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Last updatedMay 2024

Best Auto Loan Services of May 2024

Find rates. Discover freedom.

You're in the market for a car. Congrats! Compare some of the leading car loan providers below and choose the one that's right for you.

Are you eligible for a better rate?
Are you eligible for a better rate?
1
Our Top Pick
lendingtree logo image
9.6
BestMoneyscore
Popularity
Based on visits in the past 7 days
10.0
Brand Reputation
Based on web trends
9.8
Features & Benefits
Based on our editorial reviews
8.4

LendingTree

Secured Application
APR from: Varies
Compare multiple rates
Get qualified offers in minutes
Loans up to $300K
Minimum credit score: None

582 driversvisited this site today

Get My Rate
13,733Reviews
2
auto-credit-express logo image
9.2
BestMoneyscore
Popularity
Based on visits in the past 7 days
9.0
Brand Reputation
Based on web trends
9.2
Features & Benefits
Based on our editorial reviews
9.6

Auto Credit Express

APR from: Varies
Personal finance managers on hand
Loan amounts vary
Minimum credit score: None
3,755Reviews
3
Best for Lease Buyout
lease-end logo image
8.6
BestMoneyscore
Popularity
Based on visits in the past 7 days
8.1
Brand Reputation
Based on web trends
8.9
Features & Benefits
Based on our editorial reviews
9.4

Lease End

APR from: 6.99%
Handles title and registration transfer
Loans up to $150K
Funding in as little as 24 hours
Read Review
4
amone logo image
8.9
BestMoneyscore
Popularity
Based on visits in the past 7 days
8.3
Brand Reputation
Based on web trends
9.4
Features & Benefits
Based on our editorial reviews
9.6

AmONE

APR from: 6.40%
Instantly compare loan options
Loans up to $100K
Minimum credit score: None
2,241Reviews
5
cargurus logo image
9.0
BestMoneyscore
Popularity
Based on visits in the past 7 days
8.8
Brand Reputation
Based on web trends
10.0
Features & Benefits
Based on our editorial reviews
8.4

CarGurus

APR from: Varies
Personalized rates in minutes
No impact to credit score
Minimum credit score: None
6
drivetime logo image
8.4
BestMoneyscore
Popularity
Based on visits in the past 7 days
7.5
Brand Reputation
Based on web trends
9.5
Features & Benefits
Based on our editorial reviews
9.2

DriveTime

Approvals: 99% who apply
Personalized terms for budgets of all types
Cars priced from $10,000 - $40,000
Minimum Credit Score: None
23,980Reviews
7
carsdirect logo image
8.6
BestMoneyscore
Popularity
Based on visits in the past 7 days
7.9
Brand Reputation
Based on web trends
9.5
Features & Benefits
Based on our editorial reviews
9.2

CarsDirect

APR from: Varies
Rates as low as 0% on select cars, trucks and SUVs
Free online quotes, get your target price
Local dealers compete to provide the best rates for both new and used vehicles
8
carvana logo image
9.1
BestMoneyscore
Popularity
Based on visits in the past 7 days
8.6
Brand Reputation
Based on web trends
9.8
Features & Benefits
Based on our editorial reviews
9.6

Carvana

APR from: 7.90%
Find and finance a used car, all in one place
Add a co-signer for more affordable rates
No minimum credit score requirement
10,471Reviews
9
carloancom logo image
7.8
BestMoneyscore
Popularity
Based on visits in the past 7 days
7.7
Brand Reputation
Based on web trends
8.4
Features & Benefits
Based on our editorial reviews
7.2

Car.Loan.com

APR from: Varies
3 minute online form
Loans up to $45K
Minimum credit score: None
Read Review
10
myautoloan logo image
8.4
BestMoneyscore
Popularity
Based on visits in the past 7 days
8.4
Brand Reputation
Based on web trends
9.0
Features & Benefits
Based on our editorial reviews
8.0

