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top Auto Loans companies in 2023

Navy Federal Credit Union Auto Loans Review!
THE BEST IN 2023Jovia Financial Credit Union Auto Loans Review!
Carvana Auto Loan Review: A Ton of Choices!
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The Best Auto Loan Services in the United States of America

Auto LoansAuto Loans
No-haggle car buying can be a worry-free process, you can get a competitive rate and make smart financial decisions by reading through our top auto loan services.

You must have been shopping around to find the best auto loan provider for you. Our list can help you compare a variety of lenders in terms of interest rate, requirements, and different financing options to guarantee that you’re making the right decision.

check the best companies in Auto Loans

read Jovia Financial Credit Union Auto Loans Review! review
Average Approval Time
- 3 days
Maximum Loan Amount
- N/A
Maximum Loan Term
- 102 months

Jovia Financial Credit Union

Whether it’s a brand new convertible that’s just for you or a practical sedan for the whole family, Jovia will offer you an auto loan when you’ve found a suitable car for you. Or, if you’re just starting to search for one, they can help you research and find your perfect car.

pros

100% financing
No prepayment penalties
NCUA insured

cons

Has late payment fees
Only finances personal use vehicles
Membership is required
Online application portal is broken
Jovia Financial Credit Union Auto Loans Review!
read Navy Federal Credit Union Auto Loans Review! review
Average Approval Time
- 5 minutes or less
Maximum Loan Amount
- N/A
Maximum Loan Term
- 96 months

Navy Federal Credit Union

Whether you’re looking to buy a new or used car, or even want to refinance your auto loan from another lender, Navy Federal Credit Union are here to help.

pros

90-day preapproval period
Allow co-applicants
Offer discounts for active-duty and retired military members
Offer financing for leisure vehicles

cons

Narrow membership eligibility
Previous CFPB action
Mixed customer reviews
Navy Federal Credit Union Auto Loans Review!
read Carvana Auto Loan Review: A Ton of Choices! review
Average Approval Time
- 2 Minutes
Maximum Loan Amount
- $85,000
Maximum Loan Term
- 72 Months

Carvana

Is one of the leading companies in the US that offer multiple financing options and flexible solutions no matter your credit score.

pros

Doesn’t require a minimum credit score
Prequalification is valid for 45 days, giving the borrower enough time to decide
Carvana prequalification doesn’t affect credit score
Used cars are in great condition and meet Carvana’s high standards
Cars delivered as soon as the next day

cons

Requires no current bankruptcies
Monthly income must be $833 or above
The interest rate can get high for poor credit score
Vehicle selection is limited to Carvana’s own inventory of used vehicles
Carvana Auto Loan Review: A Ton of Choices!
read PenFed Credit Union: Auto Loan Benefits and Review review
Average Approval Time
- 24 hours
Maximum Loan Amount
- $150,000
Maximum Loan Term
- 84 Months

PenFed

Offers one of the lowest APR (annual percentage rate) on the car market. For members and those who serve or have served in the military, its rates are as low as 2.09%, with many offers and discounts in case you decide to purchase a vehicle through TureCar, PenFed's auto-buying service.

pros

Bonus cash offers on select car models
GAP Insurance & ADR
Low APR rates
Approval within 48 hours
Competitive APR (annual percentage rate) as low as 2.09%
Great deals with huge discounts when purchasing a car through its auto-buying service
Offers for credit union members
Auto loans can go up to 110% of the vehicle value
Simple and straightforward online application

cons

Membership required to get a loan
Social Security number required with initial application
Best rates are available only for excellent credit scores
You need to open a saving account before you can get a loan
PenFed Credit Union: Auto Loan Benefits and Review
read MyAutoLoan Review: Multiple Financing Solutions! review
Average Approval Time
- 2 Days
Maximum Loan Amount
- $99.000
Maximum Loan Term
- 84 Months

