Once you have chosen the model, color, and features of the car you want, the next big step is deciding on the payment method. Usually, when you step out to purchase a new car, there are two ways to make the payment: cash or auto finance.
Some people might find it hard to shell out a large sum for a big purchase, which is where auto financing comes into the picture. There are a lot of factors that are taken into consideration before a lender finances your vehicle. One such important factor is the credit score of the borrower. For obvious reasons, borrowers with an excellent credit score have it easy with the lenders and have more options to choose from.
So, if you have been successful in maintaining a great credit score, here’s a list of top auto finance lenders to choose from:
LendingTree is a marketplace that permits you to compare various auto loan offers from multiple lenders. Users can find various options here, such as finance options for old and new cars, lease buyouts, and refinancing on current car loans. Borrowers can also receive a pre-approved loan amount, which will help them decide the budget even before they head out to shop for a car. The pre-approval also helps borrowers to decide the monthly installments that they will have to pay. People who have an excellent credit score and who opt for a shorter repayment tenure are given additional rewards by LendingTree. If the borrower wishes to get a new car financed and has a credit score of 800+, they will be offered a repayment tenure of 36 months and an APR as little as 1.85%.
For borrowers who are looking for more than a car loan, myAutoloan is the best place to look. They offer several loan product types and the users can choose what they need based on their requirements. For example, myAutoloan offers a refinancing facility on an existing loan, a lease buyout facility, and loans for third-party purchases. There are several tools offered by myAutoloan that help borrowers decide the ideal loan product according to their needs.
The best part about getting an auto loan from CarsDirect is that it offers finance to borrowers with any type of credit score. CarsDirect has been helping people secure auto loans for more than two decades and has helped 5 million customers to obtain a car loan. The application process is simple and takes only 60 seconds. Once the user has submitted the application, he or she will receive several offers from multiple lenders. This enables borrowers to compare different loan products without having to go through the application process over and over.