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Compare Auto Loans Compare rates, rates and Lenders How to be aware of auto loans before applying. By Shannon Bradley Feb 2 Feb 2023 Many or all of the items featured on this page are provided by our suppliers who compensate us. It could influence the kind of products we write about and where and how it appears on the website. It isn’t going to affect our reviews. Our views are entirely our own. Here’s a list our partners . Also, here’s how we make money. Auto loans can be used to purchase used and brand new vehicles, buying out car leases and refinancing current auto loans. Not every lender will offer every kind of auto loan or has the capacity to meet every level of credit. Below , you will find more information about the different types of auto financing and look up lenders to determine the lowest rates for car loans. We also provide basic information about applying for a car loan. Compare Auto Loans, rates and lenders Lender The best for Est. APR Amount of loan Min. credit score Learn more Consumers Credit Union Consumers Credit Union – Used car purchase loan Best Used Auto Purchase 5.74-18.54% $7,500-$500,000 620 on the Consumers Credit Union’s website MyAutoloan MyAutoloan – Car purchase loan for used vehicles Ideal for used car purchase 3.94-21.00% $8,000-$100,000 575 on MyAutoloan’s webpage LightStream Useful car loan : LightStream loan Best Used Auto Purchase 6.99-14.74% $5,000-$100,000 660 on the LightStream website Capital One Capital One – Used car purchase loan Most suitable for used cars purchased N/A$4,000-Max. not publicized Did not make it clear on the CapitalOne website. Consumers Credit Union Consumers Credit Union – New car purchase credit It is the best choice for a new vehicle purchase 5.49-17.54% $7,500-No max. 620 on the Consumers’ Credit Union’s web site MyAutoloan MyAutoloan New car purchase loan Best for New Auto Purchase 3.69-21.00% $8,000-$100,000 575 on the MyAutoloan’s site LightStream LightStream – New car purchase loan Best for New car purchase 6.49-14.24% $5,000-$100,000 660 on the website of LightStream. Capital One Capital One – New car purchase credit Most suitable for new purchase of a car. N/A$4,000-Max. Not revealed Wasn’t able to disclose on Capital One’s website Carvana Carvana – Used car purchase loan Best for Used auto purchase 3.90-27.90% $1,000-$100,000 None from Carvana’s website. DigitalFederalCreditUnion Digital Federal Credit Union – Used car purchase loan Best Used Auto Purchase 3.74-13.24% $2,500-$500,000 Wasn’t able to disclose Consumers Credit Union on the Consumers Credit Union’s site Consumers Credit Union – Used car purchase credit Est. APR 5.74-18.54% The loan amount $7,500-$500,000 Min. credit score 620 Facts to know It is ideal for those seeking greater flexibility and less restrictions when financing a used car. Pros No restrictions on vehicles. Rate estimates are available on its website, using a soft credit check. Offers rate discount when paying with an automatic payment. Car buying online with reduced prices. Co-signers are allowed. Cons Membership at a credit union is required in order before you can get a loan. Discounts on rates are not available when you use the online auto-buying service. Social Security number is required to get an online rate estimate. Qualifications Membership in a credit union required to get a credit. No rate discount when you make use of the on-line car buying service. Social Security number is required to get an online rate estimation. Read Full Review MyAutoloan on the MyAutoloan’s website. MyAutoloan – Car purchase loan for used vehicles Est. APR 3.94-21.00% Loan amount $8,000-$100,000 Min. credit score 575 Important facts Best for applicants wanting to get matched and working directly with lenders who would best suit their needs. Fair- and/or bad-credit borrowers could be eligible. Pros Some lending institutions offer pre-qualification using the help of a soft credit check. Certain lenders on networks offer rate reductions through automated payments. No origination fees. Online application is available to applicants who want to do it. Co-signers or co-borrowers are permitted in nearly all cases. Cons The service is not available for Hawaii either Alaska. Customer service is not available on weekends. It doesn’t offer a Spanish version of website. Qualifications Minimum annual gross earnings: $26,100. Maximum ratio of debt to income Unknown Certain restrictions related to bankruptcy need to be discharged or dismissed. Maximum mileage: 125,000. Maximum loan to value ratio not provided. Read the full review LightStream