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Where Can I Apply For A Car Loan Online?

Learn more about the benefits and drawbacks of the most common lenders: banks, online lenders, credit unions, and dealerships

Where Can I Apply For A Car Loan Online?

When you're ready to purchase a car, one of the biggest questions that comes to mind is how you'll pay for your vehicle. Thankfully, it's easier than ever to get an auto loan as there are more companies available to get your financing through.

Most companies, like Listerhill, offer the ability to apply for a car loan online to make the process even easier. Below, you'll find some of the financing options you can consider when you're ready to apply for a car loan online.

Traditional Banks

One of the options many people will consider when applying for a car loan online is a traditional bank. While you can usually complete the car loan application process at a physical bank location, most have streamlined their process so it is done online.

Banks can process loans quickly and generally have simple processes to make it easy. Depending on your credit, you may qualify for low and competitive interest rates as well.

Keep in mind that banks may be able to offer you a good rate; however, they may still not beat rates from your local credit union, especially if you have great credit. Make sure to shop around before making a final decision on lending.

Online Lenders

With the surge in online auto loan popularity, many online lenders have popped up as an alternative to getting a car loan online through a traditional bank or credit union.

One word of caution with online lenders is to ensure their legitimacy and reputation before you work with them. Since they have a strictly online presence, it can be easier for them to operate with less than honest practices and policies. So, review their Better Business Bureau profile and do your research before settling with an online lender.

Online lenders may be able to work with you more flexibly than a bank if you have lower credit. However, they may take advantage of those with a lower credit score by offering very high interest rates of 20% or higher. If that's your only option, it's good to have it, but in general, you want to be leery of accepting such high-interest rates for an auto loan.

Credit Unions

Credit unions are known to have some of the lowest loan rates available since they operate as a nonprofit organization!

Because they are nonprofit, they're more flexible with their financing and allow individuals with a range of credit scores to have the opportunity to obtain a car loan.

The personal relationship credit unions build with their members enable them to view each person and their circumstances individually, and that is a benefit to everyone. You can see more about borrowing from Listerhill Credit Union here.

Dealerships

Another option for you is to secure financing through a dealership. While some dealerships don’t have an online application process, many do as they understand the popularity of applying for an auto loan online.

The process of getting auto financing through a dealership is preferable because of the way their system is set up. Dealerships can "shop around" for the best car loan for you with only one hard hit to your credit. This is because they work with several lenders whom they send your application to in search of one that will work best for your current financial situation. Another benefit to getting a car loan through a dealership is that they offer various promotional rates, including no down payment and 0% financing fees for those with an excellent credit history. You can even receive financing through Listerhill at our participating dealerships, which you can see here!

Keep in mind, dealerships tend to have higher interest rates than you'd get straight from a bank or credit union and similar to an online lender, if you have low credit, they charge much more than the average rate to finance a loan. You may have more luck going straight to a financial institution for borrowing beforehand if this applies to you.

Deciding Where To Apply For A Car Loan Online

Nothing beats the convenience of applying for a car loan online!

From the comfort of your home, you can research the options available to you, determine which one you prefer and work out all of your terms.

At Listerhill Credit Union, we offer our members many of the perks you'd expect from a credit union, and some you might not. When you apply for a car loan online with us, you get competitive interest rates, no application fees, flexible payback terms up to 75 months and $0 down payment options.

Learn more about financing your next vehicle with Listerhill Credit Union!

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Frequently Asked Questions

  • How am I eligible for membership at Listerhill if I don't live near a branch?

    You can become eligible for membership at Listerhill anywhere in Alabama if you join the Alabama Consumer Council or the Athens State Alumni Association. In Tennessee, you can also become eligible for membership if you join the Athens State Alumni Association. This membership is initiated at no cost to you and doesn't require any setup on your part outside of the normal application process to become a member of Listerhill.

  • How can I access my Listerhill accounts without a nearby branch?

    If you live in Alabama or in Tennessee but don't have a Listerhill branch location nearby, there are still plenty of ways to access your accounts. You can use our online banking, mobile banking app, and cards app to access your accounts from your devices. You can also take advantage of our CO-OP Shared Branches for easy access to your money wherever you are. If you need to get in touch, we're always one call away.

  • Can I open a Listerhill account online?

