LightStream Auto Loans
LightStream offers purchase, refinance, and lease buyout loans to customers who want to borrow between $5,000 to $10,000 for a period of 24 and 84 months. Rates start from 3.99%, with the maximum being 8.34%.
These low-interest rates, coupled with a lack of restrictions placed on the vehicle’s condition, are definite advantages. A further benefit is that, unlike other companies, LightStream doesn’t require a minimum monthly income.
However, it is somewhat at the higher end of the spectrum in terms of credit requirements. Applicants will need a credit score of at least 660, and a hard credit check is conducted upfront.
Capital One Auto Finance
Providing customers with purchasing and refinancing options, Capital One Auto Finance is available everywhere except Alaska and Hawaii. They offer purchase loans from $4,000 and car loan refinancing between $7,500 and $50,000. Loan terms are from 24 to 84 months for purchases and up to one month for refinancing.
Requirements for vehicle age and mileage are standard at ten years and 120,000 miles - reduced to 7 years for the refinance option. A benefit is that the company uses a soft check to devise a quote that doesn’t impact your credit score.
Rates are competitive, starting from 3.39% APR. Plus, the required credit score of 500 is comparatively low. However, applicants will need to provide evidence of a monthly income of between $1,500 and $1,800 to be considered.
MyAutoloan Car Loans
MyAutoloan has purchase, refinance, and lease buyout options for its customers in all states except Alaska and Hawaii. Loan amounts start from a low $800 up to $100,000. Loan terms are from 24 to 84 months. Standard vehicle figures apply – 10 years and 120,000 to 125,000 miles.
A benefit of this company is that applicants receive offers from multiple lenders despite filling out a single application. They can shop around for the best deal.
The credit score requirements of the company are also low at 500, and proof of monthly income is set at just $1,100. MyAutoloan does require a hard credit pull, though, so it’s not for the casual shopper.
Consumers Credit Union Auto Loans
The most flexible loan terms are provided by Consumer Credit Union, who do require you to become a member. Loan amounts are up to $500,000 but also go as low as $250. In addition, applicants have the option of borrowing the money from as little as six months - up to 84 months.
A further benefit is that there are no restrictions placed on the age or mileage of the vehicle.
Basic rates are reasonable, although they can go up to 21.99%. Consumer Credit Union requires a hard credit check, and the minimum score is quite high at 640. Applicants will also need a gross annual income of more than $6,000.
Carvana Used-Car Financing
Carvana is different from other auto finance companies in that it is an online used-car dealer that also provides financing for up to 72 months for the cars it sells.
The company doesn’t disclose loan amounts and rates, but customers can input their details on the website to get a quote. The company runs a soft credit check for this.
Carvana extends its services to customers with a range of credit profiles, meaning that there is no minimum score requirement. This makes it a good option for people with poor credit. Applicants need to provide evidence of an annual income of at least $10,000, though.
LendingClub Auto Refinance Loans
Purchasing loans are not available from LendingClub, who just offer refinancing options to its customers across 35 states. Loans are from $5,000 to $55,000, matching current loan terms or extending them by 12 months.
Applicants will need to have had their loan for one month but with at least 24 months remaining. Their credit score must be above 510; no proof of income is required. Standard requirements for car age and mileage apply – 10 years and 120,000 miles, although this is lowered to 9 years and 110,000 for those with a credit score below 630.
LendingClub’s starting rates are low at 3.99% APR, but they go as high as 24.99%. Yet the company’s soft credit inquiry option means that customers can get a quote before deciding to go ahead.
Innovative Funding Services (IFS) Auto Loans
Innovative Funding Services provides loans for refinancing and lease buyouts. Their loans are from $5,000 up to $100,000, which is higher than many other companies.
While vehicle restrictions and requirements vary by lender, IFS states that the applicant needs to have owned the car for at least six months. They also put the maximum car age at ten years. Mileage allowances are also slightly higher than the others at 150,000.
The basic rate is low at 2.49%, but it can go as high as 23.99%. A credit score of 500 is required, alongside a midrange monthly income of $1,500. The company offers a soft credit check option and provides additional help with any paperwork.
RefiJet Auto Refinance Loans
Comprising a network of financiers, including credit unions, RefiJet provides applicants with multiple offers, meaning that they can select the best one for their circumstances.
Loan amounts start at $10,000 and extend to $150,000. Loan terms are from 36-96 months, longer than standard offers. The mileage allowance is also quite high at 200,000 miles. A further benefit is the soft credit pull option.
Although the credit requirements are midrange at 580, RefiJet does tend to prefer applicants with a higher rating. Monthly income needs are also higher at $2,000. This is reflected in the maximum rate, which is just 17.99%.
CarFinance.com Auto Refinance Loans
CarFinance.com offers direct loans for its customers, excluding Hawaii, Massachusetts, Mississippi, Nevada, North Dakota, or Oregon. Loan amounts are from $7,500 to $45,000, and the term is 36 – 72 months.
Some of their requirements are a little more stringent than other companies. The maximum vehicle age is eight years, and the top mileage is between 75,000 and 100,000 miles. They also require applicants to have had their current loan for at least three months – although there is a better chance of approval after six months.
However, CarFinance.com is a good option for those looking for fast approval – this can be as little as 30 minutes. It’s also a good choice for those with poor credit. Score requirements are 525, with no income figures needed. This impacts their basic rates, which are quite high, at 7.99%. A hard credit check is done with the initial application.
OpenRoad Lending Auto Refinance Loans
Working with a full spectrum of borrowers, OpenRoad Lending provides refinancing loans to 40 states, not including Alaska, Hawaii, Minnesota, Mississippi, Montana, Nevada, New Hampshire, North Dakota, South Dakota, and Wisconsin. The minimum loan amount is quite high, at $10,000. This extends to $100,000 across 36 – 84 months.
Rates start very low at 2.9% but extend up to 24.9%. The vehicle figures are reasonable at ten years and 140,000 miles.
Credit score requirements are towards the lower end at 500, but there is also a midrange monthly income requirement of $1,500. However, the company can provide a quote without the need for a hard credit check.
When it comes to choosing the best option for a car loan, no company will suit every individual.
Your decision on the best loan will depend on a range of factors, including your credit score, how much you want to borrow, and for how long.
Knowing your credit score will improve your chances of understanding rates applicable to you. This is especially important when using companies that only offer a hard credit rating option.