Big banks and other financial institutions offer online auto loans in the United States. Many customers prefer to have these loans online because applying for an online loan is taking in most cases just a few minutes, and the approval comes instantly. Then, after signing the e-documents, the money is received in the account.
There are many lenders which offer low rates for auto loans, which represent a share of almost $600 billion in the United States and growing. In terms of who, there are lots of companies providing online auto loans, like Capital One, LendingTree or LendingClub.
What are the pros on ordering an online auto loan
Ordering an auto loan online is part of worldwide trend right now, not just because of the easiness of the process between the client and the lender. Some of the pros include:
- Approval in the same day.
- Applying from virtually everywhere, using the personal device.
- Online tools, like calculators which help customers to decide which offer is the most advantageous, or search tools to decide what car to buy.
- Plenty of contact methods for the customers, and also FAQs.
- Auto loans companies’ reviews, which helps navigating online through the offers.
Having all this moved online is much more helpful in these months, when over one billion people are confined to homes globally due to the coronavirus pandemic. In this way, an online loan is easier, faster, and very convenient. Also, lenders provide tools helping the client decide which car to buy.
Best auto loans lenders of 2020
One example is Capital One. Having more than 20 years of experience in auto loans, according to capital one car loan review, it provides this service as part of their Consumer Banking division. Clients can either finance a loan for a new or used car or refinance an existing loan. By refinancing, the customers can:
- save $50 every month, and when it comes to financing the next car,
- can get pre-qualification online, in just a few minutes,
- have the online feature to find a vehicle to shop for, provided on the company’s web site.
Capital One is specialized in auto loans, credit cards, saving accounts, and banking. So, apart from being a bank, one of the largest in the United States, Capital One offers online loans services. It is the second largest when it comes to auto financing, making it a reliable competitor for the big national banks. Also, is the best auto loan for best credit and the best big bank auto lender.
And it has some other interesting pros:
- the pre-approval letter is valid at more than 12,000 dealers in the US,
- online pre-approval through the Auto Navigator function, which allows the customers to search the specific car they want,
- loans up to $50,000, and APR rates as low as 3.24%.
Another example is LendingTree, which has one of the best auto loans rates this year. Either refinancing or buying new or old cars, this feature helps by matching with lenders, based on several details provided by the client.
The customers are matched with the lenders, based on:
- the desired loan type,
- the down payment,
- the financial status,
- the desired vehicle.
Other pros to know about online auto loaning with LendingTree:
- APR starting from 2.89% for new car loans and 3.83% for used car loans,
- is the largest online lending marketplace in the United States,
- the customer can compare auto loan rates from about 300 banks and lenders, for free,
- tools like loan payment calculator and free credit score finder,
- even bad credit is OK.
LendingClub is another option, being solid for refinancing. After sending the initial application, customers get instant offers. Even though is a broker, LendingClub does not require an origination fee for the loan.
For refinancing, the vehicles have to be less than ten years old and less than 120,000 miles.
Few takeaways are:
- loans up to $50,000, and APR rates as low as 2.49%,
- more than 1.5 million people reached for LendingClub,
- the credit score is not affected.
Finding a car isn’t always easy and sometimes nor is the way to pay for it. But there are plenty of options to do it relaxed, at home or at work, and most of all, without having to go outside or at the bank or the company’s office. Online auto loans are getting more and more common as transactions and all other financial activities go online.