on the LightStream’s website LightStream – Used car purchase loan Est. APR 6.99-14.74% The amount of the loan $5,000-$100,000 Min. credit score 660 Facts to know Best for borrowers with good or excellent credit, who wish to buy a used car — whether through the dealer or from a private party. Pros In all 50 states. Customer service is available on Saturdays. No origination fee. Fully online application is now available. Co-borrowers and co-signers are permitted. There are no restrictions on the use of vehicles. No down payment requirements. Cons There is no pre-qualification option for pre-qualification using the use of a soft credit check. It doesn’t have a Spanish version of this website. Qualifications Gross annual income minimum: None. Maximum debt-to-income ratio: Did not provide. Bankruptcy restrictions: Yes. The details are not made public. Maximum mileage: None. Maximum loan to value ratio: None. Read Full Review Capital One on Capital One’s web site Capital One – Used car purchase loan Est. APR N/A Loan amount $4,000-Max. not yet disclosed Min. credit score Did not disclose Key facts For those who are looking to apply for financing in advance and search for a used car on the internet prior to visiting a dealership. Pros Make sure you are prequalified with credit checks using a soft credit check. Auto Navigator offers car shopping and loan prequalification via the internet or app. Charges no origination fee. Borrowers can choose loan payment due date. Cons In a few states. To purchase a car, you must visit an authorized dealership. Not offering rate discounts in the case of automatic payment. Social Security number needed for the initial application. Qualifications Minimum annual gross income: $18,000. Maximum debt-to-income ratio: Did not declare. Restrictions on bankruptcy: Have restrictions however they aren’t revealing the details. Maximum mileage: 120,000. Maximum loan-to-value ratio Not disclosed. Read Full Review Consumers Credit Union on Consumers Credit Union’s website Consumers Credit Union – New car purchase credit Est. APR 5.49-17.54% The amount of the loan $7,500-No max. Min. credit score 620 Key facts Ideal for those who wish to benefit from rate discounts as well as additional credit union benefits. Pros Rate estimates can be obtained through its website, using a soft credit check. Applications can be submitted online, over the phone, in branches or at authorized dealerships throughout Illinois the southern part of Wisconsin. Offers rate discount with automatic payment. Provides online car-buying service with reduced prices. Co-signers are allowed. Cons A credit union membership is required be eligible for a loan. Rate discounts are not offered when using car buying online. Social Security number is required to get an online rate estimate. Qualifications Annual minimum gross income: None. Maximum debt-to-income ratio: Did not divulge. There are no restrictions on bankruptcy filings: No open bankruptcies. Maximum mileage: None. Maximum loan-to-value ratio in the range of 125%.. Read the entire review MyAutoloan on the MyAutoloan’s site MyAutoloan – Purchase of a new car loan Est. APR 3.69-21.00% Loan amount $8,000-$100,000 Min. credit score 575 Facts to know It is ideal for applicants who want to be connected and work directly with potential lenders that might best meet their needs. Fair and bad-credit borrowers could qualify. Pros Some lenders offer pre-qualification with an soft credit check. Certain network lenders provide rate discount when making an the option of automatic payments. No origination fees. Online application forms are available for applicants who prefer this method. Co-signers or co-borrowers are permitted in most cases. Cons The service is not available in Hawaii or Alaska. Customer service not available on weekends. Website doesn’t have Spanish version of website. Qualifications Minimum annual gross income: $26,100. Maximum debt-to-income ratio Not available Limitations relating to bankruptcy: Must be discharged or dismissed. Read the full review LightStream on the website of LightStream. LightStream – Loan for new car purchases Est. APR 6.49-14.24% Loan amount $5,000-$100,000 Min. credit score 660 The most important facts For borrowers with strong or excellent credit who want to buy a new automobile. Pros All states are covered. Customer service available on Saturday. No origination fee. Full online application is accessible. Co-signers or co-borrowers are permitted. No vehicle restrictions. Absolutely no down payment required. Cons Doesn’t offer pre-qualification with a soft credit check. The website doesn’t offer a Spanish