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Compare Best Auto Loans, Rates and Lenders

What to know about auto loans before you apply.

NerdWallet
By
Last updated on February 7, 2024
Edited by
✅ Fact checked and reviewed
Julie Myhre-Nunes
Edited by
✅ Fact checked and reviewed

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.

  • 45+ auto loan products reviewed and rated by our team of experts.
  • 30+ years of combined experience covering financial topics.
  • Objective, comprehensive star rating system assessing 4 categories and 60+ data points across direct lenders and aggregators.
  • Governed by NerdWallet's strict guidelines for editorial integrity.
NerdWallet's auto loans content, including articles, reviews and recommendations, is produced by a team of writers and editors who specialize in consumer lending. Their work has appeared in Nasdaq, MSN, MarketWatch, Yahoo! Finance and other national and regional media outlets. They have also appeared on NerdWallet's "Smart Money" podcast.

Compare Best Auto Loans, Rates and Lenders

Lender
NerdWallet Rating
Est. APR
Loan amount
Min. credit score
Learn more
MyAutoloan

MyAutoloan - New car purchase loan

Learn more
on MyAutoloan's website
on MyAutoloan's website
Best for New car loan aggregators

6.29-29.90%

$8,000-$100,000

575

Learn more
on MyAutoloan's website
on MyAutoloan's website
MyAutoloan

MyAutoloan - Used car purchase loan

Learn more
on MyAutoloan's website
on MyAutoloan's website
4.5
/5
Best for Used car loan aggregators

6.24-34.90%

$8,000-$100,000

575

Learn more
on MyAutoloan's website
on MyAutoloan's website
LightStream

LightStream - New car purchase loan

Learn more
on LightStream's website
on LightStream's website
4.5
/5
Best for New car direct lenders

7.99-16.19%

$5,000-$100,000

660

Learn more
on LightStream's website
on LightStream's website
LightStream

LightStream - Used car purchase loan

Learn more
on LightStream's website
on LightStream's website
5.0
/5
Best for Used car direct lenders

7.99-16.19%

$5,000-$100,000

660

Learn more
on LightStream's website
on LightStream's website
Consumers Credit Union

Consumers Credit Union - New car purchase loan

Learn more
on Consumers Credit Union's website
on Consumers Credit Union's website
5.0
/5
Best for New car direct lenders

7.09-17.54%

$0-$100,000

None

Learn more
on Consumers Credit Union's website
on Consumers Credit Union's website
Consumers Credit Union

Consumers Credit Union - Used car purchase loan

Learn more
on Consumers Credit Union's website
on Consumers Credit Union's website
5.0
/5
Best for Used car direct lenders

7.38-18.54%

$0-$100,000

None

Learn more
on Consumers Credit Union's website
on Consumers Credit Union's website
Auto Credit Express

Auto Credit Express - Used car purchase loan

Learn more
on Auto Credit Express' website
on Auto Credit Express' website
Not yet ratedBest for Finding car dealers with subprime lending

N/A

$5,000-$50,000

525

Learn more
on Auto Credit Express' website
on Auto Credit Express' website

Our pick for

New car loan aggregators

Aggregators connect prospective borrowers with a network of auto lenders, usually resulting in more than one loan offer. We evaluate them using different criteria than direct lenders.

MyAutoloan
Learn more
on MyAutoloan's website
on MyAutoloan's website
MyAutoloan

MyAutoloan - New car purchase loan

4.0
Est. APR

6.29-29.90%

Loan amount

$8,000-$100,000

Min. credit score

575

Key factsBest for applicants wanting to be matched and work directly with potential lenders that may best meet their needs. Bad- and fair-credit borrowers may qualify.
Pros
  • Some lending partners offer pre-qualification with a soft credit check.
  • Some network lenders offer rate discount with automatic payment.
  • No origination fees.
  • Fully online application available for applicants who prefer it.
  • Co-borrowers or co-signers are allowed in nearly all cases.
Cons
  • Not available in Hawaii or Alaska.
  • Customer service not available on weekends.
  • Doesn’t provide Spanish version of website.
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

Our pick for

Used car loan aggregators

Aggregators connect prospective borrowers with a network of auto lenders, usually resulting in more than one loan offer. We evaluate them using different criteria than direct lenders.

