Top Online Source for Auto Financing

People often wonder where they can get a good deal on auto financing. Some people have gone on Youtube and made videos that explain why getting the car dealership to secure financing is a TERRIBLE idea. So before checking out the best spot to shop for auto loans independently, lets look at what you should not do before buying a car.

  • NEVER  solely rely on the dealership to “get you a good deal” on an auto loan. Sure, they will shop for you and get banks to finance you. However, the dealership gets a commission for referring a new loan lead to the bank. This could result in extra funds being taken from you when you sit down with the finance manager. In order to give a commission to the dealer, you might end up taking a monetary loss.
  • NEVER rely solely on your own personal banking institution. UNLESS you have a good relationship with the bank. By “good” I mean that you should make sure you have no delinquents, NSF fees etc.  If you do… they might be less than friendly when you ask for a loan. If they approve you they might not offer the best interest rate. In this case, it might be better to think of you personal bank as the last option.

What are some good alternatives????

Here are your options:

You can apply online with different companies that specialize in auto financing. Some dealership websites might have externally pointing links to very good sources. This is a viable option but it might take some time to sift through all the scams out there.

You can apply through a company that will match you with multiple lenders that can compete for your business. I have researched a few such places and the best site I found so far is called Blue Sky Auto Finance. There are other companies such as AlliantCredit Union, BlueHarbor, CarsDirect and others. BlueSky was rated among other highly rated companies on comparison sites. Most importantly, Blue Sky Auto Finance has an A rating on the Better Business Bureau (BBB website)

Here is why:

  • They offer Same Day Approval and even offer no money up front.
  • Good, Bad or No Credit is going to be just fine.
  • There are multiple lenders available who must compete to earn your business.
  • The process is fast and representatives are available to answer questions.
  • The whole application is free to fill out and it is totally secure.

Here is a review that I found online that might be of help for anyone who has never heard of this company. A lady named Saundra Latham wrote on her blog page (called thesimpledollar) about Blue Sky Auto Finance saying:

“The site is clearer about requirements than many of its competitors: You’ll need at least a 550 credit score to receive a loan that isn’t restricted to a certain dealer, but may be eligible for dealer-specific loans if your score is lower. If your credit score is under 652, you’ll need to prove income of at least $1,800 a month. The site includes some good car-buying tips and finance calculators.”

On Blue Sky website, there is also video about the company that might be helpful as well.

Anyone who wants to apply for auto financing can visit one of the best places to get help with loans here.

 

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