BEST OF
15 Auto Loans for Good and Bad Credit
Compare car loans from multiple lenders to find your best rate and learn what you need to know before you apply.
Shopping for the lowest interest rate on your auto loan before you buy your next car puts you in a stronger negotiating position and saves you money over the life of your loan. If you already have a loan, you may be able to lower your monthly payment and save money by refinancing your car loan.
You can compare multiple offers below for auto purchase loans, auto loan refinancing, even online car dealers with financing. Bookmark our auto loans calculator to estimate your monthly payment.
Shopping for the lowest interest rate on your auto loan before you buy your next car puts you in a stronger negotiating position and saves you money over the life of your loan. If you already have a loan, you may be able to lower your monthly payment and save money by refinancing your car loan.
You can compare multiple offers below for auto purchase loans, auto loan refinancing, even online car dealers with financing. Bookmark our auto loans calculator to estimate your monthly payment.
Summary of Auto Loans for Good and Bad Credit
Lender | Best For | Min. Credit Score | Est. APR | Loan Amount | Learn More |
---|---|---|---|---|---|
Best for Auto purchase | 660 | 2.99 - 9.99% | $5,000 - $100,000 | Learn More on LightStream's website | |
Best for Auto purchase | None | 2.99 - 24.99% | $4,000 - $75,000 | Learn More on Capital One's website | |
Best for Auto purchase | 575 | 2.05 - 24.90% | $8,000 - $99,000 | Learn More on MyAutoloan's website | |
Best for Auto purchase | 620 | 2.69 - 21.24% | $5,000 - $75,000 | Learn More on Consumers Credit Union's website | |
Best for Online purchase and financing | None | 3.90 - 27.90% | $1,000 - $85,000 | Learn More on Carvana's website | |
![]() Vroom - Purchase loan | Best for Online purchase and financing | None | N/A | $5,000 - $100,000 | |
Best for Auto loan refinancing | 660 | 2.99 - 9.99% | $5,000 - $100,000 | Learn More on LightStream's website | |
Best for Auto loan refinancing | 575 | 2.05 - 29.40% | $5,000 - $99,000 | Learn More on MyAutoloan's website | |
Best for Auto loan refinancing | 580 | 2.45 - 17.99% | $7,500 - $150,000 | Learn More on RefiJet's website | |
Best for Auto loan refinancing | 550 | 1.99 - 16.00% | $12,000 - $100,000 | Learn More on RateGenius's website | |
Best for Auto loan refinancing | 600 | 1.99 - 17.99% | $2,500 - $100,000 | Learn More on Autopay's website | |
Best for Auto loan refinancing | 500 | 2.49 - 23.99% | $5,000 - $100,000 | Learn More on Tresl's website | |
Best for Auto loan refinancing | 580 | 3.99 - 7.74% | $10,000 - $80,000 | Learn More on Ally Clearlane's website | |
Best for Auto loan refinancing | 620 | 2.69 - 21.24% | $5,000 - $75,000 | Learn More on Consumers Credit Union's website | |
Best for Auto loan refinancing | 510 | N/A | $5,000 - $55,000 | Learn More on LendingClub's website |
Our picks for
Auto purchase

on LightStream's website
LightStream - Purchase loan

Min. Credit Score
Est. APR
Loan Amount
on LightStream's website

on Capital One's website
Capital One - Purchase loan

Min. Credit Score
Est. APR
Loan Amount
on Capital One's website
on MyAutoloan's website
MyAutoloan - Purchase loan
Min. Credit Score
Est. APR
Loan Amount
on MyAutoloan's website

on Consumers Credit Union's website
Consumers Credit Union - Purchase loan

Min. Credit Score
Est. APR
Loan Amount
on Consumers Credit Union's website
Our picks for
Online purchase and financing

on Carvana's website
Carvana - Purchase loan

Min. Credit Score
Est. APR
Loan Amount
on Carvana's website

Vroom - Purchase loan

Min. Credit Score
Est. APR
Loan Amount
Our picks for
Auto loan refinancing

on LightStream's website
LightStream - Refinance loan

Min. Credit Score
Est. APR
Loan Amount
on LightStream's website
on MyAutoloan's website
MyAutoloan - Refinance loan
Min. Credit Score
Est. APR
Loan Amount
on MyAutoloan's website

on RefiJet's website
RefiJet - Refinance loan

Min. Credit Score
Est. APR
Loan Amount
on RefiJet's website

on RateGenius's website
RateGenius - Refinance loan

Min. Credit Score
Est. APR
Loan Amount
on RateGenius's website
on Autopay's website
Autopay - Refinance loan
Min. Credit Score
Est. APR
Loan Amount
on Autopay's website

