Best car loans of 2021

When it comes to car shopping, finding the right loan can be just as important as finding the right car.

It’s not as easy as simply showing up to the dealership. To get the lowest interest rate, you’ll want to shop around for an auto loan to see what kind of financing is available to you. Dealerships often mark up the interest rates on loan offers from lenders, and that can leave you paying more for the same car.

The good news is that it’s completely avoidable if you’re willing to shop around for your loan and get pre-approved before you start shopping at the dealership. To shop for the best rate, you’ll want to look at several different lenders and see what each will offer you. Once you start getting rate quotes, you’ll have two weeks to gather all the quotes you’d like without multiple inquiries hurting your credit score – the credit reporting bureaus count all of those inquiries as one within that period.

Having a pre-approval for a car loan can give you better bargaining power and peace of mind that you’ll have the lowest interest rate possible. As you start shopping, keep in mind that your local small bank or credit union could also be a great place to get a loan – these institutions often offer lower car loan interest rates than big banks, but are usually limited to a relatively small geographic area.

Here are a few banks to help you start your search for a variety of situations.

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Click Table Table of Contents: Masthead StickyBest overall, best for lease buyouts: Bank of America

APR range: Bank of America Auto Loan

Loan range: $7,500 to $150,000

Loan length: 12 to 75 months
Available in all 50 states

Bank of America has excellent rates for auto loans currently. Rates for a new car purchase start as low as 2.59% APR, and a used car could be as low as 2.89% APR. Bank of America offers rate discounts for current customers, up to 0.5%.

If you’re interested in buying the car you’re currently leasing but need a loan to do so, Bank of America offers a loan for that. Bank of America offers a variety of auto loans, and like the others, its interest rates are competitive in 2021. Lease buyouts can have higher interest rates than a new or used car loan, but Bank of America’s lease buyout APRs start lower than the rates other lenders offer.

Best for excellent credit: LightStream

APR range: Lightstream Auto Loan

Loan range: $5,000 to $100,000

Loan length: 24 to 84 months
Available in all 50 states

If you have a good or excellent credit score, you might want to consider LightStream in addition to Bank of America. A part of SunTrust Bank, Lightstream focuses on …read more

Source:: Business Insider

      

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