Online car loan approval bad credit: get money super quick
Is the best car loan for bad credit available online? Yes, you may see all the steps to follow to apply for the best bad credit car loan, thanks to the compariloan.com site.
There are several major players able to offer new or used car credit:
- Credit organizations
- Banks and specialist insurers
- Dealers directly in the garage
- Certain sites specializing in the resale of vehicles (Aramisauto, Autosphere, etc.)
You should know that manufacturers have made LOA (rental with option to buy) their preferred means of financing to make a car loan. Almost 75% of French people opt for this solution (2019 figures) when they want to drive behind the wheel of a recent car. It is a consumer credit product, although different from more conventional solutions.
Online credit specialists, for example, do not offer these LOA solutions at all. It’s just not their job. Regarding our opinion on the LOA, it is rather mixed. This solution certainly allows you to drive with a nice vehicle for acceptable monthly payments, but the car credit rate, once calculated, is always very high. It should also be noted that heavy wheelers, whose annual mileage rate is high, will pay the rental at a high price. It is often more interesting to finance a vehicle through a traditional car loan to resell the car at the price of argus after a few years than to commit to an LOA solution full of uncertainties.
Specialist organizations have the best solutions
The main online credit organizations offer very competitive new or used auto credit solutions. It is actually very difficult to find better than an online loan to fully finance your new vehicle. The offers of conventional banks or insurers are rarely offered at sufficiently attractive APR rates. They are also often conditioned by the fact of becoming a customer, and therefore of committing. The websites specializing in the resale of cars also offer credit, through financial partners. This impossibility of comparing is slightly annoying in a search for the best car credit.
What is the best new car credit?
Online credit specialists all offer solutions adapted to the acquisition of a vehicle. Be careful, you usually have to provide a vehicle purchase order to the lender to get their best new car credit. You have to go through an auto credit comparator to make sure you find the best new car credit. Connected in real-time to the best organizations, our comparator offers a classification based solely on the APR rate. This is the legal – and benchmark – rate in the field of consumer credit.
Here is how to make a new car credit comparison on our comparator:
- Fill in “new auto credit” on our comparator, the amount and the desired repayment period.
- Complete the credit questionnaire in four simple steps before continuing.
- Our comparator identifies the cheapest car loan rate, based on the APR rate.
- The best organization provides immediate response in principle, without obligation.
- In the event of positive opinion (acceptability> 50%), the confirmation is sent by email within 24 hours.
- When the best car loan is not accepted, it is possible to seek immediate advice from the second organization, as well as from the third.
In the event of a negative opinion from all the organizations, it is sometimes advantageous to increase the repayment tenure and/or to reduce the amount downwards.
Online auto loan rate barometer
Here is a range of rates for the best new car credit of 15,000 euros, over several repayment periods.
|For a new car loan of € 15,000||Best credit rates car|
|Over 12 months||1% to 1.50%|
|Over 24 months||1.50% to 2%|
|Over 36 months||2.50% to 3%|
|Over 48 months||2.80% to 3.20%|
|Over 60 months||3% to 3.50%|
|72 months||3.80% to 4%|
|84 months||4% to 5%|
The cheap car loan ranked n ° 1 is regularly much more attractive than the following. TAEG rates indeed evolve constantly, according to current promotions and another strategic positioning. It is therefore very little recommended to go fishing for the best car credit, the risk of paying far too much interest is important. The rates displayed on our comparator are updated daily, avoiding any unpleasant surprises when receiving the final proposal.
Best Used Car Credit
The used car loan is different from the new car loan since purchase from an individual does not generally provide a purchase order to the lender. This is the reason why the best-used car credit is sometimes simply a personal loan without supporting documents. The APR rates are slightly less attractive than in the case of a second-hand car loan, but it is therefore not necessary to provide proof of use of the funds. Here’s what to remember to find the best-used car credit:
- No purchase order: personal loan comparator
- Purchase order available: used car credit
Used car loan rates are slightly higher than the new ones. It is, therefore, all the more interesting to compare them.
Good to know: the DDGCRF (Directorate-General for Competition, Consumption, and Repression) has produced a file on the seller’s obligations in the context of a car loan. It is always very interesting to look into the legal obligations before signing a car loan contract.