MyAutoloan
Learn more
on MyAutoloan's website
on MyAutoloan's website
MyAutoloan

MyAutoloan - Used car purchase loan

Est. APR

6.24-34.90%

Loan amount

$8,000-$100,000

Min. credit score

575

Key factsBest for applicants wanting to be matched and work directly with potential lenders that may best meet their needs. Bad- and fair-credit borrowers may qualify.
Pros
  • Some lending partners offer pre-qualification with a soft credit check.
  • Some network lenders offer rate discount with automatic payment.
  • No origination fees.
  • Fully online application available for applicants who prefer it.
  • Co-borrowers or co-signers are allowed in nearly all cases.
Cons
  • Not available in Hawaii or Alaska.
  • Customer service not available on weekends.
  • Doesn’t provide Spanish version of website.
Qualifications
  • Minimum annual gross income: $26,100.
  • Maximum debt-to-income ratio: Not provided
  • Bankruptcy-related restrictions: Must be discharged or dismissed.
  • Maximum mileage: 125,000.
  • Maximum loan to value ratio: Not provided.

Our pick for

New car direct lenders

Direct and indirect lenders are banks, credit unions and other companies that make loans directly to a borrower or through a car dealership. We evaluate them using different criteria than aggregators.

LightStream
Learn more
on LightStream's website
on LightStream's website
LightStream

LightStream - New car purchase loan

Est. APR

7.99-16.19%

Loan amount

$5,000-$100,000

Min. credit score

660

Key factsBest for borrowers with good or excellent credit who want to buy a new car.
Pros
  • Offers rate discount with automatic payment.
  • No vehicle restrictions.
  • Application process can be completed 100% online, including document upload.
  • Offers a loan experience guarantee and rate beat program.
Cons
  • Doesn’t offer prequalification or preapproval.
Qualifications
  • Minimum credit score: 660.
  • Minimum credit history: None.
  • Maximum debt-to-income ratio: Did not disclose.
  • Minimum annual gross income: None.
  • Bankruptcy restrictions: Borrowers cannot have a bankruptcy record within the last 3 years.
  • Must be 18 years or older and a U.S. citizen or permanent resident.
Consumers Credit Union
Learn more
on Consumers Credit Union's website
on Consumers Credit Union's website
Consumers Credit Union

Consumers Credit Union - New car purchase loan

Est. APR

7.09-17.54%

Loan amount

$0-$100,000

Min. credit score

None

Key factsBest for new-car buyers wanting same-day loan approval, flexible loan terms and a rate discount with automatic payment.
Pros
  • Offers pre-qualification with a soft credit check.
  • Charges no origination/processing fee.
  • Offers 0.25-percentage-point rate discount with automatic payment. (Rate shown doesn’t reflect this discount.)
  • Allows co-signers and co-borrowers.
  • Provides Spanish version of website and Spanish-speaking agents.
Cons
  • Credit union membership required to apply for a loan.
  • No rate discounts if using online car-buying service.
Qualifications
  • Minimum credit score: None.
  • Minimum credit history: None but prefers past history of paying an auto loan.
  • Maximum debt-to-income ratio: Prefers below 50%.
  • Minimum annual gross income: None.
  • Bankruptcy-related restrictions: No open bankruptcies.
  • Must be 18 years or older.
  • Need ITIN if not a U.S. citizen.
  • Must establish membership by joining the Consumers Cooperative Association for a one-time fee of $5.
Chase
GET MORE QUOTES
on MyAutoloan's website
Read review
Chase

Chase Auto - New car purchase loan

Est. APR

N/A

Loan amount

$4,000-No max.