MyAutoLoan

APR from: Varies
No application fees
Loans up to $99K
Minimum credit score: 575

3,984 visitors

connected with a lender in the past week

Site Proof Icon
BestMoney Total Score
Our product scores consist of a combination of the following 3 components:
Popularity
BestMoney measures user engagement based on the number of clicks each listed brand received in the past 7 days. The number of clicks to each brand will be measured against other brands listed in the same query. Therefore, the higher the share of clicks a brand receives in any specific query, the higher the Click Trend Score. BestMoney accepts advertising compensation from companies, which impacts their (and/or their products’) position, and in some cases, may also affect their Click Trend Score.
Brand Reputation
Semrush is a trusted and comprehensive tool that offers insights about online visibility and performance. The BestMoney Total Score will consist of the brand's reputation from Semrush. The brand reputation is based on Semrush's analysis of clickstream data, which includes user behavior, search patterns, and engagement, to accurately measure each brand's prominence, credibility, and trustworthiness. If a brand does not have a Semrush score, the BestMoney Total Score will be based solely on the Click Trend Score and Products & Features Score (read below).
Features & benefits
BestMoney’s editorial team researches and reviews financial products based on factors such as: range of products and services offered, ease-of-use, online accessibility, customer service, special awards, and more. Each brand is then given a score based on the offerings in each parameter. The specific parameters which we use to evaluate the score of each product can be found on its review page, which is updated every 3 months. If the editorial team cannot locate information relevant to a brand's Products & Services Score, it will not be included in its calculation.
Editorial Reviews
LendingTree
LendingTree
Read Review
View all reviews

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Mar. 19, 2023
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Feb. 13, 2023
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Mar. 19, 2023
Read all articles

Our Top Choice for Car Loans May 2024

Most Popular On BestMoney
lendingtree logo image
9.6
BestMoneyscore
Popularity
Based on visits in the past 7 days
10.0
Brand Reputation
Based on web trends
9.8
Features & Benefits
Based on our editorial reviews
8.4

LendingTree

Secured Application
APR from: Varies
Compare multiple rates
Get qualified offers in minutes
Loans up to $300K
Minimum credit score: None

582 driversvisited this site today

Get My Rate
Read Review
Refinancing your Car Loan?
Compare refinance lenders:
Most Popular
auto-approve logo image
9.4
BestMoneyscore
Popularity
Based on visits in the past 7 days
10.0
Brand Reputation
Based on web trends
8.7
Features & Benefits
Based on our editorial reviews
8.8

Auto Approve

APR from: Varies
Easy Online Application
Minimum Credit Score: 620
Save on average $1,200 a year
Skip 90 days of payments
Get My Rate
866-773-3823
autopay logo image
9.1
BestMoneyscore
Popularity
Based on visits in the past 7 days
9.0
Brand Reputation
Based on web trends
9.2
Features & Benefits
Based on our editorial reviews
9.2

AutoPay

APR from: 3.64%
Flexible loan terms
Loans up to $100K
Minimum credit score: 600
Simple prequalification process

What is a Car Loan?

Lenders help customers borrow money for a variety of purposes, and not surprisingly, one of these reasons is to buy a vehicle. In fact, because cars, motorcycles, and other modes of transport have become so integral to everyday life, auto loans written specifically for their purchase are now one of the most popular forms of financing available.

Consumers who need a vehicle can approach a variety of lenders and receive different terms and car financing rates for their loan, which is usually enough to buy the car from the dealership outright. Dealers themselves can offer loans as well, giving people with no other options a way to become mobile even without the cash to do so. Review the chart below to discover the best auto loans today.

LendingTree

LendingTree is a marketplace where you can set your parameters and then receive a list of relevant loan providers. One of the perks of LendingTree is that you fill out one application and can then review multiple loan options.

