Mariner Finance car loans review November 2018 | finder.com

Mariner Finance car loans review

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Can this non-traditional lender help you get an affordable car loan?

If you’re getting ready to purchase a new or used vehicle, an auto loan can help you cover the purchase price of the car you want. Mariner Finance offers loans with interest rates as low as 3%, and you may be able to borrow up to $50,000. However, it doesn’t list all the potential fees that may apply, so you’ll want to do some digging before you apply.
Product NameMariner Finance Auto Loan
Min Loan Amount$500
Max. Loan Amount$50,000
APR3%
Interest Rate TypeFixed
Maximum Loan Term6 years
RequirementsMust be a US citizen or permanent resident with a valid driver’s licence and a personal credit score of at least 600.
  • Age 18 or older
  • US citizen or permanent resident
  • Valid driver’s licence
  • Credit score 600+
  • Live in a state serviced by Mariner Finance

First, do I qualify?

  • You have a personal credit score of at least 600.
  • You ave a valid US driver’s license.
  • You are a US citizen or permanent resident.
  • You are at least 18 years old.

What types of car loans does Mariner Finance offer?

Mariner Finance offers car loans to eligible applicants with speedy turnaround, no prepayment penalties and repeat borrowing potential. But if you’re looking for specific details on what its car loan options are, you’re out of luck. Even with dedicated pages for its new car loans, used car loans and car loan refinancing, there isn’t much information available on how much the loan will cost or the borrowing process.

What are the benefits of a Mariner Finance auto loan?

  • Quick and easy application. Filling out an application for an auto loan with Mariner Finance can be done online and completed in a matter of minutes.
  • Swift funding turnaround. Once your application is processed and approved, your funds could be deposited in as little as one business day.
  • No prepayment fees. Pay off your loan at any time without the inconvenience of prepayment penalties.
  • Cosigners welcome. If you’d like to strengthen your loan application and secure a lower APR, Mariner welcomes you to add a cosigner to your application.

What to watch out for

  • Limited availability. Mariner Finance auto loans are only available to residents in the 22 states it services.
  • Lack of fee transparency. Mariner Finance is woefully ambiguous about potential fees associated with its auto loans, so be wary of loan processing fees and late payment penalties.
  • In-person application required. You can start the loan application process with Mariner Finance online, but you’ll need to follow up in-person with a Mariner Finance loan specialist to submit your documentation.

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Rates last updated November 17th, 2018

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Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
Name Product Product Description Min. Credit Score Term of Loan Requirements
car.Loan.com Car Loans
Apply with a simple online application to get paired with a local auto lender. No credit and bad credit accepted.
300
Varies by lender
Must be a US citizen with a current US address and employed full-time or have guaranteed fixed income.
Auto Credit Express Car Loans
Get connected with an auto lender near you, even if you have bad credit.
300
Typically 3 to 6 years
Must be employed full-time or have guaranteed fixed income of at least $1,500/month and be a current resident of the US or Canada.
LightStream Auto Loans
Quick car loans from $5,000 to $100,000 with competitive rates for borrowers with strong credit.
Good to excellent credit
Flexible terms
Good or excellent credit, enough income or assets to afford a new loan, US citizen or permanent resident, 18+ years old
RateGenius Auto Loan Refinance
Connect with a network of over 150 lenders to refinance your car loan.
510
Varies
Income of $2,000+/month, vehicle has less than 150,000 miles, no older than 10 model years, loan balance is at least $10,000, debt-to-income ratio: less than 50%.
LendingClub Auto Refinancing
Lower your monthly car payments and save on interest through a fast and easy online application process.
Fair or better credit
Minimum of 2 years
Car must be less than 10 years old with fewer than 120,000 miles. Current loan must have a balance between $5,000 and $55,000 and at least 24 months left in its term.
MotoRefi Car Loan Refinancing
A car loan connection service for borrowers looking to refinance.
525
1–6 years
Must have an income of at least $2,000/month and have a vehicle with less than 100,000 miles.
LendingTree Auto Loans
Compare multiple financing options for auto refinance, new car purchase, used car purchase and lease buy out.
Good to excellent credit
Typically 1 to 7 years
Must be a US citizen and 18+ years old. Must have good to excellent credit.

Compare up to 4 providers

What do borrowers have to say?

Mariner Finance isn’t accredited by the Better Business Bureau (BBB), but it does have an A+ rating. However, there are only two reviews and almost 200 complaints filed against the company.

Borrowers praise its quick funding turnaround and the option to add a cosigner for potentially lower interest rates but warn of predatory methods used to encourage borrowers to accept unnecessary additional funding. Some borrowers also suggest that Mariner Finance sends misleading preapproval offers in the mail that loop borrowers into multiple loans.

How do I apply?

Mariner Finance assesses your information and lets you know if you prequalify for a loan. Then, you’ll need to visit your nearest Mariner Finance branch to provide your loan officer with the necessary documentation.

What documents do I need to apply?

  • Social Security number.
  • A valid email address.
  • A valid US driver’s license.
  • Proof of citizenship or residence permit.
  • Proof of residence, including government-issued ID with your current address.
  • Income and employment information, including recent pay stubs.
  • Your most recent tax return.

I got the Mariner Finance auto loan. Now what?

  • Set up automatic payments. Log in to the Mariner Finance online account you created when you applied for your loan and set up automatic withdrawals so that you don’t fall behind on payments.
  • Review your loan agreement. Late fees and penalties with Mariner Finance vary by state, so check your loan agreement to learn about what fees are associated with your loan.
  • Contact customer service. If you have any questions about your loan or think you’ll miss an upcoming payment, reach out to Mariner Finance at your earliest opportunity. Customer service representatives are available by calling 800-373-4004 or visiting a branch in-person Monday through Friday. Branch hours may vary.

Bottom line

Mariner Finance offers auto financing to borrowers looking to fund the purchase of a new or used vehicle or refinance a pre-existing auto loan. APRs start at 3% (As low as)%, but vary depending on your credit score and annual income. If you’re in need of a car loan and reside in one of the 22 states Mariner Finance serves, then you’re in luck, but be on the lookout for hidden fees and late payment penalties.

It’s wise to review your auto financing options with other potential lenders before applying for a loan. Learn more about car loan providers near you and select the loan type and term that best fits your budget.

Frequently asked questions about Mariner Finance

Shannon Terrell

Shannon Terrell is a writer for finder.com who studied communications and English literature at the University of Toronto. On any given day, you can find her researching everything from equine financing and business loans to student debt refinancing and how to start a trust. She loves hot coffee, the smell of fresh books and discovering new ways to save her pennies.

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