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Find the Best Car Loans in Cleveland, OH

The average price for a new car today is more than $35,000. Even when buying a used vehicle, most Cleveland residents need to finance these large purchases. Many different companies offer car loans, and the options can be overwhelming. We researched the best car loans in Cleveland to make your buying experience stress-free.

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Compare Top Mortgage Lenders

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  • Apply online
  • Application approval in minutes
  • Work with a loan consultant
  • Available in Cleveland

Auto Approve LLC is an online refinancing company that specializes in helping you find the best refinancing option for your car loan. By refinancing your vehicle with Auto Approve, you get a lower interest rate on your loan and start paying less each month.

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LendingTree
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  • Read lender reviews from other consumers
  • Compare rates
  • Available in Cleveland
  • Compare prices & coverage

This online broker allows consumers and businesses to request and compare customized loan offers from a network of more than 350 lenders, banks and credit partners. The company's lender network offers a wide range of financial products including mortgages.

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LendingClub
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  • Money delivered quickly
  • No prepayment penalties
  • Quick, easy online application
  • Available in Cleveland
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myAutoloan.com
  • Receive offers from lenders within minutes
  • Lenders that fit your needs
  • Available in Cleveland
  • Online payment calculator available
Location
Services available in
Cleveland, OH
(214) 540-3350
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Capital One
  • Check the status of your loan online
  • Available in Cleveland
  • Over 12,000 eligible dealers
  • Pre-qualify online
Location
Services available in
Cleveland, OH
(877) 383-4802
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Navy Federal Credit Union
  • M-F: 8:15am - 4:15pm
  • Closed Sat and Sun
  • navyfederal.org
Location
1240 E 9th St., Fl. 26
Cleveland, OH 44199
(888) 842-6328
Taleris
  • M-F: 9am - 3pm
  • Closed Sat and Sun
  • taleriscu.org
Location
1240 E. 9th St., Ste. 2663
Brooklyn Heights, OH 44131
(216) 739-2300
Ohio Catholic Federal Credit Union
  • M-Th: 8am - 5pm
  • F: 9am - 6pm
  • Sat: 9am - 1pm
  • Closed Sun
Location
13623 Rockside Rd.
Garfield Heights, OH 44125
(888) 696-4462

How to get an auto loan in Cleveland

Cleveland skyline

While many people wait to arrange financing until after they’ve found they want to buy, there are many advantages to setting up a loan from a bank, credit union or online lender before ever stepping on a car lot in Cleveland. Getting pre-approved for a loan:

  • Saves time at the dealership
  • Determines your budget before shopping
  • Gives you additional leverage when negotiating price
  • Lets you shop at multiple dealers

Applying for auto loans in Cleveland

Lenders in Cleveland have varying requirements to qualify for car loans, but most use the same financial information to decide the terms. Your credit score is the most important factor for qualifying for a car loan with a low annual percentage rate (APR).

Cleveland residents had an average credit score of 680 in 2017, slightly exceeding the national average of 673. Borrowers with excellent credit receive APRs between 3 and 5 percent, while borrowers with poor credit qualify for loans with interest rates in the low-to-mid teens.

Besides APR, other things to consider when comparing loan offers are:

  • Loan term: This is the amount of time you have to pay off your car loan, usually between 36 and 72 months. The longer the term, the cheaper your monthly payment, but the loan accrues more interest during this time and costs more in the long run.
  • Down payment: You may need a larger down payment if you have poor credit. Paying more upfront reduces your monthly payments or allows you to pay your car off over a shorter term.
  • Taxes and fees: In addition to the price of the car and the APR, you may have to have pay state sales tax, a documentation fee and charges from the dealer.
  • Prepayment penalties: Find a lender who allows you to pay your loan off early if you choose. Some lenders charge penalty fees if you pay off your loan before the end of the term.

Getting a car loan with bad credit in Cleveland

There are ways to obtain better rates on a car loan if you have poor credit, such as asking a trusted relative or friend if they will co-sign your loan. This alleviates some risk for the lender, but your co-signer is responsible for the loan if you default. Some institutions, such as online lenders, work with those who have less than desirable credit scores.

Car Loans Reviews

Accredited Partner

Auto Approve

Auto Approve allows those with existing auto loans to refinance them at a lower interest rate. Applicants must have a minimum remaining balance of $7,500 on a car, motorcycle, RV or boat loan. Cleveland customers praise the competitive interest rates and excellent customer support provided by the loan representatives.

Auto Approve Get a Quote (866) 563-8595

LendingTree

LendingTree allows borrowers to comparison shop for loans of all kinds. The company provides auto loans, refinancing or lease buyouts with terms ranging from one to seven years. Reviewers from Cleveland enjoy the ability to compare options from competing lenders and say LendingTree worked with to improve their credit scores.

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LendingClub

LendingClub offers auto loan refinancing for car owners in Cleveland and nationwide. On average, its borrowers save $80 per month after they refinance. Qualifying vehicles must be less than 11 years old with under 120,000 miles, and qualifying loans must have at least 24 months of remaining payments on an outstanding balance of $5,000 to $55,000, among other factors.

LendingClub Get a Quote

myAutoloan.com

myAutoloan.com was established in 2003 by Horizon Digital Finance as an internet-based auto lending search platform. Customers can use the interest rate estimator and payment calculator tools to identify the best car loan for their needs. Reviews from Cleveland indicate customers find the lending process to be quick and easy.

myAutoloan.com

Capital One

Capital One is a national bank that offers multiple lending services. The company’s Auto Navigator application allows you to search for vehicles available in your area that can be purchased using CapitalOne’s financing options. Cleveland customers say the company’s customer service representatives are professional and friendly.

Capital One