Before you start looking for the car, van, or truck of your dreams, it is important to look for the best auto loan rates in 2020. In this post, we will show you the different options that are currently in the market. So it can be easy for you to choose the one that best suits your needs.
What is an auto loan?
The auto loan is a financial product offered by American financial entities in the US. It allows people who want to buy a new car, truck or van to be able to apply for a loan or credit at fixed or variable rates. They can also set the number of annual installments. The installments will depend on the conditions agreed between the applicant for the loan. The auto loan is gets financed for buying your car.
America’s Best Auto Loan Rates
The following are the best auto loan rates in 2020:
Customer Credit Union
Customer Credit Union is famous among people because their interest rates are lower than some banks, and can be as low as 2.69%. But when applying for the loan you need at least a 640 credit score. You need to pay $5 as a fee required by the Customer Credit Union. Also, you need to keep that much amount in your savings account. The loans provided by the CCU include mechanical repair coverage and a simple interest method so that you can pay less over the length of the loan. Not everyone gets the loan approval and that is the only problem with the Customer Credit Union loan. CCU requires a high credit score of 640 and strict credit checks. So do not apply if you aren’t serious enough to buy the car.
OpenRoad Lending
Another best auto loan that you can avail is at OpenRoad Lending, as their interest rates are as low as 1.99%. Also, the monthly income should be at least $1500. The company also allows the creditors to refinance the existing loan to save $100 monthly. The application procedure is online and simple. Within an hour of applying you will hear from the company about the loan approval.
Capital One
Capital One can be your best shot if you want back-up of a financial institution with a household name. Thus, through the bank’s Auto Navigator program, you can apply for pre-approval. It will not affect your credit score and the letter stays valid with more than 12,000 dealers. After you find your dream car, all you need to do is present the note and start with a complete application process. You can get the approval online.
Oportun
Even if you have a low credit score, don’t worry. Oportun allows receiving the car loan with a 500 credit score. Also, even if your monthly income is $2,000 still you can get the loan approval. The loan amount can be from $5,000 to $35,000. Unlike other financial institutions, Oportun doesn’t need a strict credit check. You can fill in the applications online which takes a few minutes and results are also instant. Oportun is the best choice for getting an auto loan.