Min. credit score

Did not disclose

Key factsBest for applicants who purchase a new car from one of 10,000-plus dealerships in the Chase network.
Pros
  • The application process can be 100% online with information sent to the dealership.
  • Offers pre-qualification with a soft credit check.
  • Provides same-day loan decisions in most cases.
  • Charges no origination/processing fee.
  • Offers rate discount for Chase Private Clients.
Cons
  • Car buyers are limited to purchasing at a Chase network dealership.
  • Does not allow co-signers.
  • Rate discount available only to Chase Private Clients based on deposit account balances.
Qualifications
  • Minimum credit score: Did not disclose.
  • Minimum credit history: None.
  • Maximum debt-to-income ratio: Did not disclose.
  • Minimum annual gross income: None.
  • Bankruptcy restrictions: Did not disclose.
  • Must be 18 years or older.

Our pick for

Used car direct lenders

Direct and indirect lenders are banks, credit unions and other companies that make loans directly to a borrower or through a car dealership. We evaluate them using different criteria than aggregators.

LightStream
Learn more
on LightStream's website
on LightStream's website
LightStream

LightStream - Used car purchase loan

Est. APR

7.99-16.19%

Loan amount

$5,000-$100,000

Min. credit score

660

Key factsBest for borrowers with good or excellent credit who want to buy a used car — either from a dealer or private party.
Pros
  • Offers rate discount with automatic payment.
  • No vehicle restrictions.
  • Application process can be completed 100% online, including document upload.
  • Offers a loan experience guarantee and rate beat program.
Cons
  • Doesn’t offer prequalification or preapproval.
Qualifications
  • Minimum credit score: 660.
  • Minimum credit history: None.
  • Maximum debt-to-income ratio: Did not disclose.
  • Minimum annual gross income: None.
  • Bankruptcy restrictions: Borrowers cannot have a bankruptcy record within the last 3 years.
  • Must be 18 years or older and a U.S. citizen or permanent resident.
Consumers Credit Union
Learn more
on Consumers Credit Union's website
on Consumers Credit Union's website
Consumers Credit Union

Consumers Credit Union - Used car purchase loan

Est. APR

7.38-18.54%

Loan amount

$0-$100,000

Min. credit score

None

Key factsBest for used-car buyers wanting same-day loan approval, few vehicle restrictions and a rate discount with automatic payment.
Pros
  • Has no maximum restrictions on vehicle age or mileage. No minimum loan amount.
  • Charges no origination/processing fee.
  • Offers 0.25-percentage-point rate discount with automatic payment. (Rate shown doesn’t reflect this discount.)
  • Has flexible loan terms outside of typical 12-month increments.
  • Allows co-signers and co-borrowers.
  • Provides Spanish version of website and Spanish-speaking agents.
Cons
  • Credit union membership required to apply for a loan.
  • No rate discounts if using online car-buying service.
Qualifications
  • Minimum credit score: None.
  • Minimum credit history: None, but prefers past history of paying an auto loan.
  • Maximum debt-to-income ratio: Prefers below 50%.
  • Minimum annual gross income: None.
  • Bankruptcy restrictions: No open bankruptcies.
  • Must be 18 years or older.
  • Need ITIN if not a U.S. citizen.
  • Must establish membership by joining the Consumers Cooperative Association for a one-time fee of $5.
Carvana
Learn more
on Carvana's website
on Carvana's website
Carvana

Carvana - Used car purchase loan

Est. APR

7.90-27.90%

Loan amount

$1,000-$125,000

Min. credit score

None

Key factsBest for applicants wanting a streamlined, online car shopping, buying and financing experience.
Pros
  • Offers pre-qualification with a soft credit check.
  • Customer service available seven days a week.
  • Allows co-signers.
  • Application process 100% online including document upload.
Cons
  • Maximum APR possible is higher than many other lenders.
  • Only finances vehicles sold through Carvana.
  • Not available in Alaska or Hawaii.
Qualifications
  • Minimum credit score: None.
  • Minimum credit history: None.
  • Maximum payment-to-income ratio: 25%.
  • Minimum gross annual income: $5,100.
  • Bankruptcy restrictions: No active bankruptcies.
  • Must be 18 years or older.
  • Must have a valid Social Security number.
Chase
GET MORE QUOTES
on MyAutoloan's website
Chase

Chase Auto - Used car purchase loan

Est. APR

N/A

Loan amount

$4,000-No max.

