The Best Car Loan Lenders of 2019

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We believe the best car loan companies should be able to approve your loan the same day that you apply for it. Good auto loan lenders should have loan calculators, payment calculators and car reviews available on their websites as well. We took these factors and more to determine the best auto loan companies today.

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  • Ranked #1
    Road Loans
    Road Loans
    Review Score: 4.8 out of 5 (4.8 out of 5)

    Most direct lenders provide you with one loan offer; however, RoadLoans provides you with three offers: a basic loan, a lowest APR and a low down payment option. You can then decide which loan is the best for your needs.

    • Minimum monthly income $1,800 to qualify
    • Receive multiple loan offers to choose from
    • Auto loans and refinancing available
    • Set up auto payments through RoadLoans’ website
    • Purchase vehicle from franchised dealers or independent sellers

    RoadLoans also allows you to start with either a specific vehicle you’d like to purchase in mind, or you can take your loan offer and shop around until you find the vehicle you want. They’ll even readjust your loan if you find a car that exceeds the amount that you were preapproved for.

    There are some restrictions to the vehicles you can purchase – it cannot be more than nine years old and must have fewer than 120,000 miles.

    The loan application is found on the RoadLoans website and the only documents you’ll need to provide is your driver’s license and proof of insurance. All online loan services require your social security number. Preapproval usually occurs the same day as your application is submitted.

  • Ranked #2
    Lending Tree
    Lending Tree
    Review Score: 4.5 out of 5 (4.5 out of 5)

    LendingTree is one of the biggest and most well-known loan brokers on the market today. Because LendingTree is a broker, customers can get funding through either a financial institution or a dealer, which means you can shop around for both funding and vehicles.

    • Easy online application process
    • Receive multiple loan offers from lenders and dealers
    • Purchase vehicle from both franchised and independent dealers
    • No mileage or vehicle age restrictions
    • No monthly minimum income

    When you receive an auto loan from LendingTree, you can purchase your new vehicle from either franchised or independent dealers. A franchised dealer is contracted with a certain manufacturer and sell new cars. An independent dealership usually have a broader selection of vehicles – mainly used cars. You can also choose to purchase your vehicle privately; however, you need to apply for a personal loan to fund that vehicle.

    LendingTree is a broker, which means that you don’t receive your loan from LendingTree itself. Instead you’ll be connected with various organizations that provide loans. Simply apply online, provide your social security number, employment and income information and then you’ll receive multiple loan offers.

  • Ranked #3
    My Auto Loan
    My Auto Loan
    Review Score: 4.4 out of 5 (4.4 out of 5) is a loan brokerage that connects you with auto loans from various dealerships and financial institutions. Working with a loan brokers provides you with more loan options than working with a service that offers you a car loan directly.

    • Same day loan preapproval
    • Receive loan offers from both dealers and financial institutions
    • Quick loan application process
    • Minimum $1,800 monthly income
    • Minimum $8,000 loan amount

    You can apply for your auto loan online and most applicants are pre-approved that same day. You can use your loan to purchase a vehicle through a franchised dealership and in some cases you can buy a car from a private seller. You cannot purchase your vehicle from an independent dealer. You’ll need to make sure your car has fewer than 100,000 miles and less than 10 years old.

    The only downfall to using MyAutoLoan is that you can’t reach them by phone. All customer service requests are made via email.

  • Ranked #4
    Blue Harbor
    Blue Harbor
    Review Score: 4.2 out of 5 (4.2 out of 5)

    BlueHarbor is a car loan service provider that connects you with various financial institutions and local dealers to help fund your car purchase. Once you’ve been approved, you have 30 days to purchase your vehicle and you’re expected to pay the difference if you choose a vehicle that costs more than you were approved for.

    • Have 30 days from approval to purchase your vehicle
    • Quick and simple application process
    • Purchase from franchised and independent dealerships or private sellers

    The online application process is pretty simple and most people are pre-approved within 24 hours. You can set up an account with BlueHarbor to help monitor your application and track your offers. Any additional information or documentation needed to complete your loan will need to be provided directly to lender.

    BlueHarbor has great customer service. Customer service representatives are helpful and knowledgeable. They reply to emails in a timely manner and are helpful explaining the loan application process.

  • Ranked #5
    Cars Direct
    Cars Direct
    Review Score: 3.9 out of 5 (3.9 out of 5)

    CarsDirect is not a direct lender. The company actually operates as a broker, so rather than providing customers with an auto loan, they connect customers with dealers that are willing to provide a loan for a car from their lot. CarsDirect works only with dealers.

    • Purchase from both franchised and independent dealerships
    • Customer service available via phone, email and live chat
    • Car shopping tool helps you easily compare vehicles to decide what car is best for you

    CarsDirect does not work with private sellers; however, their car search tool is pretty fabulous. This tool helps you to compare different cars and find local dealers to review in the future. The downfall to this service is that you can’t take a loan offer and shop around at multiple dealerships. Your loan approval is good for only one dealership, so you’ll need to purchase a vehicle from their lot.

Finding The Best Online Car Loans & Interest Rates

It doesn’t matter where you plan to buy your new vehicle – through a dealership or from a private party seller – finding the best car loan interest rates can be really tricky. Obtaining an auto loan can be a pain in the neck, especially if you have less-than-perfect credit. That’s why a lot of people purchasing cars have turned to the internet instead of going to their credit union or bank for car loans.

Online auto loan companies have really competitive loans – no matter what your credit score looks like. Most car loan companies will offer different loans for a new car and a used car. Most of these companies will work with both car dealers and private parties trying to sell their car.

If you’re new to the online loan world, don’t worry. Online loans function pretty much the same way as traditional car loans do. Whether you get an auto loan through a bank, a broker or a website, the concept behind the loan is the same. The lender gives you a set amount of money and you agree to pay it back at a certain interest rate. The best car loans have low interest rates and don’t require a huge down payment – this is true for both online and traditional car loans. In fact, a lot of online lenders are able to offer better auto loan rates than traditional lenders because they don’t have the high expense of operating traditional brick-and-mortar stores.

The best loan companies allow you to log into your account on their website, view you statements each month and make payments. And they won’t charge you for making your payment early either.

You should never have to pay a fee to make an early car payment. We also believe that the best online car lenders should allow you to make your loan payments online – it only makes sense. When it comes to loan amounts and interest rates, most companies will not give you that information because it’s all subject to approval. The best online loan companies don’t have any minimum or maximum loan amounts and don’t require you to earn a specific dollar amount each month in order to qualify for auto loans. These companies take a look at your specific needs and make loan decisions geared specifically to you.

Getting an online car loan is becoming very popular today, most likely because these lenders offer competitive car loan rates for everyone – even those with poor or bad credit. If you don’t have any credit and are looking to finance your first vehicle, check out an online auto loan company. It doesn’t matter if you’re looking for something used to drive to work, something big to take you on adventures in the great outdoors or something a little more luxurious, online car lenders have options that will work with anyone.