Finding the best auto loan companies is important when you buy a car. Even a difference of a few points on a loan APR can cost you thousands of dollars over the loan’s term. Knowing the best auto loan companies to use and how to qualify is important if you want the best auto loan available to you. If you can’t pay cash for a car, you need an auto loan or money borrowed to pay for the car. Auto loans are secured loans because you put up the car as collateral. If you default on the loan (usually for more than 90 days) the bank can repossess your car, liquidating it to make back the funds.