Editor's choice: Carvana
- Most credit types welcome
- 45-day preapproval
- Seven-day guarantee
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Getting car loan quotes online can help you compare rates and terms to find the best deal out there. And since many providers rely on a soft credit pull, your credit score likely won’t take a hit.
Comparing quotes online can give you an idea of how much you’ll need to pay each month for the car you’re interested in. It can also give you an upper hand when it comes to negotiating a better rate at the dealership since you already know what rates and terms you might qualify for.
In some cases, you may also be able to negotiate a better price on the car you’re interested in if you have financing ready to go — though it depends on the seller.
To get a quote, click the Go to site button in the table above of the lender you’re interested in and follow the onscreen prompts. You’ll need to provide:
Once you’re done filling in all of the requested information, submit your quote and wait for a response. Some lenders will respond almost immediately, while others may take a few days.
Probably not, since many lenders conduct a soft credit pull after you fill out a prequalification form, which doesn’t affect your score.
But submitting a full car loan application will cause the lender to conduct a hard credit check that temporarily lowers your score. However, many credit scoring models consider multiple inquiries for the same type of loan within a short period of time as a single inquiry. This means that rate shopping likely won’t hurt your credit score any more than applying for a single loan.
The main aim of getting quotes is to find a lender that fits your needs. It’s generally a good idea to compare quotes from at least three lenders before you settle on one. Key considerations to look out for are interest rates, loan terms and any fees you’ll be on the hook for.
You can then use our car loan monthly payment calculator to figure out exactly how much each loan will cost you in the long run.
Ready to start getting quotes online? Avoid these three things:
Comparing multiple car loan quotes online can help you get a competitive deal when financing a car. You can find even more lenders to consider and learn more about how it all works with our guide to car loans.
Image source: Getty Images
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