Pros
Cons

Vast network of loan providers means competitive rates

Work with all types of credit

Not directly a lender so rates and terms vary

Lack of information about specific loan types and terms

LendingTree LendingTree View Rates

MyAutoLoan

MyAutoLoan is a lending marketplace that lets customers find the right loan solution for their auto purchasing or refinancing needs. The company has developed proprietary technology that can help them easily and effectively match lenders to borrowers based on their needs.

Pros
Cons
Simple and efficient pre-qualification process
No offerings for borrowers with credit score of less than 600
Receive funds in 24 hours
High minimum loan amount

MyAutoLoan MyAutoLoan View Rates

RateGenius

RateGenius is a middleman that connects you with relevant lending companies. It offers a streamlined application process and boasts a network of 150 lending institutions, giving you a good chance of finding the best auto refinancing loan to suit your current situation.

Pros
Cons
Experts help find the best refi rates
No new or pre-owned auto loans
Straightforward and quick application
Focus exclusively on refinancing

RateGenius RateGenius View Rates

Why are Car Loan Companies Useful?

Transportation is crucial for working professionals, parents, and people young and old alike. Imagine how limited one’s money-making potential would be if they could only rely on their own two legs to deliver them to work. People would need to live in an urban environment for proximity to jobs, and would not be able to leave the public transportation network. Parents could not pick their kids up from school or drive them to soccer practice, and families would not be able to easily visit relatives in faraway places. Vehicles are necessary for giving people the freedom of mobility to get where they need to go with little effort.

Despite their importance, even the cheapest cars still require an investment of thousands of dollars. This is the main reason why auto financing companies are particularly useful. They provide customers with a loan for the explicit purpose of buying a vehicle, and can do so with affordability and flexibility.

The Difference Between a Car Loan and Other Loan Types

What sets an auto loan apart from an all-purpose bank loan, mortgage, or line of credit?

  • Security

One difference is that all auto loans are secured, meaning that the vehicle the loan is intended for also serves as the loan’s collateral. Failure to make payments could result in the lender repossessing the vehicle to cover the rest of the obligation, but secured loans also result in more favorable interest rates and loan terms.

  • Low-Credit Friendly

Another major area that sets auto loans apart is their credit requirements. Generally, because a vehicle represents a smaller investment than a house or small business, and because it is obtained via a secured loan, the bar is set much lower. Those with low or poor credit are still able to obtain a reasonable auto loan, whereas this may not be the case for other types of loans. Car loans are also comparatively short, lasting a maximum of around 7 years, making them less risky and thus more favorable for customers.

  • Flexibility

Auto loans are also quite flexible. Borrowers can trade in old cars to reduce their obligations to a degree, pay on a more frequent schedule to speed up the timeline of their loan repayment and improve their car loan interest rates, or even take a loan that allows them to replace their car mid-term for a different model.

Getting the Cheapest Car Loan Rates You Can Get

  • Optimize Credit

Before attempting to get an auto loan, it is highly recommended that you thoroughly explore your credit report. Each score from the Equifax, TransUnion and Experian credit reports is highly relevant to how lenders view the creditworthiness of their potential borrowers, and therefore the terms and car loan rates they extend. By fixing erroneous entries that may reside on a credit report before applying for an auto loan, you could potentially save thousands of dollars over your repayment term.

  • Avoid Thinking Monthly

For those already shopping around for an auto loan, it is suggested that they think in terms of the total obligation and not just the monthly payment. While a monthly payment may be easier to consider, it does not account for maintenance, insurance, or other financial emergencies. Anyone can “afford” a new sports car in monthly payments, but they do not consider that it is only affordable because the duration of the loan has been lengthened to the maximum amount of time available. This heightens the risk of having an underwater loan near the end of the term, where the remaining amount owed is worth more than the car itself, not to mention that by this time the car is older and is likely to encounter more costs.

  • Deny the Dealer

Another tip is to use the dealership loans as a last resort. Dealers will grant almost anyone a loan, and offer less than reasonable terms. In fact, most of the money that dealerships make off the sale of a car is not from the car itself, but rather the financing. For this reason, dealership loan offers should not be entertained unless it is with a stack of other offers to compare against.

