In the land of car loans, the interest rate is king. Everyone; from prime borrowers to borrowers with bad credit, are seeking to get the lowest interest rates possible. From the lender’s perspective, they’re also happy to loan to good credit buyers, because it means their risk is very low, and they can count on getting their principal back in full plus some interest for operations.
In the following article, we’ll compare bank car loan rates to outline a roadmap of inquiry for you prospective car buyers. These are for people whose credit scores are competitive – although if you have bad credit, many of these lenders will still be able to tailor a package for you.
Major Lenders Online
Whether you’re a first-time auto loan buyer or you’ve already been through it several times before, you can benefit greatly from diverse online lenders’ suite of offers. There are websites dedicated to helping prospective buyers navigate the deals that are out there, as well as unique offers like lease buyouts, for example.
You can find on-site auto loan calculators that will take your credit score as input, and return details on the type of loan for which you are likely eligible. One of the most useful aspects of such calculators is that they display the results for the same loan type in different cities. For example, a $30,000 car loan in Pittsburgh might fetch you a rate or 3% if your credit is above 700; the same loan amount could jump to 7.5% in Los Angeles.
One thing that these major lenders often don’t do is cater to borrowers looking for small amounts of cash, or those looking for used cars older than eight years. There are also some restrictions on mileage; but you get the point.
Bank of America as an Auto Lender
As you would expect from one of the biggest banks in the world, Bank of America has loans for all types. Unlike a lot of the smaller outfits, they even allow low-cost vehicles and cars from private sellers. They have a loan for you – dependent on your credit history, of course – that will even allow loans for cars that are a full decade old and have 125,000 miles on the odometer. They’re situated in multiple locations in every state in the U.S, so you can conduct your business in person easily.
Additionally, if you already own a Bank of America credit card or have a checking account with them, then the auto loan tools are right on your dashboard for easy access.
U.S. Bank Caters to High Value Car Buyers
But, being such a large bank, they’ve got options for all manner of borrowers. If you’re eyeing a car from a private seller, for example, many banks won’t help you – but U.S. Bank will. Their interest rates are competitive, and unless the car you want is older than six years and has more than 100,000 miles, you’ll experience no interest rate penalties in the finalized loan package.
There’s an additional savings to be had on a certain spectrum of eco-friendly vehicles, too. So, if you’re concerned about your carbon footprint and want to reflect this in the vehicle you drive, you might as well consider saving half-a-percent on your rate by going with U.S. Bank – as long as the other terms check out for you.
There are other lenders such as Light stream and Capital One; as with the ones mentioned here, you should conduct further research into how what they offer meshes with what you need and what your credit score is likely to get you.