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.

NerdWalletNov 23, 2021

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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

Our picks for

Auto loan refinancing

RefiJet
Learn more

on RefiJet's website

RefiJet - Refinance loan

RefiJet

Est. APR

1.99-17.99%

Loan Amount

$5,000-$100,000

Min. Credit Score

500
Learn more

on RefiJet's website


Min. Credit Score

500

Key facts

Best for applicants wanting a loan representative’s help with the refinancing process from beginning to end. Applicants with bad or fair credit may qualify.

Pros

  • Offers pre-qualification with a soft credit check.

  • Some network lenders offer rate discounts with automatic payment.

  • Customer service available on Saturday.

  • Provides Spanish version of website.

Cons

  • Charges an origination fee of $395.

  • Not available in a few states.

  • Fully online application not available for applicants who prefer it.

Qualifications

  • Minimum annual gross income: No minimum.

  • Maximum debt-to-income ratio: 70%.

  • No open or discharged bankruptcies in last 12 months.

  • Maximum mileage: 150,000.

  • Maximum loan to value ratio: 160%.

Read Full Review
RateGenius
Learn more

on RateGenius's website

RateGenius - Refinance loan

RateGenius

Est. APR

1.75-21.00%

Loan Amount

$12,000-$100,000

Min. Credit Score

500
Learn more

on RateGenius's website


Min. Credit Score

500

Key facts

Best for applicants looking for auto loan refinancing tools, an easy-to-use online application and multiple refinancing offers. Bad- or fair-credit borrowers may qualify.

Pros

  • Offers pre-qualification with a soft credit check.

  • Provides average daily rates by credit score on website.

  • Customer service available on Saturday.

  • Some network lenders offer rate discount with automatic payment.

Cons

  • May charge an origination fee up to $395.

  • Minimum loan amount is higher than other lenders.

Qualifications

  • Minimum annual gross income: $24,000.

  • Maximum debt-to-income ratio: 65%.

  • No open bankruptcies. Most lenders will review dismissed or discharged bankruptcies.

  • Maximum mileage: 100,000.

  • Maximum loan to value ratio: 150%.

Read Full Review
Tresl
Learn more

on Tresl's website

Tresl - Refinance loan

Tresl

Est. APR

1.99-17.99%

Loan Amount

$5,000-$100,000

Min. Credit Score

580
Learn more

on Tresl's website


Min. Credit Score

580

Key facts

Best for applicants looking for hands-on help with the refinancing process from beginning to end. Applicants with bad or fair credit may qualify.

Pros

  • Applicants can prequalify with a soft credit check.

  • Application process 100% online including document upload.

  • Minimum loan amount is lower than other lenders.

Cons

  • Borrower unable to choose loan payment date in most cases.

  • Some partner lenders charge application fee.

  • 24-month loan term not offered.

Qualifications

  • Minimum annual gross income: $18,000.

  • Maximum debt-to-income ratio: 55%.

  • No open bankruptcies.

  • Maximum mileage: 150,000.

  • Maximum loan to value ratio: 150%.

Read Full Review
Consumers Credit Union
Learn more

on Consumers Credit Union's website

Consumers Credit Union - Refinance loan

Consumers Credit Union

Est. APR

2.69-21.24%

Loan Amount

$5,000-$75,000

Min. Credit Score

620
Learn more

on Consumers Credit Union's website


Min. Credit Score

620

Key facts

Best for borrowers who want flexible loan terms.

Pros

  • Low starting rates.

  • No vehicle restrictions.

Cons

  • You must become a member to get a loan.

Qualifications

  • Minimum monthly income: $2,000.

  • Maximum vehicle age: None.

  • Maximum mileage: None.

  • Maximum loan to value ratio: 125%.

Read Full Review
MyAutoloan
Learn more

on MyAutoloan's website

MyAutoloan - Refinance loan

MyAutoloan

Est. APR

1.89-21.99%

Loan Amount

$5,000-$100,000

Min. Credit Score

575
Learn more

on MyAutoloan's website


Min. Credit Score

575

Key facts

Best for applicants wanting to quickly receive auto refinance loan offers from multiple lenders. Bad and fair-credit borrowers may qualify.

Pros

  • Applicants can receive up to four lender matches with a soft credit check.

  • Most lenders can provide approval within 30 seconds of application submission.

  • Provides lowest daily rates on site, including auto refinance loans.

