Auto Loan Reviews

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A great take on auto loans
Helpful to 11 out of 12 people

I applied for an auto loan with Lightstream (SunTrust) because CreditKarma suggested it once when my credit score crossed the 750 threshold.  My score went down a couple of points due to applying for loans elsewhere and Lightstream no longer showed up as a recommendation.  Even so, I applied anyway.  I got an answer within 2-3 hours, a counter-offer.  I wasn't approved for the original, unsecured "anything loan" but was offered a loan where I'd make SunTrust the leinholder on the car.  They offer to deposit the money into your account the same day if you accept before 11:30am PST.  Unfortunately I was out to lunch and missed the deadline, I applied on a Friday.  I meant to pick up the car the next day and the only option I had if I accepted the loan was to pick it up on Monday, the next business day they'd be able to deposit the money in my account.

Even though I didn't accept the loan I was able to use it as a bargaining chip with the dealership to get a lower interest rate, almost as low as Lightstream.  Lightstream offered 2.64%, the dealership originally offered 3.9% and came down to 2.84%.  Lightstream saved me money without even having to accept the loan.  The fact that they offer a loan with cash deposited the same day is outstanding, let alone the unsecured "anything loan" that doesn't require you making them your leinholder.  Next time I need a loan I'll be sure to check them out again.

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2 Contributions
12 People Helped
Good Bank to deal with
Helpful to 65 out of 77 people

I had an auto loan with BBnT last year at 8.25%. I had low score at that time around 680. BBnT offered me rate of interest a little higher than I Transunion (7.75%) however finally since I processed application through dealer I went to BBnT. I have made extra payment every time when I had cash handy and have closed a 40 month long loan in 10 months effectively getting the rate of interest of 1.51% and saved around 4K on interest. 

During this said period I had several issues with the BBnT website while making payments, first of it their site crash very often. Second there is a limit of 1K if you are making extra payment however if you make 2 successive transaction 1K each it would let you ( now they have added a check of 1 payment in 5 days, luckily I have closed my loan now). If you want to do payment over the phone then there would be extra 5% charge, which I really didn't like. 

Also while talking to the customer care, I really didn't feel the representative was very much interested to handle my call and rushed to close it. Anyways since that was my last call I didn't mind. Also there is a restriction of time to call customer service which is cumbursome.

Overall, my mantra, 

Keep your score high, Lend only when absolutely needed at the best offer you have and rather than sitting on loan for entire duration, try to repay back soon, that way you will save on interest and also will have lower effective rate of interest. And last but not least, you would be liability free.... which is a great feeling :)

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My Existing Auto Loan
Helpful to 72 out of 108 people

Regions financed my auto loan in 2007 for 7.75% interest!

Love Regions and hope to have them finance my next auto loan!

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1 Contribution
72 People Helped
Easy to deal with
Helpful to 25 out of 27 people

Bought older car with 8% loan.  Refinaced with nationwide down to 3.15%.   Buying a second used car since I currently have a loan with nationwide my 2nd loan gets 1% discount.   Rate is 2.25%?   Unreal for a used car loan

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Alice Eckardt
Helpful to 3 out of 3 people

I currently own a Ford Focus 2012. I traded in my Ford Escape which I had bought with cash. I wanted to develop credit as my husband had passed a few years ago and i had no credit of my own. I told Ford this and all went well. I have made every payment on time. They acknowledge this and say I have excellent Ford Credit. Yet when I went in recently to purchase another Ford and trade in my car, they said they could only give me an older car or one with my current payment of 200/month as I dont have a high credit score? I know- which is why I applied to Ford. I have owned Fords all my life here in Maine and back in NY. All paid on time and paid off- a Ford Excursion and a Ford Explorer also.

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1 Contribution
3 People Helped
Helpful to 2 out of 2 people

As a customer, Blue Harbor is all you want. Best customer service, faster application process and overall Great customer satisfaction.  I have used it two years ago and still have it.  I am fully satisfied with everything and my experience is just phenomenol with them.  Very friendly people. I would say just try it once.

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1 Contribution
2 People Helped

I spoke with someone name john, he was very polite and consistent. He checked on my application status, followed up with me the whole time. I had a 17% interest rate and got it down to 6.49%. I was playing 501.00 per month. Now it's down to 411 per month with GAP insurance included and a warrenty up to 100000. They were very helpful. I LOVE RATE GENIUS 

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