SuperMoney Car Loans Review
SuperMoney offers a marketplace where borrowers can submit a single application and receive pre-approved offers from multiple lenders when shopping for a car loan. There are 12 auto lenders listed on SuperMoney’s website:
- Autopay Auto Loan
- Citizens National Bank of Cheboygan Auto Loans
- First Bank of Wyoming Vehicle Loan
- BMW Financial Services
- Consumers Credit Union Auto Loan
- Globe Acceptance Automotive Financing
- Bank of America Auto Loan
- Credit Acceptance Corporation Auto Loan
- MEMBERS1st Community Credit Union Seasonal Vehicles
- Chase Auto Finance
- Fifth Third Bank Auto Loans
- Wells Fargo Auto Loans
While you could apply with any of these lenders directly, you can submit a single application with SuperMoney online or through their app. Approval is instant, so you can see your options, choose a loan, and receive funds right away.
SuperMoney Loan Types and Terms
|Loan types||Auto purchase, auto refinance, auto lease, auto title loans|
|Loan amount||Up to $100,000|
|Repayment terms||12-84 Months|
|APR||1.90 to 35.99%|
|Minimum credit score||600|
|Good for||Borrowers investigating their options for a car loan, Fast approval and funding|
SuperMoney is Good For
- Easy application through SuperMoney app
- Fast approval, fast funding directly into a bank account
- One application allows borrowers to compare multiple lenders
- Some lender partners work with poor credit
- Leasing and refinancing loans are available
- No application fees
- Pre-approval with soft pull of credit
- SmartMoney does not sell personal info
- Weak customer service – must submit a request for help through SuperMoney site
- Borrowers who have less than great credit could pay high-interest rates
When you apply for an auto loan or auto loan refinance with SuperMoney, you’ll submit an application that includes your full legal name, address, Social Security number, and date of birth. The SuperMoney application also requires information about the vehicle, including the year, make, model, trim level, and mileage. You can also include the vehicle identification number (VIN) if you wish.
The initial application does not include a hard pull of your credit. Applicants receive an instant list of lenders willing to pre-approve a car loan or loan refinance. You can choose the loan length and amount that best matches your needs from the list to proceed with a more formal application.
Terms & Requirements
SuperMoney is a marketplace that connects borrowers to a network of lenders that are most likely to approve their loan applications. They don’t set interest rates, terms, or fees. Before accepting a loan offer, make sure you understand your interest rate, monthly payment, and the length of the loan. Watch out for origination fees, which may reduce the total amount of the loan funds you receive. Some loans have prepayment penalties, which means you’ll pay a penalty if you decide to pay off the loan early or refinance it with another lender.
Car Loan Requirements
If you decide to pursue approval inside SuperMoney’s network of lenders, you’ll submit a single application. Each lender decides which borrowers they will accept. SuperMoney simply matches borrowers with lenders that have agreed to pre-approve borrowers who meet their criteria.
SuperMoney’s lenders may consider your debt-to-income ratio, information in your credit report about the types of loans you have, your payment history, and balances, your credit score, income, and the type of loan you want.
Each lender has their own requirements, so SuperMoney matches you with lenders that are most likely to offer you the loan your need; a pre-approval isn’t a promise to fund the loan.
Car Loan Terms
Loan terms are based on the applicant’s credit history, credit score, loan amount, income, and the length of the loan. Each loan offer, even though it’s pre-approved, must go through a final approval process from the lender. Before your loan is funded, you must agree to a hard pull of your credit to get final loan approval.
SuperMoney lending partners refinance auto loans with interest rates starting at 1.90% APR. Depending on the lender’s requirements, the car’s age, and the borrower’s qualifications, SuperMoney lenders may finance cars for 24 – 60 months.
Privacy & Security
SuperMoney advertises that they don’t “sell your information to the lowest bidder.” They only work with lender partners that they’ve vetted; they may share your information with those lenders, but you won’t receive robocalls from dozens of lenders for months after applying for an auto loan using SuperMoney’s app or loan search engine.
SuperMoney isn’t registered with the Better Business Bureau. Since they match applicants with different loan needs (personal, debt consolidation, auto, etc) it’s difficult to find reviews from SuperMoney users who went on to borrow money from one of the site’s auto lending partners.
There are 253 customer reviews for SuperMoney on Trustpilot, 95% of which rated the company as “Excellent”. Customers reviewing SuperMoney note that fast approval and funding, as well as an easy-to-navigate application process, made their experience positive.
Since SuperMoney is an auto loan lender network, their job is to match you with their lender partners through the pre-approval process. Once you choose a loan and lender, you work with them directly. If you need help with the formal application process or have questions about your loan, you’ll contact the lender directly; not SuperMoney.
SuperMoney’s customer service consists of an online form that you can fill out with your question. The SuperMoney team will answer your question via email.
SuperMoney may offer the right service if you aren’t sure what type of auto loan you need, but want to understand your options and how much each choice may cost you. SuperMoney’s service is free, so it’s a good research tool. If you have a credit score of at least 600, it could save you time to use SuperMoney as opposed to contacting individual direct lenders one-at-a-time.
3100 S. Harbor Blvd, Suite 190, Santa Ana, CA, 92704