Min. credit score

Did not disclose

Key factsBest for applicants who will be purchasing a used car from a Chase network dealer.
Pros
  • The application process can be 100% online with information sent to the dealership.
  • Offers pre-qualification with a soft credit check.
  • Provides same-day loan decisions in most cases.
  • Charges no origination/processing fee.
  • Offers rate discount for Chase Private Clients.
Cons
  • Car buyers are limited to purchasing at a Chase network dealership.
  • Does not allow co-signers.
  • Rate discount available only to Chase Private Clients based on deposit account balances.
Qualifications
  • Minimum credit score: Did not disclose.
  • Minimum credit history: None.
  • Maximum debt-to-income ratio: Did not disclose.
  • Minimum annual gross income: None.
  • Bankruptcy restrictions: Did not disclose.
  • Must be 18 years or older.

Our pick for

Finding car dealers with subprime lending

Auto Credit Express does not make loans itself, and it did not answer many of the questions we ask of loan aggregators, so it has not received a star rating. But it is worth noting here that this provider will try to match car buyers with low credit scores, bankruptcies or repossessions to dealers who may be able to arrange financing.

Auto Credit Express
Learn more
on Auto Credit Express' website
on Auto Credit Express' website
Auto Credit Express

Auto Credit Express - Used car purchase loan

Not yet rated
Est. APR

N/A

Loan amount

$5,000-$50,000

Min. credit score

525

Key factsBest for used-car buyers who can’t qualify for a lower-rate loan through a traditional lender and need help finding a bad-credit auto loan.
Pros
  • Specializes in helping car buyers who have low credit scores, bankruptcies or repossessions.
  • Connects car buyers to lenders with more flexible qualification requirements.
  • Partners with lenders that allow co-signers and co-borrowers.
Cons
  • Buyer limited to purchasing a car within the Auto Credit Express dealer network.
  • Loans arranged through a subprime lender or buy here pay here (BHPH) dealer typically have higher rates.
  • Some network lenders may do a hard credit inquiry.
  • Social Security number required to submit initial application.
Qualifications
  • Minimum monthly income: $1,500.
  • Maximum debt-to-income ratio: 50%.
  • Bankruptcy restrictions: None.
  • Maximum mileage: None.
  • Maximum loan to value ratio: Did not disclose.

Want to compare more options? Here are our other top picks:

7 types of auto loans

New car purchase loans enable you to borrow money to buy a new car and pay it off over time. Lenders usually define a new car as one that has never been titled and is the current or previous model year.

Used or pre-owned cars are usually defined by lenders as being older than the previous model year. Loans for used cars may come with certain restrictions, such as maximum mileage or vehicle age. These loans can help you pay for a used car you buy from a dealer, from an online car retailer or from a private party.

Auto refinancing loans enable you to replace your current auto loan with a new one from another lender. You may want to refinance if you think you could now qualify for a lower interest rate. Refinancing a car loan can be a way to lower your car payment or pay off your loan sooner, saving you money on the total interest you pay.

Want to refinance your auto loan? See if you pre-qualify.

Just answer a few questions to get personalized results from our lending partners.
on NerdWallet

Cash-out auto refinance loans work like regular refinancing, except you can borrow extra money against the equity in your car and roll that amount into the refinance loan.

Lease buyout loans finance the purchase of your leased vehicle, so you can keep it or sell it to profit from any equity you have in the car.

Auto loans for bad credit are offered by lenders that are more flexible about working with borrowers who have low credit scores, no credit history or past bankruptcies. Not all lenders serve this customer, and those who do charge higher interest rates.

First-time car buyer loans can be challenging to get when you have no previous car loan or credit history. But some lenders have more flexible credit requirements to help first-time car buyers qualify, although it's often with a higher interest rate.

