Where can I get a car loan?

I’d like to buy a new car, but I don’t have the money to pay for one outright! I need to get a car loan, but I don’t know where to start looking. Where are some good places I can go to get a car loan?

Answer
Car loans can be complex, and finding a good deal is complicated! Luckily, the hardest part of securing a reasonable agreement is finding the right lender.
Here are the four most common places to get a car loan:
  • Dealers will often help you finance your car when you come to buy it. That said, they can usually offer great deals for buyers with good credit, while those with bad credit may have a harder time securing a fair offer.
  • Banks can also give you car loans, though the agreements may come with conditions on which type of car you can buy. That said, it may be more challenging for you to secure a car loan with a bank if you’re only looking at older models.
  • Credit unions will typically offer the best terms and lower interest rates. However, you’ll need to qualify for membership. Credit unions will typically offer the best conditions for people with low credit scores.
  • Third-party lenders may also give you a loan, though they have a higher range of interest rates and terms. As a general rule, third-party lenders can offer low interest rates to people with good credit—but will likely set unreasonable terms and interest rates for people with bad credit.
Remember, each lender will offer different terms and conditions. Before you settle for a loan, compare a few lenders and see what your best option is.
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Joshua Levy
Answered on Dec 08, 2021
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