The most important part about buying a new vehicle is finding the best banks for auto loans. With literally thousands of different lenders available it’s important that you do your homework before choosing a lender. In this article we’ll take a look at some of the big dogs in the industry to help you decide for yourself what the best bank for auto loans is.
Bank of America
Bank of America really makes buying a new car easy. You can apply online or in person at one of their thousands of locations nation-wide. They always boast some of the lowest rates in the industry which makes them a great choice for your next auto loan.
Here’s what makes Bank of America one of the best banks for auto loans:
- Expansive network of car dealers
- Many options including refinance and lease buyouts
- Excellent fixed rates - $311 a month for a $25,000 new car
- Fast, secure application process
- Fast turnaround, as a little as 24 hours
- Approvals good for 30 days to decide
- Dedicated customer service reps 24/7
- Local branches to better serve your specific needs
- Free, secure online payments
- Online statements and records
Chase
Chase is another one of the best banks for auto loans. Here are a few reasons to check them out:
- Competitive rates. Chase is one of the largest banks offering auto loans which allows them to provide the lowest possible interest rates.
- Convenient online banking. Access your account online to check your balance and make payments.
- Local branches. You can meet with someone face to face who can help you through the entire auto loan process or make a payment in person.
- Top notch customer service. Chase is ready to help you online, on the phone or in person.
US Bank
US Bank is a great choice for an auto loan, especially if you plan to drive an EPA Certified SmartWay vehicle. Here are a few reasons why US bank is another one of the best banks for auto loans:
- No down payment required. Buy a car with no money out of pocket for qualified applicants.
- Flexible terms. You decide how long you’d like to borrow for and when you would like to pay the money back.
- Same day decisions. Apply today and find out if you’ve been approved right away.
- Loans for used vehicles. Get a loan for any vehicle up to 7 years old with up to 100,000 miles.
- Green auto loans. If your new car is EPA certified you can get a 0.50% rate reduction with a green loan.
PNC
PNC probably has the fastest auto loan application around. You can apply today and have your money tomorrow whether you are buying from a dealer, a personal party, buying out a lease or refinancing your existing auto loan. Here are a few more reasons why PNC is one of the best banks for auto loans:
- Get a decision in as little as 15 minutes. Most applicants will find out if they’ve been approved in just a few minutes. Possibly the fastest auto loan application in the industry.
- Get your money in under 24 hours. Get approved fast and the money you need right away.
- Shop for a vehicle with a check from PNC in your hand. You won’t have to wait to buy those new wheels.
- Cash in on your current vehicle with an auto equity loan to pay for your new vehicle. Use your old vehicle as collateral when you buy a new one.