A car loan is a fixed-period loan and a borrower is expected to pay over a specific period. Getting car loans in California can be a great experience when you do it the right way and with the right lenders.
Most people spend a long time bargaining price for a new car while applying for a car loan. You should rather consider the total price tag, the number of repayments plus interest accrued.
Getting a car loan in California like in any other state requires you to compare the various costs that cover the full loan before you sign up for it.
Getting your car loan directly from dealers can be the easiest but could attract a higher interest rate you wouldn’t notice until all process is complete. You can get loans from banks and credit unions in California for favorable rates and interest. Car loan Companies in California have their unique criteria for approving loan requests, so you may carefully want to go through their profiles.
Some companies may accept down payments and some with shorter terms. Some companies do not run all types of loans, you should check out their services to pick the best loan type for you. California has some loan Companies that only finance new and used cars, some offer to refinance. Overall, the car loan process in California is enjoyable.
Also, read all you need to know about Student Loans.
California Car Loan Rates
Loans are let out at various rates by the lending companies. Different companies in California have their unique rates but are still within the approved range to avoid manipulation and cheating. Your credit score has the biggest effect on the rates loan companies will give you.
The Annual Percentage Rate of loan companies is different, it is a form of competition and a means to attract you as a buyer. You should know that a low APR may mean that the term of payment is longer.
Rates for car loans in California can range from 1.9% to 8.9%. Rates are still different if you are going for a new or used car. With the same credit score, you can get a new car rate at 2.47% and a used car at 3.61%.
Top 15 Car Loan Companies in California
The state of California has a long list of credible and professional car loan companies. With their unique loan services, you have the opportunity to choose services that would fit into your budget.
- California Auto Finance: Located in Fontana, CA, this loan company is specifically interested in anything vehicle. They have a passion for satisfying their customers’ needs. This company will give to the most satisfying car buying experience ever, there are no limits to the level of ease you would enjoy. California Auto finance has a large variety of cars you can choose from, a lineup of quality cars, trucks, and SUVs that is both new and used. Here you get quality and reliable Service.
- Alliant Credit Union: Alliant credit union offers you excellent rates that are known to beat other companies in the industry. You can get car loans for up to 84 months for either a new or used car. The company offers refinancing services and does not have prepayment penalties. You enjoy your approval the same day you apply.
- American Airlines Credit Union: Your experience with a credit union can stand out when you get car loans from American Airlines Credit Union. They offer competitive rates that customers can’t seem to resist. Enjoy mind-blowing benefits such as discounts when you apply for membership.
- Bank of America: You get to choose from over 2 million vehicles from selected Bank of America dealers. You have the ease of doing all the car loan processes online. You enjoy flexible financing terms for customers with access needs or disabilities.
- Chase: Getting the right car is not a problem with Chase, there are special partner programs for exceptional loan services. Chase allows you to apply for finance and receive a decision in minutes. During application, you get to specify the car and dealer of your choice.
- California Bank and Trust: California bank and trust let you choose between online and physical applications. You can get car loans for new and used cars with lots of terms to meet your needs. They have rates that are very attractive and convenient for customers.
- US Bank: When comparing your car loan options, US Bank is one great way of doing it right. There’s an avenue to get a new loan or refinance the one you currently have. You can get a car loan with no down payment with APR as low as 3.54% and flexible terms. The leasing of cars is also a big service provided by the company.
- Wells Fargo: Helping you with your car loan is what the Wells Fargo brand is here to do. The company allows you to manage your loan from anywhere in the world with its online banking platforms. With over 50 years of experience, you have the full assurance of choosing the best car loan company. They are connected to nearly 11,000 dealers which helps you enlarge your car choice.
- United Auto Credit: Since 1996, the car loan company has been rendering excellent services to its customers and dealers. United Auto Credit believes that everyone deserves the chance to own a car with no respect for their credit history. There are programs like “First Time Buyers”, and “Bankruptcy” amongst others to help achieve their goal.
- Bank of the West: When trying to change advantage of competitive rates and flexible financing options for a used or new car, Bank of the West is a great choice. Owning a savings or checking account with the bank lets you enjoy some Interest-rate discount. The bank gives special consideration to people who recently moved to the U.S with no credit history.
- RoadLoans: As one of the best Online car loan company, RoadLoans offer its services directly to consumers. They have multiple car loan offers to cater to the specific needs of their customers. Enjoy a flexible approach to car financing when you do it with RoadLoans.
- Patelco Credit Union: You can get pre-qualified online swiftly with Patelco. With rates starting at 2.39% APR, you still enjoy an easy approach to your budget. The car loans in Patelco allow you to make no payments for up to 90 days and terms that can be up to 84 months.
- City National Bank: Getting a car loan was simplified and eased down by City National Bank. The bank allows you have meetings with their loan professionals who can guide you into choosing a loan that would be easy for you.
- Redwood Credit Union: Need to feel confident when you buy your car, look no further because Redwood gives you the best of that feeling. They boast of having rates that are better than most financial institutions. You can get your dream car without breaking a bank with Redwood Credit Union.
- Comerica Bank: Relationship is one good feature of Comerica bank, they have managers with experience who provide customers with the necessary information to identify optimal loans for them. With this bank, you can raise your expectations about the banking sector. Get loans terms from 36-72 months.
Also, read about Mortgage Refinancing.
Credit Union, Dealership, or Bank Car Loan
Your lender for a car loan can be a bank, dealership, or credit union. Financing with a dealership makes the dealer make money on your car purchase and the loaned amount. Car dealers are directly involved with providing you the loan needed. Dealers work with lenders who are willing to lend the loan amount.
Banks provide customer service representatives who are readily available and accessible to customers. Banks never let you get surprised with ridiculous loan terms because they would carefully look through your credit to design a car loan just for you.
Traditional banks are a good source of a car loan, but Credit Union may be a greater choice. Credit unions are more flexible and offer lower rates than banks. Credit Union ensures that you are properly educated on the loan process.
Final Notes on Top 15 Car Loans Companies in California, United States
Whether you intend to go with a dealership, credit union, or bank for your car loan, carefully going through the profiles of the top car loan companies in California would be splendid. Remember, having more than one option for your car loan is great and helps you compare rates and loan terms.
Before you go, check out the Top 15 Mortgage Brokers Companies in the USA.