Lastly, do thorough research! Nobody should finalize a loan from any source until they check the Better Business Bureau, online reviews and even regulatory bodies. Even the best banks for auto loans should undergo this quality check.

Finding the Best Lender for Your Loan Needs

When applying for loans from a variety of sources, it is very important to complete the applications within 2 weeks of one another. This is because each application is a credit inquiry, which temporarily lowers a credit score. By doing them together, they all count as only a single inquiry, keeping credit scores healthy.

Shopping around is necessary to obtain the best terms for a new or used car loan, so check out all the local sources. This might include banks, online auto loan lenders, credit unions, peer-to-peer sources, or the dealership. Key in getting the best deal is approaching each lender with the offers of the others, because it takes competition for any market to produce the most ideal offer.

Stir up the competition by getting proof of one’s on-paper offer. This is called pre-approval, which is basically a blank check from a single lender that illustrates how much they are willing to lend, and at which terms. You can bring your best auto loan pre-approval when dealing with another lender will force them to match or eclipse the offer, or risk the potential borrower walking away.

Things to Watch Out For with Cheap Auto Loans

There are a few things to check for in the loan contract, before it is finalized. First on the list is prepayment penalties, which restrict your ability to pay back the loan ahead of schedule. Those who make extra payments to reduce the term on their loans are hit with fees that negate the efforts, so if paying off an obligation quickly is important, ensure this is not a feature in the contract before signing it.

Another potentially troublesome clause is called mandatory binding arbitration, meaning that if the lender and borrower get into a dispute, it will be settled out of a court of law by an arbitrator. This puts the borrower at a disadvantage.

Variable interest rates might also find their way into an auto loan agreement. These are not all bad, but can mean higher interest payments over the life of the loan depending on how rates evolve over time. Always calculate monthly payments based on the highest rate, if this is the case, or risk getting an unaffordable loan. Very low interest car loans are often variable rates, which may be a great bet for you, but can cost more long term. 

Last, but not least, it is always important to make sure that any agreed upon changes to the contract make it into the final version.

Disclaimers

PNC Disclaimer:

Annual Percentage Rates (APRs) for loans amounts from $5,000 to $100,000 with repayment terms from 12 to 72 months currently range from 5.74% to 22.04 %. Available rates within this range may vary by loan amount, repayment term and model year.

The lowest rates are available to well-qualified applicants. Your actual APR may be higher than the lowest available rate and will be based upon multiple factors such as credit qualifications, loan amount, repayment term, model year, automated payment from a PNC checking account and number of days to first payment.  

APRs include a 0.25% discount for automated payment from a PNC checking account. Automated payment must be set up at loan closing to qualify for the 0.25% discount. If automated payment is discontinued, you may no longer receive an automated payment discount and your rate will increase 0.25%. 

Model Years: Auto Loans to be secured by a 2014-2023 model year non-commercial vehicle with up to 100,000 miles. Repayment term restrictions apply for vehicles with model years 2014-2017. Certain restrictions apply for mileage from 80,000 to 100,000. 

Credit is subject to approval. Certain restrictions and conditions apply. Rates are effective as of 11/13/2022 . Rates, terms and conditions are subject to change at any time. For more information, visit pnc.com/checkready.

Loan Payment Example: The monthly payment per $1,000 borrowed at 5.74 % APR for a term of 72 months would require 72 monthly payments of $16.45 based on 30 days to first payment. The monthly payment per $1,000 borrowed at 5.74% APR for a term of 12 months would require 12 monthly payments of $85.95 based on 30 days to first payment.

NOTE: The credit score ranges utilized to define "Excellent", "Good", "Fair" and "Poor " in the "Credit Score" drop down option are established by BestMoney.com as a guideline. Standards for rating credit scores and associated available rates may vary by lender.