Outside Financial auto loans review March 2019 | finder.com

Outside Financial auto loans review

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Find a lender through this hands-on connection service.

Outside Financial is an auto loan connection service with an emphasis on service. It holds your hand throughout the entire car-buying process — from finding a lender to negotiating with your dealer — and could be ideal if this is your first time shopping for a car. The downside? It’s only available in 10 states.
Product NameOutside Financial auto loans
Min. Loan Amount$7,500
Max. Loan Amount$100,000
APRVaries
Interest Rate TypeFixed
RequirementsLive in eligible state, valid driver’s license, age of majority in your state
Go to site
  • Live in an eligible state.
  • Be the age of majority in your state.

First, do I qualify?

Outside Financial is a connection service that works with lenders that have various eligibility requirements. To use the service, you typically must:

  • Live in an eligible state. Outside Financial currently only works with lenders in 10 states.
  • Be the age of majority in your state. That’s 18 in most states — 19 in Alabama.

State availability

You need to live in one of the following states to find a lender through Outside Financial:

  • Alabama
  • Arkansas
  • Delaware
  • Florida
  • Georgia
  • Indiana
  • Kentucky
  • Ohio
  • South Carolina
  • Virginia

What makes Outside Financial auto loans unique?

Outside Financial provides a uniquely hands-on service to ensure you’re getting the best deal on your new vehicle. Its markup index tool gives you an estimate of how much your dealer is increasing the price of your loan and other products based on data from the Consumer Financial Protection Bureau (CFPB) and Federal Reserve, among other sources.

It also explains how different add-ons work so you can make an informed decision. And its soon-to-launch online shopping tool can help you navigate the negotiation process by giving you tips for understanding common car sales jargon.

What types of car loans does Outside Financial offer?

Outside Financial’s partners offer car loans from $7,500 to $100,000 with terms typically ranging from 3 years to 7 years — though the average is five years. You can apply for the following types of car loans:

  • New car loans. Outside Financial’s partners offer financing for new trucks and cars that use the vehicle as collateral.
  • Used car loans. You can also get financing for a preowned truck or car, also using the vehicle as collateral.
  • Car loan refinancing. Think you can get a better deal on your current auto loan? Outside Financial can help you refinance for more competitive rates and terms.

What are the benefits of an Outside Financial auto loan?

From its handy online tools to its high loan amounts, there are several perks of using Outside Financial’s auto loan marketplace:

  • Markup index tool. You can estimate how much a dealer is marking up your loan, insurance and other costs related to buying a car to ensure you’re getting the best deal.
  • Online shopping tool. Outside Financial is working on a resource that provides car-shopping tips to help you negotiate with confidence.
  • No fees. You don’t have to pay anything to use Outside Financial’s services.
  • High maximum amount. You can find a provider that lends up to $100,000 through Outside Financial.

What to watch out for

Outside Financial’s limited state availability and the fact that it’s a newer company means it might not be the right choice for everyone. Here are some potential drawbacks to consider:

  • Not available in all states. You must live in one of the 10 states its partners service to be eligible for financing.
  • Cars and trucks only. Currently, you can’t find financing for other vehicles like RVs or motorcycles through its partners.
  • New service. Outside Financial just launched its platform in October 2018, so there’s a chance it’s still working out the kinks. You also don’t have any customer reviews to go off of.
  • Makes a profit from its partners — not you. While this doesn’t necessarily mean you’re not getting a good deal by using its services, it proves your interests aren’t its only priority.

Compare more car loan providers

Updated March 26th, 2019
Name Product Filter Values Minimum Credit Score Loan Term Requirements
300
Varies by lender
Must be a US citizen with a current US address and employed full-time or have guaranteed fixed income.
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 employed full-time or have guaranteed fixed income of at least $1,500/month and be a current resident of the US or Canada.
Get connected with an auto lender near you, even if you have bad credit.
Good to excellent credit
Good or excellent credit, enough income or assets to afford a new loan, US citizen or permanent resident, 18+ years old
Quick car loans from $5,000 to $100,000 with competitive rates for borrowers with strong credit.
Fair or better credit
From 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.
Lower your monthly car payments and save on interest through a fast and easy online application process.
510
Varies
Income of $2,000+/month, vehicle has less than 150,000 miles and is no older than 8 years, loan balance is between $10,000 and $100,000, debt-to-income ratio is less than 50%
Connect with a network of over 150 lenders to refinance your car loan.
Good to excellent credit
Varies by lender
Must be a US citizen and 18+ years old. Must have good to excellent credit.
Compare multiple financing options for auto refinance, new car purchase, used car purchase and lease buy out.

Compare up to 4 providers

What do customers say about Outside Financial?

Outside Financial just launched in October 2018, so there hasn’t been enough time for the reviews to roll in. Though it earns an A rating from the Better Business Bureau based on factors like transparency and time in business, it has no reviews to speak of. And it doesn’t have a Trustpilot page yet or any mentions on other online forums.

How do I apply?

Before you get started, make sure you live in an eligible state and meet its minimum age requirement. If you have a specific car in mind, it helps to have the vehicle identification number (VIN) on hand, though it’s not required.

Follow these steps to apply:

  1. Go to Outside Financial’s website and click Pre-Qualify.
  2. Select whether you want to buy a car or refinance your current loan and enter your ZIP code. Click Next.
  3. If you know your vehicle’s VIN number, select I have the VIN and enter it before clicking Next. Otherwise, select Look up my vehicle and type in the year, make and model you’re interested in. Answer questions about mileage and how you plan on using it before clicking Next.
  4. Select whether you want to make a down payment or trade in your current car before clicking Next.
  5. Enter your personal information and choose a password.
  6. Read the terms of service and check the box that you agree. Click Pre-Qualify.

After you submit your application, Outside Financial’s algorithm works to find potential offers you might qualify for from up to three lenders. If you find a deal you like, follow the instructions to complete the application.

What documents do I need to apply?

Typically, you need to provide the following documents and information when you apply for a car loan through Outside Financial:

  • Driver’s license. Make sure it’s up to date to reflect the state where you live.
  • Social Security number. Lenders typically use this to check your credit and verify your identity.
  • Date of birth. Your birthday proves you’re old enough to borrow in your state and also helps verify your identity.
  • Proof of residency. Lenders generally ask to see a utility bill in your name or other documentation to make sure you live where you say you do.

I got an auto loan through Outside Financial. Now what?

Once you’ve been approved for an auto loan through Outside Financial, your lender should reach out with instructions on how to complete your purchase at the dealership.

At this point, consider taking advantage of Outside Financial’s markup index and shopping tools to make sure you’re prepared to negotiate with the dealer.

After you sign the dotted line and have your new car, get ready to start paying back your loan. If possible, sign up for autopay so you don’t have to worry about making repayments each month. Reach out to your lender’s customer service team — not Outside Financial’s — if you have any questions.

Bottom line

The main benefit of using Outside Financial’s car loan service is that it can help you sound informed — even when you’re new to car buying. But it’s a new company that hasn’t expanded to all states or developed a track record yet.

See how it stacks up to other connection services and direct lenders by checking out our car loans guide.

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