Auto loan companies are institutions that finance auto loans. Different auto loan companies will quote different interest rates, so you can save money by finding the one that offers you the lowest rate.
Auto loan companies provide measured, short-term loans designed to help individuals purchase the vehicle they need at a reasonable rate and with fair terms. They provide auto loans to purchase new and used vehicles, refinance current auto loans in order to reduce the monthly costs of their customers and put them in the car they want. A few auto loan companies even provide auto loans to individuals with less than perfect credit history and student car loans. Many are part of country-wide associations of companies providing unique services to customers desiring to apply for the car loan they need to purchase the vehicle of their choice. They provide auto loans for any type of vehicle, including new and used cars, trucks, SUVs and mini vans.
You can apply for an auto loan online using a quick, hassle-free, and efficient process that allows you to find out if you qualify in minutes. A few of auto loan companies even have 24/7 loan decision making services.
A thorough web search for different interest rates will yield a desirable number of auto loan companies to choose from. Sites such as Interest.com provide side-by-side comparisons of interest rates at a wide variety of auto loan companies. The companies quote interest rates commensurate to credit scores, so it’s important to know your credit score before you start your search. If you don’t have time to do this yourself, you can always hire an auto loan broker, who will use your information to quickly and efficiently find the best options for you. Auto loan brokers are people who stay in contact with many auto loan companies so they can find a good fit for customers based on their individual information.
The most important aspect of a good auto loan company is the interest rate. The higher the interest rate, the more you will have to eventually pay for the auto loan, so the best auto loan companies are the ones with the lowest interest rates. If you borrow from an auto loan company online, the interest rate is generally about 1-2 percent less. Some auto loan companies will try to trick customers by offering a low initial interest rate, but charging lots of extra fees, such as document prep charges or application fees.
The best auto loan companies don’t have all these extra fees and charges. Some auto loan companies charge prepayment penalties, or extra charges for paying money before it is due. They do this because the customer has agreed to pay over a certain length of time, and the amount they earn from interest depends on how long the customer takes to pay off the loan.
Consequently, if the customer pays the loan off before the agreed due date, the auto loan company makes less money and they charge prepayment penalties to compensate. If you think that you may want to pay off some of your auto loan early, go with an auto loan company that does not charge prepayment penalties.
Santander Consumer USA provides Drive, Road Loans.com, and Santander Auto Finance auto loan services. The Drive program has dealer-friendly auto loans with automatic approval and comprehensive restructuring of auto loans for individuals with specific auto insurance requirements. Road Loans.com allows customers to locate the vehicle they want online or at a dealer of their choice while the Santander Auto Finance service provides auto loans at near-prime and competitive rates.
E-Loan provides auto loans for new and used vehicles and will even refinance your existing one at a competitive rate and with an array of terms to choose from. E-Loans even provides auto loans that allow you to make a private deal for the car of your choice and you can get pre-approved, so you know how much you have to spend. They have options that allow customers to pay off their existing auto loan, possibly reduce monthly payments and save additional money over the life of the loan with great rates.