The most secure option to apply for a car loan is from the bank. This may be old, but still has straightforward terms and conditions and security which is unrivaled. Below mentioned are the top 3 banks from which you can get you can apply for car loans.
U.S. Bank
U.S. Bank is considered as one of the best car loan service providers. They offer a wide range of loan options to the customers and have a reliable and friendly customer service too.
Pros
- The US bank allows you to select the loan option for the car bought from private sellers. This is a great benefit because most banks don’t offer this option to the customers.
- The interest rate charged from the customers who want to buy second-hand cars will not be a higher one (as most banks charge). US bank has a fixed policy where if the mileage of thecar is lesser than 100,000 and the second-hand car is less than sixyears old, then it offers one of the best interest rates.
- US banks support the greener transportation system by offering a lesser interest rate on green cars which are the certified SmartWay cars by EPA and are highly fuel efficient too. The most popular car in this category is Toyota Prius.
Cons
If you are looking for a lease buyout, then US bank might not be an option for you.
Bank of America
There are various options available with Bank of America along with wide range of vehicles. If you are going for a second-hand car, then it can be up to 10 years old, but the maximum mileage should be 125,000 miles.
Pros
- Bank of America is the option for people who are looking for lease buyouts. They can even approve aloan for the car bought from private sellers.
- The interest rates charged by Bank of America are highly competitive and affordable.
- There are various online banking tools of Bank of America where you can manage your account.
- If you prefer a highly personal experience, then Bank of America will be the best option. There is an extensive network of this bank with awide range of branches.
- The people who are looking to buy second-hand cars with mileage less than 125000 and upto the10-year-old car, can get financing from the Bank of America.
Cons
The worst thing about Bank of America is its customer service. Bank of America might be a massive company. However, they compromise on customer service which is a really poor aspect of them.
Conclusion
The banks mentioned above are available as one of the most secure options to get car loans. You can checkout both the banks and analyze their terms and conditions. Compare them to choose the best option for yourself. However, if none of them satisfies your requirements, then you will probably have to look for other options just like the online loan service or the credit union.