Getting an outstanding auto loan is the first step to getting the car you want. Having the best lender backing your purchase can have plenty of upsides in the long run.
A great loan provider gives you the lowest rates, excellent service, and fast processing of paperwork that can make the whole process a breeze. We’ve taken into account a number of things to come up with this list of top auto loan providers.
PenFed Credit Union
Pros
New, used, and refinance loan options
Easy online application process
Finance up to 110% on new cars
Cons
Must be a member of the credit union to apply
Lowest rates available exclusively through its car-buying service
Highlight: Interest rate as low as 1.39%
Consumers Credit Union
Pros
Loan options for new, used, and refinanced vehicles
No minimum or maximum loan amount limit
Readily available across all 50 states
Cons
Must be a member of the credit union
The lowest rates are available only for those with a minimum 640+ credit score
Highlight: Interest rates as low as 2.69%
For bad credit: Oportun
Pros
No minimum credit score is required for a loan application
Apply online quickly and get an instant approval
Pre-qualify with soft credit check
Cons
Available in 12 states only
High-interest rates
Highlight: Get loan amounts ranging from $5,000 to $35,000
For Techies: Carvana
Pros
Pre-qualify with a soft credit check
No minimum credit score requirement
The end-to-end online shopping experience
Cons
Financing options only on Carvana’s vehicles
$4,000 minimum annual income needed to qualify
Only available on used vehicles
Highlight: Avoid a hard inquiry on your credit while you shop online for rates
For refinancing: Lending Club
Pros
Compare auto loans from multiple lenders online
Pre-qualify with just a soft credit check
Never worry about origination fees or prepayment penalties
Cons
Available in only a few states
Select vehicle restrictions
Highlight: Interest rates ranging from 3.99% to 24.99%
For Used Cars: LightStream
Pros
Offers secured and unsecured auto loans
No restrictions on vehicles
0.5% autopay discount
Cons
Best rates for borrowers with solid credit
No pre-approval process
Highlight: Interest rate as low as 2.49%