  • Funds to pay off previous lender usually available within 24 hours.

Cons

  • May result in multiple contacts from different lenders.

  • Social Security number required to submit initial application.

  • myAutoloan.com offers limited customer service support.

  • Not available in a few states.

Qualifications

  • Minimum annual gross income: $21,600.

  • Maximum debt-to-income ratio: Not provided.

  • Bankruptcy-related restrictions: Bankruptcy must be discharged or dismissed.

  • Maximum mileage: 125,000.

  • Maximum loan to value ratio: Not provided.

Read Full Review
LightStream
Learn more

on LightStream's website

LightStream - Refinance loan

LightStream

Est. APR

2.99-9.99%

Loan Amount

$5,000-$100,000

Min. Credit Score

660
Learn more

on LightStream's website


Min. Credit Score

660

Key facts

Best for borrowers with good credit looking for fast refinancing with maximum flexibility.

Pros

  • Low starting rates.

  • Available in all 50 states.

  • No vehicle or mileage restrictions.

Cons

  • Hard credit check required.

  • High minimum credit score required.

Qualifications

  • Minimum monthly income: None.

  • Maximum vehicle age: None.

  • Maximum mileage: None.

  • Maximum loan to value ratio: None.

Read Full Review
Autopay
Learn more

on Autopay's website

Autopay - Refinance loan

Autopay

Est. APR

2.15-17.99%

Loan Amount

$7,500-$100,000

Min. Credit Score

560
Learn more

on Autopay's website


Min. Credit Score

560

Key facts

Best for applicants wanting immediate pre-qualification offers to refinance their current vehicle loan but not needing fast loan approval and funding. Bad- or fair-credit borrowers may qualify.

Pros

  • Offers pre-qualification with a soft credit check.

  • Some network lenders offer rate discount with automatic payment.

  • Borrower can choose loan payment date.

  • Customer service available on Saturday.

Cons

  • Loan approval takes 24-48 hours, longer than other lenders.

  • Loan funding can take 1-2 weeks, longer than other lenders.

  • May charge an origination fee. Amount not provided.

Qualifications

  • Minimum annual gross income: Varies by lender.

  • Maximum debt-to-income ratio: 50%.

  • Bankruptcy-related restrictions: Varies by lender.

  • Maximum mileage: 150,000.

  • Maximum loan to value ratio: 160%.

Read Full Review
Ally Clearlane
Learn more

on Ally Clearlane's website

Ally Clearlane - Refinance loan

Ally Clearlane

Est. APR

3.74-16.49%

Loan Amount

$10,000-$80,000

Min. Credit Score

520
Learn more

on Ally Clearlane's website


Min. Credit Score

520

Key facts

Best for borrowers with average credit who want to quickly compare offers.

Pros

  • Prequalify with a soft credit check.

  • Allows co-signers.

Cons

  • High minimum income required.

  • Offers loan terms over 60 months.

Qualifications

  • Minimum monthly income: $2,000.

  • Maximum vehicle age: 10 years.

  • Maximum mileage: 120,000.

  • Maximum loan to value ratio: 155%.

Read Full Review
LendingClub
Learn more

on LendingClub's website

LendingClub - Refinance loan

LendingClub

Est. APR

N/A

Loan Amount

$5,000-$55,000

Min. Credit Score

640
Learn more

on LendingClub's website


Min. Credit Score

640

Key facts

Best for refinance applicants who want to see two different loan term options.

Pros

  • Allows co-signers.

  • Prequalify with a soft credit check.

Cons

  • Vehicle restrictions.

  • Not available in every state.

Qualifications

  • Minimum monthly income: Did not answer.

  • Maximum vehicle age: 10 years.

  • Maximum mileage: 120,000.

  • Maximum loan to value ratio: Did not answer.

Read Full Review

Our picks for

Auto purchase

MyAutoloan
Learn more

on MyAutoloan's website

MyAutoloan - New car purchase loan

MyAutoloan

Est. APR

1.99-12.99%

Loan Amount

$8,000-$100,000

Min. Credit Score

575
Learn more

on MyAutoloan's website


Min. Credit Score

575

Key facts

Best for applicants wanting to quickly receive loan offers from multiple lenders for the purchase of a new or used vehicle from a dealer or private party. Bad- and fair-credit borrowers may qualify.

