SimpleMoneyLyfe’s overall ratings for Auto Loan and Auto Refinance providers are evaluated against ten major factors.
- Annual Percentage Rate (APR): Our team of Auto Loan Analysts compared over 25 lenders to find the most competitive and affordable APRs. We researched and compared traditional auto loan financing, dealership financing, and online financing options.
- Availability: The auto loan industry is sporadic. Online auto loan companies provide consumers with the best availability. Most of the companies we reviewed are available in all 50 U.S. States.
- Loan Terms: Analysts reviewed available loan terms, including repayment terms, fees, and interest rates. We only review companies known to offer competitive rates and low fees. Your best interest is all that matters.
- Loan Amounts: Next, our editorial team reviewed and analyzed available loan amounts. Consumers can expect to receive auto loan amounts ranging from $4,000 – $100,000. Individual qualification factors will decide total auto loan amounts.
- Minimum Income Requirements: Auto loan lenders and auto refinance companies require minimum monthly/annual income. We analyzed and compared the requirements across 25+ lenders.
- Credit Score Requirements: Auto loans and auto refinance options are available to those with bad, fair, good, and excellent credit. We compare and present accurate options for each credit category.
- Online & Customer Experience: From transferring the car title to uploading required documentation, the auto loan and auto refinance process is complex. We do a deep dive into the company’s online application process, portal, and customer support. This is one step we spend hours on. Consumers deserve personalized solutions.
- Vehicle Restriction(s): Your car make and model are also considered when applying for an auto loan or refinance. Our analysts clearly present the restrictions and outline what lenders like to see.
- Reputation: SimpleMoneyLyfe only reviews companies that are reputable and trustworthy. Analysts on our team read Google Reviews, Better Business Bureau, and Trustpilot to gauge the reputation of each provider reviewed.
- Security: During the auto loan and auto refinance process, you’ll be required to provide personal information and data. We review each auto company’s security infrastructure, such as the level of encryption employed.
Auto Loan Lender & Auto Refinance Review Process
SimpleMoneyLyfe currently reviews 25+ Auto Lenders, including traditional and online auto loan providers. We diligently select and review reputable, trustworthy, and technologically advanced lenders.
Information and Data Collection
Our team of auto loan analysts spends hours collecting accurate data and information. All information collected is fact-checked and reviewed by two or more editors/writers. Analysts collect and review current auto rates, loan terms, fees, credit score requirements, and income requirements.
Routine Updates
You can rest easy knowing our auto loan editorial team works around the clock. We are in constant contact with our partners and the lenders we review. We love making periodic updates to our content to ensure it is fresh, relevant, and accurate. Analysts will make appropriate updates when auto rates change, fees are adjusted, or when new features are rolled out to consumers.
Product and Service Testing
The auto loan and auto refinance editorial team rigorously tests the application, service, and product. We work in teams. This allows us to thoroughly review each lender and ensures the integrity of our review. In some instances, the review team goes behind the scenes and uses the service/product currently being reviewed. Analysts are then given first-hand experience of the product, which helps us produce authentic and accurate content.
Auto Product Review Team
SimpleMoneyLyfe’s auto product review team is comprised of product analysts, writers, and senior editors. We cover all aspects of the auto loan and auto refinance process – from learning how to refinance to finding a smart auto loan and more. The editorial team adheres to our editorial guidelines and has been featured in CNBC, Business Insider, MarketWatch, Fox Business, and Readers Digest.