    You can open your Listerhill account, loan, or credit card from the comfort of your home with our easy online application. Or, if you want to apply for a mortgage, you can learn more about our offerings and start your application here.

  • Am I eligible for membership at Listerhill?

    If you live, work, attend school, or own property anywhere in Alabama or Tennessee, you're in luck! You're eligible to become a Listerhill member.

  • The Great Giveback Official Rules

    1. Eligibility: No purchase or obligation necessary to participate and win. All participants must be 19 years of age or older at time of contest participation. Employees of Listerhill Credit Union are not eligible to register for the contest.

    2. How To Enter the Contest: All Listerhill members who have consumer loans in good standing, (subject to limitations below) are automatically entered. Anyone who takes out a new loan with Listerhill Credit Union, or refinances a loan from another lender with Listerhill Credit Union (subject to limitations below) will automatically be entered to win. Limit of one entry per loan.

    NO PURCHASE NECESSARY: To enter the contest without a loan, send a self-addressed, stamped envelope to: Listerhill Credit Union, P.O. Box 566, Sheffield, AL 35660, Attn: Great Giveback Contest Entry. Limit one entry per person. Written entries must be received no later than July 3, 2021.

    Listerhill Credit Union will not be responsible for incomplete, lost, late, misdirected or illegible entries or for failure to receive entries. All entries become property of Listerhill Credit Union and none will be returned. Any questions regarding the number of entries submitted shall be determined by Listerhill Credit Union in its sole discretion, and Listerhill Credit Union reserves the right to disqualify any entries by persons determined to be tampering with, violating, or abusing any aspect of the contest.

    3. Contest Entry Requirements: In the event the Credit Union, in its sole discretion, determines that any Entry contains content that does not comply with these Official Rules or does not otherwise comply with regulatory guidelines, Credit Union reserves the right to disqualify the entry.

    4. Determining the Winner: A Credit Union employee will select at random four (4) $500 winners (one per day July 12-15) and one Grand Prize Winner from all entries received on July 16, 2021. You do not have to be present to win.

    5. Prizes: $500 Cash Prize: the Credit Union will award four (4) members with $500 cash each. Grand Prize: The Credit Union will pay up to $25,000 toward your loan with Listerhill Credit Union, or combination of loans. No loan payments will be made to loans with any other lender. No cash equivalent provided, and the total prize amount may be less depending on the outstanding amount of loan balance(s) with Listerhill Credit Union. In no event will the prize awarded exceed the total amount of the winner’s outstanding balance of qualifying loans with Listerhill Credit Union. Federal, state and local taxes are the sole responsibility of the winner. IRS regulations require the Credit Union file a 1099 on behalf of the winner.

    A Credit Union employee will call the prize winners and the prize winners will be called up to five times during regular business hours at number provided on entry form and will leave no messages. Failure to reach winner during these calls may result in disqualification of winner, forfeiture of his or her interest in all prizes, and selection of a substitute winner drawn from the drum. Winner will be required to schedule a time, at least 48 hours in advance, to visit Listerhill Credit Union, located at 4790 2nd Street, Muscle Shoals AL, 35661 in person, during regular business hours within seven (7) days of being notified to claim prizes by providing proof of eligibility for prize won and completing and signing an affidavit of eligibility and a liability and publicity release. Failure of any Winner to timely contact the Credit Union, visit the above Credit Union office in person and sign and return any required affidavit and release, or to claim a prize or comply with any term or condition of these Official Rules, will result in drawing Winner's disqualification and the forfeiture of his or her interest in the prize. Winners may waive their right to receive prizes. Prizes are non-assignable and nontransferable. No substitutions allowed by winner.

    6. To be eligible to win, all loans must be in good standing (not more than 30 days past due at the time of drawing. Eligible loans are limited to auto loans (no indirect dealer loans), personal loans (no loans secured by real property, such as mortgages, 2nd mortgages, and Home Equity Lines of Credit) and recreation loans made to consumer borrowers (not business or commercial loans).

    6. Participation. By participating, entrants agree to be bound by these Official Rules and the decisions of the Contest. Except where prohibited, acceptance of any prize constitutes winner's consent to the publication of his or her name, biographical information and likeness in any media for any commercial or promotional purpose, without limitation the Internet, or further compensation. Prizes not won and claimed by eligible winners in accordance with these Official Rules will not be awarded and will remain the property of the Credit Union.