version of its website. Qualifications A minimum annual gross income of None. Maximum ratio of debt-to-income: Did not publicly disclose. Restrictions on bankruptcy: Yes. Details aren’t disclosed. Maximum mileage: None. Maximum ratio of loan to value Maximum loan to value ratio: None. Read Full Review Capital One on Capital One’s site Capital One – New car purchase credit Est. APR N/A The amount of the loan $4,000-Max. not divulged Min. credit score Did not disclose Important facts Most suitable for those wanting to be pre-qualified for financing and search for a brand new car on the internet prior to visiting a dealership. Pros Get pre-qualified by taking A soft credit check. Auto Navigator offers car shopping and loan pre-qualifications via their website or application. Charges no origination fee. Borrowers can choose loan payment due date. Cons There is no availability in certain states. Need to buy the car from an approved dealership. There are no rate discounts for automatic payment. Social Security number required to complete the initial application. Qualifications Annual minimum gross income: $18,000. Maximum ratio of debt-to-income: did not make public. Bankruptcy restrictions: Has restrictions but details not disclosed. Read the full review Carvana on Carvana’s site Carvana – Used car purchase loan Est. APR 3.90-27.90% The amount of the loan $1,000-$100,000 Min. credit score None Important facts The best option for people who wish to simplify car purchasing and financing, and be eligible for Carvana’s lower rates. Pros Pre-qualification is possible with the help of a soft credit check. Customer support is available 7 days every day of the week. Borrowers are able to change their payment due date through the Carvana app. Completely online application process including document upload. Minimal loan amount is lower than other lenders. Cons Maximum APR is greater than other lenders. Only financing vehicles sold through Carvana. Not available in Alaska or Hawaii. Qualifications Gross income minimum for the year: $4,000. Maximum ratio of income to debt: Didn’t disclose. Limitations on bankruptcy-related filings There are no active bankruptcy cases. Maximum mileage: Did not divulge. Maximum loan-to-value ratio did not provide. Read the full review Want to compare more possibilities? Here are some of our top picks: Digital Federal Credit Union – Used car purchase loan CarMax – CarMax – Used car purchase loan Chase auto – Used car purchase loan PenFed Credit Union – Used car purchase credit Alliant Credit Union – Used car purchase loan Navy Federal Credit Union – Used car purchase loan Vroom – Car purchase loan for used vehicles Bank of America – Used car purchase loan Digital Federal Credit Union – New car purchase credit Chase Auto – New car purchase loan PenFed Credit Union – New car purchase loan Alliant Credit Union – New car purchase credit Navy Federal Credit Union – New car purchase credit Bank of America – New car purchase credit 7 types of auto loans New car purchase loan loans allow you to take out loans to purchase a brand new car in order to repay it over time. Lenders typically define a new car as one that’s been untitled, but can be the current or previous model year. What is the best way to purchase a new vehicle Pre-owned and used cars have been reconditioned from the previous model year. The loans for used cars might be subject to restrictions, like maximum mileage, or car age. These loans could help you pay for a used car you buy directly from a dealer an online vehicle retailer or via a private dealer. How to buy a second hand car Lenders that offer private-party auto loans Refinancing your auto loan is a way to exchange your current car loan with a loan from a different lender. You might consider refinancing should you believe that you now qualify for a lower rate of interest. Refinancing the car loan you have may be a method of reducing your car’s monthly payment or make your loan payoff sooner, saving you money on the interest you have to pay. Best lenders to refinance your car loan How to refinance your car loan Cash-out loans for auto refinance work just like regular refinancing. The only difference is that you can take out additional funds against the equity of your car and incorporate the amount into the refinance loan. Cash-out auto refinance Lenders Refinancing cash-back auto loans Lease buyouts finance the acquisition of your vehicle, so you can keep it or sell it in order to earn profit from any equity you have in the car. Purchase loans for the top of leases 5 times to buy your car that you have leased Auto loans for bad credit are