OneMain Financial provides car financing and a variety of other loans to over 10 million people in 44 states throughout the United States. Founded as Commercial Credit in Baltimore, Maryland in 1912, through the years OneMain Financial has changed its name several times, doing business as CitiFinancial, and Springleaf Financial before become OneMain Financial in 2015.
You can choose to use an auto loan from OneMain Financial to purchase a new or used vehicle or to refinance your current vehicle at a lower interest rate than you are currently being charged.
Through all its name changes and subsequent expansion throughout the country, there has been one constant at OneMain: Its commitment to providing the financing its customers want in a way that is affordable to them. With auto rates as low as 1.5 percent and no application fees, hidden costs ore prepayment penalties, borrowers who choose OneMain as their auto financing source can get a decision online within minutes of filling out an easy application form.
How do OneMain auto loans work?
Applying for an auto loan with OneMain is quick and easy and the company takes pride in its online application process. Simply fill out the application with your desired loan amount, work and financial information and submit. Within minutes, you will receive a decision and a follow-up email with additional information on how to complete the loan. Loan terms range from 12 to 60 months with no origination fees, prepayment penalties or hidden costs.
You will be required to go in person with all necessary documentation to a OneMain branch office finalize your car loan. At the branch office, you will meet with a loan specialist who will discuss your financing options and help you seal the deal on your loan.
What are OneMain’s loan interest rates
Interest rates charged by OneMain vary, depending upon an individual’s credit profile, the amount and term of the loan and the type of car being financed.
Keep in mind that interest rates can and do change without notice, but as of January, 2017, OneMain Financial is offering the following rates:
As low as 1.5 percent annual percentage rate for those with good credit (a credit score of between 700 and 740).
Those with fair credit (a credit score of between 640 to 700) can qualify for an APR of between 2 and 4 percent while those with credit scores lower than 640 can qualify for a loan with a 5 to 7 percent APR.
How much money can your borrow from OneMain
OneMain Financial offers loans ranging from $1,500 to $25,000. Loan amounts are dependent upon the type of vehicle you hope to purchase and your credit. Loan terms range from 12 to 60 months.
How is OneMain better than other lenders?
OneMain Financial offers a convenient online loan application process with a fast decision and fixed payment schedule. The company also has more than 1,800 branch offices in 44 states for one-on-one customer support.
OneMain considers customers with all credit types, from those who are credit challenged to those with excellent scores and charges some of the lowest interest rates among lenders.
A third party customer survey shows that 92 percent of OneMain’s current customers would use the company again for their financing needs.