When we want to buy a new car, we are looking at a lot of things. For example, the reliability, the fuel consumption, the color, the looks both inside and outside. Everybody has their own criteria when thinking to get a new car.

And there is the time and the money needed for this purchase. We definitely have to add those to the list when considering what’s needed for a new car.

But what if you don’t necessarily have the money, nor the time to invest right now? One of the most easy solutions is to turn to an auto loan to start with.

If you don’t know what option to select, here is a list of the top 6 best auto loan lenders online in 2020:

Capital One

The American bank founded in 1994 has availability in 48 states, and offers a minimum purchase loan of $4,000 and a maximum of $40,000 for both new and used cars. The minimum credit score has to be 500, and the loan tenure varies between 24 and 84 months. You will benefit from an APR starting from 3.39%, and the minimum monthly income is between $1,500 and $1,800.

When it comes to refinancing, the maximum amount is $50,000, with the APR starting from 4.15%. The bank has branches also in Canada and the UK.

Lending Tree

Lending Tree puts you in connection with the auto loan which is best suited for your need. It isn’t actually a loan provider, but rather a marketplace where you can find the best lender. Established in 1996, the company is available in all 50 states, and offers the possibility to choose from a wide range of auto loans. As you may think, there is no fixed minimum income requirements, and the loan terms will vary strongly depending on the lender’s offer.

My Auto Loan

This is another company which matches customers to many types of auto loans. According to the myAutoloan review by bestautoloans.com, the minimum loan amount is $8,000 and it goes as much as $100,000, and the company is available 48 states. It requires a minimum income of $1,800, and a minimum credit score of 500, while the minimum APR for the loan is 2.74%. The terms are up to 84 months.

Some of the pros are the fast and easy application process, and the options for a wide range of credit profiles.

LendingClub

If you look for the best auto lender for refinancing your loan, then LendingClub is the right option to go to. It doesn’t require a minimum income, and the APR starts from under 4%, for credit scores of over 690. The amount which you can borrow is somewhere between $5,000 and $55,000, and the minimum credit score accepted is 510. It is available in 35 states.

OpenRoad

Another good auto refinancing loan option is OpenRoad. The Dallas-based company started in 2009 and claims to help save their customers an average of $100 a month in repayments. It has an APR starting from 2.9% for credit scores of over 720, it requires a minimum income of $1,500, and it is available in 40 states. The loan terms are between 36 and 84 months, and you can borrow between $7,500 and $100,000.

Consumer Credit Union

The company offers loans for new or used cars, and you can borrow from $2,000 to $50,000. The payment plan can go up to 120 months, but this will make the APR vary based on different requirements. It has very competitive rates and it is available in many dealerships in all the 50 states. The long periods of payment, the great availability and the variety of vehicles which can be purchased with the auto loan are also some strong pros for Consumer Credit Union.

Choosing a new car is not an easy decision to make whether we are talking about the brand, optional features or interest rate.

The best advice we can give is before you start shopping for a vehicle, get quotes from different online lenders to get the best rates that will help you save more money over the life of your loan.

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