The 6 Best Auto Loans in 2020 - Fortunly News

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There are thousands of lenders on the web, all claiming to have low car loan rates and special deals tailored specifically to your vehicular needs. In order to find out how much of it is true and which companies deserve your attention, we’ve identified the most essential factors. This gives us a clearer overview of the services and helps us pinpoint the best lenders.

Types of Auto Loans

First off, we turn our attention to the variety of auto loans that the lender has to offer. Some customers want the best used car loans, while others need cash for a brand-new family vehicle. Maybe you’re trying to refinance an old auto loan or buy a leased vehicle.

Perhaps someone wants to sell you their car or you came across a classic from the 60s that you want to restore to its former glory. What about other vehicles like RVs and motorcycles? Even the best banks are unlikely to offer all of these options, but you can still expect a fair amount of choices.

Interest Rates and Fees

Price is king. A bank or dealership can show you a range of benefits, but at the end of the day, you’ll go with the best APR auto loans. We take a look at the lowest annual percentage rates and tell you exactly under which conditions they work.

Of course, if there are any hidden application fees or repayment penalties, we’ll flush those out for you. That way you’ll have all the information before you even start the application process.

Special Discounts

Whether it’s a bank offering a generous discount to its long-term clients or a dealership trying to sweeten the deal, we make sure to include it in our auto loan reviews. These companies have a tendency to show you the discounted price first and explain what it is later, which can be frustrating if you don’t read the fine print.

In our reviews, you’ll see exactly what you need to do to be eligible for these offers and whether it’s worth your time or money. If a bank requires you to have a specific amount of money on your account for three consecutive months, there’s no time to waste.

Application Process

Given the medium you’re reading these reviews on, it makes sense that our priority is finding lenders that have a simple online application process. If you can find the best auto loans online, fill out the forms, send documents, and get approved without ever leaving your home, we’ll consider that a success.

Naturally, if a company’s site is prone to glitches and isn’t user-friendly, we’ll definitely consider that a major flaw. Another important element to consider is the speed – how fast can you get a reply to your application and see the money on your account?

Customer support

Finally, there’s the customer service. You’ll want to have the option of communicating with a specialized representative about the intricacies of your account whenever the need arises. It’s unreasonable to expect the best places for auto loans to include round-the-clock support.

However, they need to have decent working hours (at least a few hours over the weekend) and capable, knowledgeable support agents. In addition, it’s commendable when the organization has a quality help center and FAQ sections that can save a lot of time.

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