For many individuals, those with the lowest rates are the best auto loans. When you want to buy a car, you wish for the best car with the best finance possible. Here are some avenues to get the best car finance.

• Online auto loan services: CarsDirect and MyAutoLoan
• Big banks: S.Bank, LightStream, and Bank of America
• Best for bad credit or no credit: Standard Auto Financial

Almost 86% of new car buyers look to finance their car with an average loan reaching $29,500. What you have to look out for is the type of loans, quick approval, customer support, resources, and competitive interest rates. A lender like Standard Auto Financial is best for faster approvals, 100% secure application, and car finance APR as low as 2.99%.

Online auto loan
CarsDirect is best known for their car-buying service, it is the portal for getting the best auto loan. They offer comprehensive information, loan calculator, a trade-in-value calculator, and also articles on the best car finance and various buying strategies.

There is no minimum or maximum amount to apply for. Some companies will not allow you to apply for an amount less than $5,000 or $10,000 or won’t consider a car loan for a car with higher mileage.

A downside is that after applying and submitting your information, you face field calls, emails from after making your choice

This is for someone who requires smaller car loan or wants to buy an older used car, refinance should check out CarsDirect. They have a lot of friendly topics that you can read up on.

Best car finance:

• Standard Auto Financial is perfect for those looking for faster approval and have bad or no credit.
• CarsDirect is for drivers who need small car loans or want an older used car.
• MyAuto Loan is for first-time buyers who want to purchase leased car
• US Bank for those who wish to buy a car from private sellers
• Lightstream for drivers who have a good credit score and income
• Bank of America for those who want to buy an older, higher mileage car
• Auto credit express for bad credit buyers who need various options
• Capital One is for those in mid-Atlantic and southern regions who have bad credit

Tips for getting the best car finance deals

Shop around
Never compare the price list, assume the dealer is offering you the best rate, if your credit isn’t perfect. Compare interest rates from outside sources -banks, credit unions, online auto-loan companies and get pre-approved loan, the best you can find.

• First, you can negotiate a better rate with the preferred lender
• Compare the rates offered by different lenders
• Best car finance is what you can afford

Know your credit score
Your credit score is the single most important factor in what kind of interest rate you can land. Excellent credit means a better rate. Bad credit means a lousy rate — if you can qualify at all. Look at the difference between interest rates for customers with the highest and lowest credit scores.

Opt for a shorter loan term
You will have to pay less if you compress the payments into a shorter period. Do not go in for lower monthly payments. If you could pay off the loan in three years, you’d pay $1,579 in interest. If you opt for a seven-year term, you end up paying more. There are dealers who try and sell you how low your monthly payment can be. They simply boost their bottom line by diverting your attention from the purchase price, driving it higher along with your loan amount.

Buy new
It’s usually easy to get a better interest rate if you’re buying a new car. The average interest rate for a used car can be higher than for new cars. This is because people who seek loan for used cars have lower credit scores. You can check some of the lowest car finance interest rates available at Standard Auto Financial .

Don’t pay for extras
Car dealers make extra money on all the little things they offer you. These could include extended warranties, upgrades- rust-proofing, fabric protection, and security systems. Purchasing these add-ons makes no sense an adding them to your loan even less. You will end up paying less. Purchase your add-on separately; also pay sales tax, registration fees, and other expenses.

Interest-rate discounts
Many lenders may cut the rate if you go for an automatic bill payment. Others may give discounts if you already bank with them or are purchasing a specific car.

0% interest deals
Banks and credit unions do not offer 0% interest rate but you have a chance at the dealership, offered by your car manufacturer’s lender. If you have excellent credit, you may get such a deal. You may have to choose from 0% interest deal instead of a promotion like a $1,500 rebate.

Check the loan terms with 0% deals as they tend to be shorter. It may be for a three-year term and your monthly bills may be higher than you thought.