Before getting behind the wheel of your new vehicle, compare auto loans, estimate payments and find a financing option that’s right for you. Let Bankrate steer you through the process.
Auto Loan Rates
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Lender Reviews
Bankrate’s top-rated lenders
Bankrate’s team of auto loan experts handled the heavy lifting to find the best lender for any sort of driver. We weighed a lender’s available APR ranges, loan amount, funding timelines, fees, repayment terms and customer support to choose our picks.
Personal loans
Best overall
Rating: 4.2 stars out of 5
Bankrate Review
Est. APR
7.49%–15.69%
* with AutoPay
- Loan amount
- $5k– $100k
Term: 2-7 yrs
- Min credit score
- Not specified
on Bankrate
Pros
- Quick funding
- High loan amount
- Wide range of repayment options
Cons
- Unsecured loan
- Good to excellent credit required
- No prequalification offered
Who’s it for:
- Those looking to finance their vehicle as soon as possible
- Those who prefer a fully online experience.
Why we like it:
Lightstream offers quick funding for drivers in a pinch and a wide range of loan amounts.
Lender perks:
- Repayment terms range from 24 to 84 months
- Can borrow as much as $100,000
- 0.50% autopay discount available
Fees: None
Time to receive funds: Funds become available as soon as the day you apply.Requirements:
- Several years of credit history
- Stable income
- Good payment history
- Variety of account types in credit history
Personal loans
Best for convenience
Rating: 4.1 stars out of 5
Bankrate Review
Est. APR
Not disclosed
- Loan amount
- starting at $4,000
Term: 2-7 yrs
- Min credit score
- Not specified
on Bankrate
Pros
- Prequalification available
- Shop with Auto Navigator
- Perfect credit not required
Cons
- Limited vehicle inventory
- Undisclosed rates
- Two applications required
Who’s it for:
- Buyers who aren’t sure about their creditworthiness.
- Buyers wanting to check rates before applying.
Why we like it:
The Capital One Auto Navigator site lets you search for inventory in your area and gives you the ability to see how different makes, models and features will affect your total cost.
Lender perks:
- Over 12,000 dealership partners
- Prequalify online to understand eligibility
Fees: Late fees
Time to receive funds: As soon as the day you apply.Requirements:
- Buy from a participating dealership
- Used vehicles can’t be older than 10 years or above 120,000 miles
- Refinancing: Owe at least $7,500 and have 12 months remaining on your loan
Personal loans
Best for shopping for multiple loan offers
Rating: 3.7 stars out of 5
Bankrate Review
Est. APR
6.84%
- Loan amount
- $5k– $120k
Term: 2-7 yrs
- Min credit score
- 600
on Bankrate
Pros
- Flexible acceptance criteria
- Fast funding
- Multiple loan types
Cons
- Limited state availability
- Only online customer support
- Max rates not shared
Who’s it for:
Buyers who want to compare options.
Why we like it:
You can easily compare multiple loan offers all on the myAutoLoan platform with no hard credit pull. This platform lets you enter your information once and receive multiple loan offers in one place.
Lender perks:
- Hard credit pull only following formal application
- Fast online application
Fees: Not specified.
Time to receive funds: As soon as the following business day.Requirements:
- Be at least 18 years old
- Have a FICO credit score of at least 575
- Have gross annual earnings of at least $21,600
- Choose a vehicle no more than 10 years old with under 125,000 miles
- Live outside Alaska and Hawaii
What is an auto loan?
An auto loan is a type of loan that lets you borrow money to purchase a car. The vehicle typically serves as collateral for the loan. You’ll repay the money at a fixed interest rate through monthly payments for 24 to 84 months until the vehicle becomes fully yours.
Where to get an auto loan
Choosing where to apply for an auto loan requires similar care as choosing the car you want to make yours. Each type of lender carries its own benefits and drawbacks. Consider both affordability and your own needs.
Dealer financing
Securing your auto loan from the dealership boasts the convenience of exiting the car lot with a brand-new vehicle and financing. Dealerships may advertise specific perks known as promotional financing. But keep in mind that these are reserved for borrowers with strong credit. Otherwise, dealership financing often don’t offer the most competitive rates.
Banks and credit unions
Loans offered from banks and credit unions are a great option for those that prefer a recognizable name. And if you have a previous banking relationship, it can mean better rates. Traditional lenders are best for borrowers financing a larger amount and who have strong credit.
Online lenders
Financing via an online lender carries the perk of a fully automated experience but can also mean less competitive rates. This option is best for a savvy online driver would doesn’t need any additional in-person support.
Types of auto loans
You have choices beyond just new or used loans. Instead, each type has different uses that are built for a certain type of borrower. Consider which type of auto loan is best for you and your financial needs.
Auto loan basics
Before getting a loan and putting your new car in drive, make sure you know the answers to these FAQs.
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See also
- Auto interest rates
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- Refinance car loan
- Steps to get car loan
- Car insurance rates
- Best Car Insurance
- Cheapest Car Insurance
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