offered by lenders that have more flexibility in working with borrowers who have low credit scores, no credit history or past bankruptcies. Not all lenders will work with this customer, and those who do are more expensive interest rates. Bad-credit auto loans How do you get an auto loan even with bad credit First-time loans for car buyers can be challenging to get when you’ve had no previous finance or credit history. Some lenders offer different credit criteria to allow first-time buyers to have a chance, but they typically come with a higher interest rate. Five options for a first-time car buyer credit What’s a first-time buyer program? Learn about the basics before you take out an auto-loan Whatever kind of auto loan you are applying for, here is some basics to guide you through the process. APR or interest rate: Your loan’s interest rate often referred to as annual percent rate or APR, refers to the amount you’re willing to pay each year to borrow money. This is in addition to the cost of your car. It’s inclusive of lender fees and is calculated as percent. APRs can vary, but you can use the table below to figure out the interest rate you might expect from the credit score on a new or used auto loan. You credit score is only one element that affects the APR. They also take into consideration other criteria that include the amount of income you earn, the loan’s term and the type of vehicle that you’re planning to purchase. Credit score APR average, brand new car Average APR on used cars Superprime: 781-850. 3.84%. 3.69%. Prime: 661-780. 4.90%. 5.47%. Nonprime: 601-660. 7.25%. 9.81%. Subprime: 501-600. 10.11%. 15.86%. Deep subprime: 300-500. 12.93%. 19.81%. Source: Experian Information Solutions. >More What is the best way to get a car loan Credit scores vary within a band of 300-850 with two primary scoring models: FICO and VantageScore. Some auto lending companies use specific scoring for their industry on top the standard FICO model to make loans to customers, therefore the rate and whether or not you’re qualified will vary based on which scoring model the auto lender uses. You can get your credit report with credit score for free through NerdWallet or from annualcreditreport.com. Pre-qualification as opposed to. preapproval: Some lenders use the words “pre-qualify” along with “preapprove” as interchangeably, however usually, they’re distinct. If a lender is able to pre-qualify you for a car loan, the lender will typically request an insignificant amount of information for an estimate of what you’ll be able to borrow , and at what interest rate. Some lenders only conduct an inquiry on your credit report for pre-qualification, which won’t affect an individual’s credit scores. Preapproval for auto loans typically requires you to supply more personal information such as a Social Security number. It’s a conditional approval for credit, subject to the verification of your data, and typically carries more weight than pre-qualification. If you’re buying at a retailer, presenting an unapproved loan from an alternative lender will give the dealership an advantage over. There is no guarantee that pre-qualification or preapproval will result in loan approval, and the rate and conditions of the loan may change in the course of the loan process. A hard credit check is a temporary decrease in ones credit scores, will be taken before the loan is concluded. Auto term for loan: It is the time period during which you’re required to repay the loan. Most common loan terms include 24, 36, 48 60, 72, and 84 months. NerdWallet recommends staying clear of long-term auto loan terms as much as possible and limiting new vehicles to 60 months , and used vehicles to 36. Going with a longer term loan may mean lower monthly payments, but you’ll be paying more in interest over the life of the loan. Additionally, since cars appreciate quickly, you could end up with more debt than the value of the vehicle it, which is known as “underwater” also known as “upside down” in the event of a car loans. >More: Car payments calculator Find auto loan comparisons from multiple lenders Lenders vary when it comes on the criteria they use when approving auto loans and setting rates, and it’s possible that you will benefit from applying to many. In deciding which loan to take to, take into consideration any restrictions that a lender might impose. Certain lenders exclude certain brands and models of automobiles, or limit the mileage or age of a vehicle. You can read auto loan reviews on NerdWallet and see restrictions for the lenders that we’ve examined.

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