For a majority of Lansing residents, owning a car is essential. Financing a car is often necessary, but many people don’t know all the factors that determine what loans they can receive. Our partners at ConsumerAffairs researched the best car loans in Lansing to make your car purchase simple and straightforward.
Auto loans are not hard to find, and you can apply for loans from banks, credit unions and online lenders. When preparing to apply for car loans, it’s helpful to set a budget and see what you can comfortably afford for a monthly payment. If you’re able to wait, saving more money to use as a down payment can help you shorten the term of your loan or lower your monthly payments.
Before you start shopping, consider getting a preapproval. This sets a budget, reduces the time spent at the dealership and provides leverage when negotiating for the price of a car. Arranging financing before shopping also gives you time to compare offers and find the most affordable option.
Comparing car loans in Lansing
The most significant factor in the cost of a car loan over its term is the annual percentage rate (APR), which is the interest rate plus any fees your lender may charge. Lenders base the APR of your loan on your credit score — Lansing residents with excellent credit receive better rates than those with a poor credit history.
Average APRs based on credit score range
Credit Score Range
New Car APR
Used Car APR
781 - 850
661 - 780
601 - 660
501 - 600
If you don’t know your credit score, there are several ways to find it. You’re also entitled to a free copy of your credit report every year. If you have poor credit and can wait to purchase a car, consider looking at ways to raise your credit score before applying for a loan.
Additional information lenders in Lansing use to decide your APR and maximum loan amount are:
Time at current employer
Debt to income ratio
Amount of down payment
Length of time to pay off the loan
Getting a car loan with poor credit in Lansing
Although having good credit is ideal, you may not be able to wait for your credit score to rise before purchasing a car. Some alternative online lenders specialize in working with people with poor credit to help them find the best auto loans possible.
You can also ask a family member or trusted friend with good credit if they will co-sign the loan. This allows you to get a better loan offer, but your co-signer is liable for the loan if you default.
LightStream, a division of SunTrust Bank, is an online lender that offers same-day funding and APRs as low as 3.99 percent. LightStream deposits funds directly into your bank account. Lansing customers love the quick service and competitive rates, but some say calling customer service can be difficult.
Auto Approve specializes in helping consumers get out of high-interest auto loans by refinancing them at a lower APR and reducing the monthly payment amount. The company offers fast quotes and assigns you a personal loan assistant to help with your refinancing. Lansing customers praise the straightforward process and friendly service.
LendingTree is an online loan broker that offers auto loans from multiple lenders. The company has options for customers with bad credit and provides loan calculators on its site. The company also refinances existing car loans. Most Lansing customers praise the company for its available options, but some say they wish the customer service was better.
myAutoloan.com is an auto loan broker that offers to match borrowers up with appropriate lenders and services. The company specializes in finding options for individuals with poor credit. Customers love how easy approval is, but some Lansing residents were not pleased with myAutoloan.com’s information sharing practices.
Capital One is one of the country’s largest lenders. The company offers tools to find an ideal loan and lets you search for cars from local dealerships when you get pre-approved online. Lansing customers recommend the lender and say they loved the excellent customer service and professionalism of Capital One’s representatives.