MyAutoLoan

Gives you the chance to choose among the best auto loan offers and compare them so that you can feel confident with your financial decision.

pros

Reasonable interest rates that vary based on credit score and loan amount
Secure and simple online application
Buyers can choose from 4 different lending offers, and compare them to weigh their options
Various financing solutions that cover new vehicles, used vehicles, refinance, private party, and lease buyout

cons

No protection or warranty options
Different rules offered by different lenders
MyAutoLoan Review: Multiple Financing Solutions!
read Auto Credit Express: Auto Loan Broker Service Review review
Average Approval Time
- Unknown
Maximum Loan Amount
- Dealership-dependent
Maximum Loan Term
- Dealership-dependent

Auto Credit Express

A market-leading provider of lender and dealer connections in the U.S and Canada. It offers connections with subprime dealerships and lenders to help people with bad credit.

pros

BBB accreditation with A+ rating
Connections with subprime dealerships and lenders
Credit rebuilding tools

cons

Only a broker
Auto Credit Express: Auto Loan Broker Service Review
read DriveTime Auto Loan Review: Your Genius Car Shop! review
Average Approval Time
- 2 Minutes
Maximum Loan Amount
- $35,000
Maximum Loan Term
- 84 Months

DriveTime

One of the most trusted and popular car dealerships in the U.S. It has over 130 locations nationwide and offers several benefits with its used car loans.

pros

Accepts co-signers or co-borrower
Free Auto Check History Report
99.9% approval odds
30-day or 1,500 miles limited warranty
Financing options for poor credit score
5-day money-back guarantee
30-day, 1,500-mile warranty
99% approval odds
A+ BBB rating and accreditation

cons

High interest rates
The website lacks a loan calculator
High interest rates
No loan calculator tool
DriveTime Auto Loan Review: Your Genius Car Shop!
read Coastal Credit Union Auto Loan Review: Process, Eligibility, APR, and More! review
Average Approval Time
- Two to three hours
Maximum Loan Amount
- $20000
Maximum Loan Term
- 84 months or 7 years

Coastal Credit

A membership based company that provides various baking services including savings, loans of different types, investments, online banking, mortgages, and more.

pros

About half of all loan approvals receive interest rates under 3% APR
Simple application and quick approval process
Grace period for late payments (up to 15 days)
90 days to make first payment
Auto refinance guarantee

cons

$5 fee when paying over the phone
Loan eligibility limited to members
Coastal Credit Union Auto Loan Review: Process, Eligibility, APR, and More!
read LendingClub Auto Loan Review: Process, Eligibility, APR and More! review
Average Approval Time
- Within 24 hours
Maximum Loan Amount
- $55,000
Maximum Loan Term
- 84 months or 7 years

LendingClub

A financing company that offers banking solutions including personal and business loans. As for auto loans, it only offers refinancing options.

pros

Applicants can pre-qualify with a soft credit check
Application process 100% online, including document upload
Charges no origination fee
Very easy to extend your existing loan term by up to 12 months

cons

Not available in all states
Has some vehicle restrictions
Maximum refinance amount lower than other lenders
LendingClub Auto Loan Review: Process, Eligibility, APR and More!
read Chase Auto Auto Loan Review: Process, Eligibility, APR and More! review
Average Approval Time
- Two to three hours
Maximum Loan Amount
- $600,000
Maximum Loan Term
- 84 months or 7 years

Chase Auto

An auto loan division provided by the largest commercial bank in the United States, J.P. Morgan Chase & Co. It provides auto loans for car shoppers of all credit types, including good, bad, no credit, and excellent credit.

pros

Offers prequalification
Easy online application process
High loan amounts for those with fair and excellent credit
Strong industry ratings from J.D. Power

cons

No financing available for commercial vehicles or cars over 10 years old
Doesn’t offer auto refinance loans
No loans for motorcycles, recreational vehicles (RVs) and boats
Chase Auto Auto Loan Review: Process, Eligibility, APR and More!