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Metro Auto Loan: What to Know and Other Options

Despite the name, Metro Auto Loan is not a lender — it’s a used car dealership in Fontana, Calif., selling pre-owned cars, trucks and SUVs. It’s possible to apply for financing here, though you shouldn’t take the first auto loan offer you receive from any dealer.

We’ll walk you through what Metro offers, as well as some lender options to know before you begin car shopping.

How Metro Auto Loan works

You may apply for financing and view Metro Auto Loan’s inventory online, but as of press time that included only about 70 vehicles — if you’re looking for a wider selection, used car dealerships elsewhere in southern California may offer more choices.

Metro Auto Loan does not provide in-house financing, but works with credit unions, banks and online lenders to help you find financing for the car you’d like to buy from them. Be aware, though, that dealers often raise the APR, so the best way to know you’re getting a fair deal is to compare a dealer’s offer with your own preapproved auto loan. The average used car interest rate is 10.1%, according to Experian, but it’s possible for rates to be higher, depending on your credit score.

How to apply

You may apply for financing through Metro Auto Loan’s website or go in person. You’ll need to have the following information ready.

  • Personal: Phone number, address and Social Security number
  • Employer: Last two years of employers and their contact details
  • Monthly Income: You may need to look at your last two paystubs

You’ll need the same information for your cosigner, if you have one.

Metro Auto Loan or any lender could ask for additional documentation such as pay stubs (“proof of income”) or a utility bill with your name and address (“proof of residence”). To make sure you have everything, check out our car loan loan documentation checklist.

Other ways to buy a car at Metro Auto Loan

There are many ways to buy a used car: You could pay cash, obtain your own direct loan or let a dealership like Metro Auto Loan arrange financing for you. If Metro is able to beat your preapproved loan offer, great — you’ll know you’re getting a good deal. But if you have a preapproved car loan for 7% APR, you’re not going to accept a dealer’s offer of a 10% APR. Here are two lenders offering competitive interest rates for used vehicles, whether your credit is poor or excellent:

Best used auto loans for fair and bad credit (300-669)

Capital One Auto Finance

  • APRs between 3.39% and 13.98%
  • 36 to 84 month terms
  • Loan amounts between $4,000 and $40,000

As a full-service bank offering credit cards and loans, Capital One has a strong brand name. Plus, if you already bank here, it could be convenient to have everything in one place. Capital One also offers a two-minute online prequalification.

Check out additional options for bad-credit auto loans.

Best used auto loan for good and excellent credit (670+)

LightStream

  • APRs between 3.49% and 20.49%
  • 24 to 84 month terms
  • Loan amounts between $5,000 and $100,000

LightStream is the online arm of SunTrust Banks, which will eventually become Truist when its planned merger with BB&T Corp. is complete. While LightStream has an easy-to-read chart with rates and terms on its website where you may also fill out an online application, the lender also makes it clear that only those with good credit need apply. Another perk of a LightStream loan is that you can take it to a used car dealer or private seller.

Metro Auto Loan vs. alternatives: how to decide

Whether you apply for a used car loan through any of the lenders above or at your own bank, credit union or online lender, we recommend applying with more than one. It does not hurt your credit to apply to several lenders any more than it does to apply to one, as long as you do all applications within a 14-day window — and some credit scoring methods may even allow you up to 45 days.

You can also fill out a single online form at LendingTree and get up to five potential auto loan offers from lenders, depending on your creditworthiness.

Is financing through Metro Auto Loan worth it?

It’s terribly convenient to buy your car and do all the paperwork in one trip, in the same place; that’s the biggest benefit of Metro Auto Loan and other dealerships. But it’s best to do your own shopping for an auto loan the same way you would shop for the best deal on the car itself.

If the dealer can beat your preapproved auto loan, you’re probably getting the best deal for you. If you have poor credit, it may feel like a dealership offering bad-credit auto loans is your only option, but steer clear of the “buy here, pay here” lots.

But no matter your credit score, don’t pay more for a used car than its National Automobile Dealers Association value. You can follow this used-car buying checklist for more help.

 

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