Best auto loans for a new car

Best Auto Loans for a new car

LightStream Personal Loans

LightStream provides an attractive option for personal loans, especially if you have a strong credit history. With competitive interest rates and a lack of fees, it's a borrower-friendly choice. 

Pros and cons

myAutoloan com

myAutoloan.com, established in 2003, operates as a direct lending marketplace that serves as an intermediary, gathering loan offers from up to four lenders on behalf of loan applicants. 

Pros and cons

Navy Federal Mortgage

Navy Federal extends another proprietary loan option called Homebuyers Choice, tailored for nonmilitary borrowers who are eligible for credit union membership (including civilian employees of the Department of Defense). 

Pros and cons

PenFed Auto Purchase and Refinance

PenFed's car buying service enables applicants to find a car online, request member pricing from a dealer, apply for financing online, receive approval, and then visit the dealership. 

Pros and cons

HSBC UK Loans

HSBC offers personal, premier, car, home improvement, and debt consolidation loans with competitive rates and exclusive premier benefits. 

Pros and cons

M&S Bank Loans

M&S Bank presents a diverse range of loans that offer flexibility in both borrowing amounts and repayment periods, featuring representative APRs.  

Pros and cons

Santander Loans

Santander offers various loans for personal needs, cars, home improvements, consolidating debts, and special occasions.  

Pros and cons

Sainsbury’s Bank Loans

Sainsbury's Bank, a subsidiary of the esteemed UK supermarket, offers a diverse range of financial services, including loans, credit cards, insurance, and savings accounts, with a focus on customer convenience and competitive solutions.  

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Halifax Loans

Halifax's personal loans are tailored for various purposes, such as major purchases or consolidating debts, without the requirement of collateral.  

Pros and cons

Zopa Loans

Zopa Bank, renowned for its tech-savvy approach combined with financial acumen, is committed to offering simple, transparent, and customer-focused financial products. 

Pros and cons

Can I negotiate my rate on an auto loan?
 

You generally can (and should) negotiate interest rates when shopping for a car loan. If you’re applying for a loan through a dealer, they gather your information and send it to several potential auto lenders. The lenders can respond with proposed interest rates. However, the rate the dealership actually gives you can be higher than what the lender proposed. This is because the dealer may choose to charge you more for handling the financing. To add to that, the dealer isn’t legally required to give you the best rate in the first place.

For that reason, it’s always a good idea to try and negotiate the interest rate just like you would the price. Or, if you’re dealing directly with the lender, you can negotiate with them too. Some lenders can try to beat any offer you get from a competitor, so it pays to shop around and gather several financing options.

FAQ

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