In a Nutshell
- Free services
- Professionals on hand
- Hand-picked lenders
- Maximum car age is 10 years
- Only available in 10 states currently
- Only available for cars and trucks
Outside Financial at a Glance
|Loan types||New, used car loans, refinancing, extended warranty|
|Loan amount||$7,500 - $100,000|
|Repayment terms||36 – 72 months|
|APR||Rates vary considerably, but right now, 2.75% to 20.24%|
|Minimum credit score||500|
|Best for||Low-credit borrowers|
Outside Financial is a new and totally free service that pairs you with the best car loan providers around. It offers both new and used car loans, and you can also find lenders to help you refinance your car. Outside Financial is a refreshingly transparent service that is really out to help educate the community of car buyers. Offering online tools, video tutorials, and sound advice, Outside Financial provides a real service for consumers everywhere.
One of the best features offered by Outside Financial is the online toolkit. Right now, there is a markup calculator that will tell you how much your dealer is marking up the car (so you can see if this deal is reasonable or not), and Outside Financial is rolling out a new online shopping tool that’ll help you get the best deal. There are also video tutorials and articles to give you everything you need to know about buying or refinancing a car.
Outside Financial offers other benefits that we appreciated, including:
- Free services
- Real people to talk to
- Online tools
- Professional advisors
- Wide network of lenders, personally vetted
- Transparent website and terms
One aspect people will appreciate about Outside Financial is the easy online application process. It only takes a couple of minutes to fill out the form, and then you can get offers from various lenders that fit the bill. Browse the offers, pick the one you like, and you could have your money in as little as a few days. The nicest part is that Outside Financial offers pre-qualification, so you can see if you’ll qualify before you even apply.
Another benefit? The laughably simple requirements include:
- Live in an eligible state (1 of 10 currently)
- Be 18 years or older
- Be an American citizen
In terms of documentation, you’ll need a valid driver’s license, Social Security number, date of birth, and proof of residency. All standard stuff for getting a car loan.
Loan Types and Terms
Outside Financial offers both new and used car loans as well as auto refinancing. The credit score requirement starts at 500, a ridiculously low score, so almost anyone can apply for a loan, just as long as they meet the requirements mentioned in the above section.
Outside Financial offers loans from $7,500 to $100,000. That’s an incredibly flexible range, so it covers just about any type of borrower. The APRs vary dramatically though, so make sure you calculate your terms before agreeing to any loan offers.
Outside Financial partners with a huge network of lenders, so the repayment terms are all across the spectrum. You can get terms for as little as 3 years and all the way up to 7 years. What’s nice is that Outside Financial also offers you advice on when to take out a longer or shorter loan depending on your finances and specific situation.
How Safe Is It?
Outside Financial has taken more than the usual precautions to ensure its site and data security. All pages on the website use SSL/TLS for data encryption and Amazon S3 file storage (which uses Advanced Encryption Standard 256-bit encryption) for bank-level security. Additionally, Outside Financial uses Amazon RDS (Relational Database Service) as its relational database. While these terms might not make sense to most people, suffice it to say that your data is really safe.
Help & Support
Like the rest of its persona, Outside Financial has friendly and helpful customer support and help tools. The FAQ section of the website has some of the more commonly asked questions. This is helpful if you’d rather DIY. Outside Financial also has a Mama Bear blog filled with useful information and car buying and refinancing tips you’re going to love.
Outside Financial has an online email form that you can fill out. According to the website information, it can take up to 24 hours to receive a response, but experience has shown that someone will get back to you much faster.
How Outside Financial Compares
|Outside Financial||5K Funds||CarsDirect|
|APR||2.75% to 20.24% ||5.99% to 35.99%||Varies based on lender|
|Minimum credit score||500||None specified||No minimum credit score|
|Loan amounts||$7,500 - $100,000||$1,000-$35,000||No specified amount|
|Loan term||36 – 72 months||2 – 72 months||Varies based on lender|
|Best for||Buyers who like making educated decisions||Borrowers looking for small loans to supplement car payment or clear their down payment||People with really bad credit|
Outside Financial seems like the people’s car loan solution. With no gimmicks (except a friendly bear) and no hidden agenda, Outside Financial provides consumers with tons of information, so they can make an informed decision about which loan is best for them. We liked how clearly Outside Financial spelled everything out, and best of all, the service is totally free. Can’t get better than that. Outside Financial comes highly recommended for transparency, great customer service, and making the car loan process faster, smoother, and easier all around.
2150 Broadway, PH3C
New York, NY 10023