Buying a car is a huge milestone for your customers. You already help your customers make an informed decision about their vehicles. Whether they need servicing and maintenance. So why not guide them with financing as well? When buying a car, choosing the right auto loan is a huge part of the decision. Whether they are buying their first car, upgrading to a new model, or even refinancing an existing loan, here’s your guide to the 10 best auto loan companies in the United States. These will help you give your customers top advice and support.Â
Top 10 auto loan companies
Capital One Auto Finance
Capital One Auto Finance offers competitive rates regardless of the credit score. Your customers can use its highly popular Auto Navigator tool. This makes the car-buying journey easy for your customers as it helps borrowers prequalify. They can explore the loan options available to them. It also helps them stick within their budget. However, they can only buy from certain dealerships. They also don’t have an interest rate discount.Â
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Capital One Auto Finance has mixed reviews. While some say it was fast and reliable and they had a great experience. Other customers had a bad experience with them. Multiple people said their preapproval was a ‘bunch of lies’ and ‘not worth their time’.Â
Carvana
If your customer prefers a fully online car buying and financing experience, then Carvana is the obvious choice. From selecting the car, and getting financing to even having it delivered to your house. It is all managed online. They also have a seven-day satisfaction guarantee. If your customer wants to return, they can do so in the seven-day period. Customers can get prequalification instantly without any credit score requirement. Carvana is a great choice for tech-savvy people.Â
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Customers loved their experience with Carvana. They loved the online process, saying going to a dealership is always difficult. They also have great things to say about the service they received from their delivery reps. A few customers did complain about scuffs and marks on the car they received and said the tires were also in bad shape. However, most have had a seamless and hassle-free experience.Â
Chase Auto
Chase Auto car buying services provide loans for new and used vehicles alike. You can easily get prequalified online. Once prequalified, it will send the prequalification offer to the dealer. You also get the APR after prequalification. But you cannot use Chase at all car dealers. It’s only applicable to dealerships in the Chase network. Chase Private Client members also get a discount. They’re known for great customer service and an extensive dealership network. So it makes for a top choice.Â
myAutoloan
myAutoloan allows you to compare offers from different lenders. They have a simple and easy-to-use platform. Applications are free, fast and easy. myAutoloan offers tailored options for new and used autos, refinancing, private party, and lease buyouts. Your customers can get 4 offers within minutes. Plus, there is also no obligation to use any of their lender’s loan offers.Â
Digital Federal Credit Union
Digital Federal Credit Union (DCU) offers the same rates for new and used auto loans. They’re also known for their flexible loan terms as they allow up to 84 months to pay back. Your customers need to join the credit union to get perks. Although, membership is open to anyone and has very simple requirements. It also allows your customers to borrow more than the vehicle’s value. They can use that amount to cover other costs such as registration and insurance. They have an additional 0.25% discount for electric vehicles, so if your customers are looking to buy an EV they can consider this option.Â
Bank of America
Bank of America has competitive rates and offers exclusive discounts for existing customers. But your customers don’t have to be existing customers of the bank to apply for the loan. Anyone can do that. They let borrowers lock in a rate for up to 30 days as they shop for a car. It has a starting 6.99% APR for refinancing. They give your customers flexible terms without any hidden fees. An added advantage is their mobile-friendly application. Bank of America is a proven option for first-time buyers and seasoned borrowers alike.Â
LightStream
If your customers need same-day car loans, LightStream is the best choice for them. It does not require a down payment. It doesn’t even place restrictions on year, make, or model. Because of this, your customers must have excellent credit to qualify. However, they have higher rates than most traditional auto loans. These loans are also unsecured, so they don’t use your customer’s car as collateral. Hence, the higher rates as well. They cover new, used, and classic vehicles. For this reason, it is a great option for your customers who need premium options.Â
Their customers talk about how fast and easy the application process was. They say it’s easy to get prequalified, and there are no hidden fees as well. They’re loved for the simplicity of the whole process.Â
PenFed Credit Union
PenFed Credit Union gives your customers affordable rates and free car-buying service. This can help your customers compare cars from different dealerships. Your customers can get new or used cars or even trucks. Customers have to join the credit union to get the benefits and competitive rates. But, membership is open to everyone, so anyone can join. The good thing is that they pre-qualify within minutes.Â
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Although they don’t have a specific credit score requirement, a credit score of 661 will help you qualify for better rates at PenFed Credit Union.Â
Navy Federal Credit Union
Navy Federal Credit Union gives competitive rates and discounts to active-duty and retired military members and even their families. It doesn’t specify its minimum credit score requirements but it does have strict membership requirements. Your customers must have some military affiliations. It gives up to 96 months to pay off what is borrowed, so they offer unmatched flexibility. For new vehicles, they have auto loan rates of as low as 4.09% APR, and their decisions come within seconds.Â
And now saving the best for last…Â
AutoPay
AutoPay has options for auto refinancing, new car loans, and lease buyouts. They offer loans for new and used vehicles both. They help their customers lower their loan payments or reduce their interest rates on them. Customers can qualify with a credit score of as low as 550.Â
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Plus, they have a wide network of lenders, so buyers can compare offers. The application process is quick and easy. So customers can secure a new loan or get stress-free refinancing. However, they don’t state the APRs (annual percentage rate), so your customers will need to prequalify to see what rates they offer.Â
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Their customers love that they are able to complete their process online, which made everything fast and simple. Others love the speed of their loan approval. Some even love the fact that AutoPay dropped their interest rate by almost 3%.Â
For each negative review, understand the root cause. Look into that particular case to address them in the right manner.
Wrapping up
Negative reviews are a great opportunity to improve business and build strong customer relationships. Respond promptly, stay professional, and use the feedback for growth. You can turn the negative reviews into success. Keep monitoring your online reputation and engage with all reviews. This will enhance credibility and ensure long-term customer satisfaction. So you can use negative reviews for a positive change.Â
