Finding a cheap car loan is a major issue, especially when it comes to a 5-year car loan of 10,000 USD or more. Interest can indeed vary from simple to triple depending on the type of credit, but also the organization has chosen. Compare the different offers to get a favorable opinion at the best APR rate.
Bad credit car loan lenders: we get you cash fast in 3 easy steps
There are several specialists capable of offering car credit over 5 years (60 months):
- Car manufacturers
- A bank or an insurer
- Credit organizations
Our experience in comparing car loans shows that banks find it very difficult to offer car credit over 5 years – or any other term – at the APR rate more attractive than that of online credit organizations. As for dealers, they favor LOA solutions in favor of car credit. A more expensive formula for the consumer, and necessarily more profitable for brands.
The cheapest bad credit car loan is found online, from online auto loan specialists.
What is the APR rate for a car loan?
The APR rate (annual effective annual rate) of a car loan makes it possible to calculate its real cost. The APR is inseparable from a credit offer. It includes both interest and any administrative costs. The best APR rate for a 5-year car loan always indicates that it is the cheapest loan.
Auto loan rates over 5 years
The rate of a new or used car loan in 60 monthly payments depends on the amount requested, but also on the choice of the organization. TAEG rates vary considerably from one specialist to another, including among the best known. Illustration with a comparison of the rates of a car loan $ 15,000 over five years found in our comparator.
The total cost of the best online car loan of $ 15,000 out of 60 from our comparator is half that of the most expensive. The difference, in this case, represents $ 1,157.00, a significant sum.
How to get the best auto credit?
There is a simple method to ensure that you get the cheapest auto loan over 5 years possible.
1. Indicate car credit (new or used) by selecting 60 months on our credit form.
2. Complete the four simple steps of the car loan simulation.
3. Our comparison classifies the organizations on the basis of the APR rate.
4. The specialist classified first is questioned without delay. It provides immediate response in principle.
5. A favorable opinion is indicated by an acceptance rate> 50%
6. In the event of a negative 5-year auto loan opinion from the best organization, it is possible to seek the opinion of the second, as well as the third specialist.
Our auto credit comparator, therefore, provides up to three immediate answers, starting with the best APR rate listed at the time of the request. Once you have obtained the best APR rate online, it is always worthwhile to approach other players in the hope of obtaining better borrowing conditions.
Good to know: any car loan grants a withdrawal period of 14 days, like any other type of consumer loan.
Car Credit: practical advice
It is always interesting to ask yourself several questions before signing a cheap car loan, regardless of the duration of the financing:
- Does the repayment period allow for bearable monthly payments?
- Is the amount of vehicle competitive?
- Does the vehicle order form mention that the purchase is conditioned by obtaining a credit?
The presence of the words “purchase on credit” on the order form of a vehicle helps protect oneself in the event of a conflict. The credit is canceled when a borrower decides to cancel the sale – within 14 days – or the car is simply not delivered. Conversely, the sale is also canceled when the credit is ultimately not accepted.