Pros

  • Applicants can receive up to four lender matches with a soft credit check.

  • Most lenders can provide approval within 30 seconds of application submission.

  • Provides lowest daily rates on website, including new auto purchases.

  • Some marketplace lenders offer rate discount with automatic payment.

Cons

  • May result in multiple contacts from different lenders.

  • Social Security number required to submit initial application.

  • myAutoloan.com offers limited customer service support.

  • Not available in a few states.

Qualifications

  • Minimum annual gross income: $26,100.

  • Maximum debt-to-income ratio: Not provided

  • Bankruptcy-related restrictions: Must be discharged or dismissed.

Read Full Review
Consumers Credit Union
Learn more

on Consumers Credit Union's website

Consumers Credit Union - Purchase loan

Consumers Credit Union

Est. APR

2.69-21.24%

Loan Amount

$5,000-$75,000

Min. Credit Score

620
Learn more

on Consumers Credit Union's website


Min. Credit Score

620

Key facts

Best for borrowers who value the services offered by a credit union.

Pros

  • Low starting rates.

  • Available in all 50 states.

Cons

  • You must become a member to get a loan.

Qualifications

  • Minimum monthly income: $2,000.

  • Maximum loan to value ratio: 125%.

  • Maximum mileage: None.

Read Full Review
LightStream
Learn more

on LightStream's website

LightStream - Purchase loan

LightStream

Est. APR

2.99-9.99%

Loan Amount

$5,000-$100,000

Min. Credit Score

660
Learn more

on LightStream's website


Min. Credit Score

660

Key facts

Best for borrowers with good credit looking for a no-hassle loan from a well-known bank.

Pros

  • Low starting rates.

  • Available in all 50 states.

  • No vehicle or mileage restrictions.

Cons

  • Hard credit check required.

  • High minimum credit score required.

Qualifications

  • Minimum monthly income: None.

  • Maximum loan to value ratio: None.

  • Maximum mileage: None.

Read Full Review
Capital One
Learn more

on Capital One's website

Capital One - Purchase loan

Capital One

Est. APR

2.99-24.99%

Loan Amount

$4,000-$75,000

Min. Credit Score

None
Learn more

on Capital One's website


Min. Credit Score

None

Key facts

Best for borrowers who plan to buy from a dealership in Capital One's network.

Pros

  • Pre-qualify with a soft credit check.

  • Co-applicants allowed.

Cons

  • Not available in every state.

  • Only available at participating dealerships.

Qualifications

  • Minimum monthly income: $1,500-$1,800.

  • Maximum loan to value ratio: Did Not Answer.

  • Maximum mileage: 120,000.

Read Full Review

Our picks for

Online purchase and financing

Carvana
Learn more

on Carvana's website

Carvana - Purchase loan

Carvana

Est. APR

3.90-27.90%

Loan Amount

$1,000-$85,000

Min. Credit Score

None
Learn more

on Carvana's website


Min. Credit Score

None

Key facts

Best for used-car shoppers wanting a simple online shopping and financing experience.

Pros

  • No minimum credit score requirement.

  • Prequalify with a soft credit check.

Cons

  • Finances vehicles only sold through Carvana.

  • Offers loan terms over 60 months.

Qualifications

  • Minimum monthly income: $833.

  • Maximum loan to value ratio: None.

  • Maximum mileage: 110,000.

Read Full Review

Vroom - Purchase loan

Vroom

Est. APR

N/A

Loan Amount

$5,000-$100,000

Min. Credit Score

None

Min. Credit Score

None

Key facts

Good for higher-end used-car shoppers who want to buy and finance a car online.

Pros

  • Prequalify with a soft credit check.

  • Compare offers from multiple lenders.

  • Trade-ins accepted.

Cons

  • Finances vehicles only sold through Vroom.

  • Requires high minimum income.

Qualifications

  • Minimum monthly income: $1,800.

  • Maximum loan to value ratio: Did not answer.

  • Maximum mileage: 100,000.

Read Full Review

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

2.34%

3.66%

Prime: 661-780

3.48%

5.49%

Nonprime: 601-660

6.61%

10.49%

Subprime: 501-600

11.03%

17.11%

Deep subprime: 300-500

14.59%

20.58%

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 updated 9/2/2021.

Last updated on November 23, 2021

To recap our selections...

NerdWallet's Auto Loans for Good and Bad Credit

Frequently asked questions