You can’t watch TV or browse the internet without being attacked by their ads. “Bad credit? No credit? NO PROBLEM!” It seems that everyone is offering car financing and car loan deals nowadays. But many of these places might as well be called “Shady High Interest Loans, Inc.,” so how do you find a reputable car financing company without loosing your shirt in the process? Here’s a guide to some of the best and most respected car finance companies on the net, as well as some very informative pages on how to get the most out of your loan.
Capital One’s credit card commercials always ask ‘What’s in your wallet?” But when their auto finance department asks that question, they aren’t joking (and the person asking probably isn’t a Viking working fast food.) One of the most reputable car loan and financing companies on the web, Capital One offers different financing plans for used and new cars, as well as motorcycles. The entire process can be done online as well.
One of the most respected names in their field, Wells Fargo’s auto financing and loan website is one of the best financing resources on the internet. They have separate pages for if you’re buying from a private party or a car dealership (something most sites do not offer) and also have areas set up for RV financing and car re-financing. They also offer lease plans and can even help you find a good car insurance quote.
Carsdirect.com is a great place to find cars online, and they also offer their own financing and leasing services. In addition to the basic services found at most car finance sites, they have a special section for bad credit car loans, and an online car financing calculator.
Another reputable loan and financing site, E-Loan also has loan and lease calculators and other tools. At E-loan you can get your credit report for free, which will help you determine whether or not you’ll be picking up a new Bentley or a used Buick. E-Loan also has separate sections for car re-financing and lease buy outs.
They have incredibly annoying commercials (“When banks compete, you win!” Yeah, right. More like “When banks compete, the winner bends you over and takes you from behind!”) but they are also one of the more respected online-based financing and loan companies. Lending Tree takes your information and gives it to competing banks so you can see more than one offer at once. It’s convenient and a lot easier than going from bank to bank.
Tools and Resources
Yahoo loan calculator
This online calculator asks you to put in the information and it does the rest. It can even compare loan costs vs. the cost of leasing. There’s no registration and no personal information required, making it one of the easiest and most user-friendly resources for car financing on the web.
How Car Financing works
It might be easier for some of us to discover cold fusion than it would be able to figure out exactly how car financing works. Thankfully the guys at Howstuffworks.com penned this informative article on the hows and whys of car financing. Learn how to get the best rates, what determines your interest rates, and how to avoid scams by using this great guide. It even comes with a crib sheet you can take with you to when you go shopping for that new car.
If you’ll be doing a lot of car financing calculations then this page is for you. Carbuyingtips.com has a very impressive collection of Excel files that can help you figure out your potential interest rates and much more. There are forms here for car loans and leases, and one amazing spreadsheet that will allow you to compare four car financing plans at the same time. They even have a spreadsheet that you can download to you PDA.
This in-depth how-to guide on car financing is a good starting point for anyone looking to finance a new car or lease. Learn how to get your credit report before applying for a lease, where to go for bad credit leasing and much more. They also have a list of car lease sites they recommend, and a quick guide to avoiding scams and bad deals.
News & Notes
How to get auto refinance
Auto refinance is a great way of paying off your car loans if you are unable to keep up with the monthly payments.