on Tresl's website
Tresl - Refinance loan

Min. Credit Score
Est. APR
Loan Amount
on Tresl's website

on Ally Clearlane's website
Ally Clearlane - Refinance loan

Min. Credit Score
Est. APR
Loan Amount
on Ally Clearlane's website

on Consumers Credit Union's website
Consumers Credit Union - Refinance loan

Min. Credit Score
Est. APR
Loan Amount
on Consumers Credit Union's website

on LendingClub's website
LendingClub - Refinance loan

Min. Credit Score
Est. APR
Loan Amount
on LendingClub's website
What to know before you apply for an auto loan
Interest rates: The interest rate you’ll get depends on your credit score and income, the length of the loan you choose and the vehicle. If you have a loan and make consistent, on-time payments and your credit score improves, you may be able to refinance your car loan to get a better rate and lower your monthly payment.
Average auto loan rates by credit score
Credit score | Average APR, new car | Average APR, used car |
---|---|---|
Superprime: 781-850 | 3.65% | 4.29% |
Prime: 661-780 | 4.68% | 6.04% |
Nonprime: 601-660 | 7.65% | 11.26% |
Subprime: 501-600 | 11.92% | 17.74% |
Deep subprime: 300-500 | 14.39% | 20.45% |
Source: Experian Information Solutions |
Loan terms: Some lenders offer loans for up to 84 months. However, it’s best to pay off a car loan quickly since cars depreciate rapidly. Owing more on the loan than the car is worth is called being “underwater” or “upside down,” which is a risky financial situation. Also, the best interest rates are available for shorter loan terms. NerdWallet recommends 60 months for new cars and 36 months for used cars.
“Soft” vs. “hard” credit pull: Some lenders do a “soft pull” of your credit to pre-qualify you for a loan. This doesn’t damage your credit score, but it also doesn’t guarantee you’ll be approved for a loan or get the exact rate you’re quoted. Other providers run a full credit check, which temporarily lowers your credit score by a few points. But again, your final rate could differ slightly from your preapproval quote. A hard pull will be required in all cases before a loan is finalized.
Rate shopping: Applying to several lenders helps you find the most competitive interest rate. However, it can lead to your being contacted by multiple lenders, or even dealers when you apply for a purchase loan, especially if you use a service that compares offers for you (such as myAutoloan).
Make all applications within a short rate-shopping window. Credit reporting agencies count multiple hard inquiries made within a certain period — usually 14, 30 or 45 days — as only one inquiry. However it’s also smart to check your credit score afterward to be sure this is the case.
If you’re worried about getting overwhelmed by calls and emails, create a new email account and get a free Google Voice phone number that you can check separately.
Also check the loan terms that your bank or credit union offers. Their rates can be competitive with those of online lenders.
Restrictions: Some lenders only work with a network of dealerships. Others won’t lend money to buy cars from private sellers. Lenders may also exclude some makes of cars, certain models and types of vehicles, such as electric cars.
Funding: Once the loan is finalized, the lender will offer you a loan with a maximum amount at a stated interest rate. For purchase loans, lenders provide the money in a variety of ways: a no-obligation check, direct deposit to your bank account or a certificate to be used at a car dealership. For auto refinance loans, the lender typically pays off your old lender and you begin making payments to the new lender.
Auto loan rate data courtesy Experian.
Last updated on June 24, 2020
To recap our selections...
NerdWallet's Auto Loans for Good and Bad Credit
- LightStream - Purchase loan: Best for Auto purchase
- Capital One - Purchase loan: Best for Auto purchase
- MyAutoloan - Purchase loan: Best for Auto purchase
- Consumers Credit Union - Purchase loan: Best for Auto purchase
- Carvana - Purchase loan: Best for Online purchase and financing
- Vroom - Purchase loan: Best for Online purchase and financing
- LightStream - Refinance loan: Best for Auto loan refinancing
- MyAutoloan - Refinance loan: Best for Auto loan refinancing
- RefiJet - Refinance loan: Best for Auto loan refinancing
- RateGenius - Refinance loan: Best for Auto loan refinancing
- Autopay - Refinance loan: Best for Auto loan refinancing
- Tresl - Refinance loan: Best for Auto loan refinancing
- Ally Clearlane - Refinance loan: Best for Auto loan refinancing
- Consumers Credit Union - Refinance loan: Best for Auto loan refinancing
- LendingClub - Refinance loan: Best for Auto loan refinancing
Frequently asked questions
Preapproval allows you to focus on the price of the car rather than a monthly payment. If the finance office at the dealer can beat your preapproved loan interest rate, check to make sure the terms match.
Refinancing replaces your current auto loan with a new one from another lender. If the interest rate is lower, you can pay off the car quicker by keeping your payment the same, or you could opt for lower payments over the same term.
Refinance your car loan if your credit has improved since you bought your car — you can probably save money on car insurance as well. Some people refinance to extend the loan because current payments have become unaffordable. And interest rates in general may have dropped.