Buying a car can be expansive. Many people choose to apply for a car loan when they purchase a car to reduce their financial burden. Since there are many different car loans on the market, it is critical to find loan with the best value that suits you. Some factors that you need to consider when applying for a car loan might be interest rates, lender’s reputation, chance of approval and etc. The top 3 car loans lender in late 2020 which being introduced are Consumers Credit Union, Capital One, and Oportun.
-Consumers Credit Union
The advantage of applying a car loan through the Consumers Credit Union is it has lower interest rates comparing to interest rates that banks offered. To be eligible for applying a car loan in the Consumers Credit Union, you need first become a member of the institution. Consumer Credit Union offers their members best deals with interest rate for car loan as low as 2.69%. However, in order to gain approval, you need to maintain a minimum credit score of 640.
Capital One is being one of the well-known financial institution. People choose Capital One for its good company reputation and high customer rating. People can find the car that best suit them and get pre-qualified online without having impact on their credit scores.
If you are struggled with your credit score and got rejected by the previous two institutions, Oportun can be a good option for you. Oportun does not ask for a high credit score and the minimum credit score requirement is 500 which is much lower than most institutions. Oportun also allows customers to apply online. As a result, you can simply check your eligibility at your own place and receive an instant decision.