matter of hours.

We recommend starting at Bankrate.com to compare interest rates and LendingTree.com to get quotes from multiple lenders. If you like you can also work with CarsDirect to get quotes on new auto loans. Simply use the pull downs below to price a vehicle and then submit an application. A Vehicle Specialist will contact you to review your financing options and help find the best auto loan for you.