What to know before you apply for an auto loan

Regardless of the type of auto loan you apply for, here is some basic information that can help you through the process.

Interest rate or APR: Your loan's interest rate, also called annual percentage rate or APR, is the amount you agree to pay each year to borrow money, on top of the cost of the car. It includes any lender fees and is expressed as a percentage. APRs vary, but you can use the table below to estimate the interest rate you might expect for your credit score on a new or used auto loan.

Your credit score is only one factor that goes into determining your APR. Lenders also consider other criteria, such as income, the loan term and the type of vehicle you’re buying.

Credit score

Average APR, new car

Average APR, used car

Superprime: 781-850.

5.61%.

7.43%.

Prime: 661-780.

6.88%.

9.33%.

Nonprime: 601-660.

9.29%.

13.53%.

Subprime: 501-600.

11.86%.

18.39%.

Deep subprime: 300-500.

14.17%.

21.18%.

Source: Experian Information Solutions.

Credit scores fall within a range of 300 to 850 on two basic scoring models, FICO and VantageScore. Some auto lenders use industry-specific scoring on top of the basic FICO model when making auto loan decisions, so the rate and whether you’re approved can depend on which scoring model an auto lender uses. You can get your credit report with credit score for free through NerdWallet or from annualcreditreport.com.

Pre-qualification vs. preapproval: Some lenders use the terms “pre-qualify” and “preapprove” interchangeably, but in most cases they are different. When a lender pre-qualifies you for an auto loan, you will usually provide a limited amount of information to see an estimate of how much you may qualify to borrow and at what interest rate. Many lenders do only a soft credit inquiry for pre-qualification, which won’t affect your credit scores.

Auto loan preapproval usually requires you to provide more personal information, such as a Social Security number. It’s a conditional approval of credit, pending verification of your information, and typically carries more weight than pre-qualification. If you’re buying from a dealership, presenting a preapproved loan offer from another lender gives the dealership a rate to beat.

Neither pre-qualification nor preapproval guarantees loan approval, and the loan rate and terms can change later in the loan process. A hard credit inquiry, which temporarily lowers your credit scores, will be done before a loan is finalized.

Auto loan term: The term is the amount of time you have to repay a loan. The most common auto loan terms are 24, 36, 48, 60, 72 and 84 months. NerdWallet recommends avoiding long car loan terms if possible, limiting new cars to 60 months and used cars to 36.

Going with a longer term loan may result in a lower monthly payment, but you will pay more in interest over the life of the loan. Also, because cars depreciate, you could end up owing more than a car is worth, which is called being “underwater” or "upside down” on a car loan.

Compare auto loans from multiple lenders

Lenders vary when it comes to the criteria they use for approving auto loans and setting rates, so you may benefit from applying to several.

When deciding where to apply, consider any restrictions a lender may have. Some exclude certain makes and models of cars, or they limit the age or mileage of a vehicle. You can read auto lender reviews on NerdWallet to see restrictions for the lenders we’ve reviewed.

Last updated on February 7, 2024

Methodology

NerdWallet's review process surveys companies that offer any combination of new car purchase loans, used car purchase loans, auto refinance loans (traditional and/or cash-out) and lease buyout loans. These companies include direct lenders and aggregators; the latter group doesn't have in-house loan products but matches borrowers to third-party lenders within a network. Our aim is to provide an independent assessment of providers to help arm you with information to make sound, informed judgements on which ones will best meet your needs. We adhere to strict guidelines for editorial integrity.

Our survey for direct lenders has different questions than the survey for aggregators, but each includes more than 60 data points. NerdWallet independently confirms product details and, when necessary, follows up with company representatives. At least two writers and an editor verify the facts for every lender review to ensure data are accurate.

To receive a star rating, a provider must respond to NerdWallet’s annual auto loans survey. Star ratings are then assessed from poor (one star) to excellent (five stars).

For more details about the categories considered and our processes, read our full methodology for rating direct lenders and our full methodology for rating aggregators.

To recap our selections...

NerdWallet's Compare Best Auto Loans, Rates and Lenders

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