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.
Auto Loans
Top Auto Loans Companies in 2024
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The Best Auto Loan Services in the United States of America
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.
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Find the Best Companies in Auto Loans
Average Approval Time
- Typically within 24 hoursMaximum Loan Amount
- $150,000Maximum Loan Term
- 96 monthsiLending, originally known as Fleet Financial, was founded in 2006 and is based in Englewood, Colorado. After the 2007-2008 financial crisis, they rebranded to focus on auto loan refinancing and became iLendingDirect. With over 250 employees, iLending connects customers with the best lenders and rates to help them reduce their monthly auto loan payments and save on interest costs. They offer refinancing services for various vehicles through a network of banks and credit unions.
Pros
Pre-qualification with a soft credit check
Nationwide network of lenders
Flexible loan amounts and terms
Online application process
A nationwide network of lenders for competitive rates
Cons
No in-person service
Unclear fees
Limited to refinancing
Has mileage and vehicle age limits
Average Approval Time
- Same-day approvalMaximum Loan Amount
- $50,000Maximum Loan Term
- 72 months, or six yearsA financing company that offers auto loans for people with good and bad credit. It has been providing customer with loan offers from their network of banks and lenders for 20 years.
Pros
Multiple Loan Offers
National Lender Network
Bad Credit Is OK
Loan Calculators
Cons
Phone Calls From Lenders
Must Provide Personal Info
Loan Rates Depend On Lender
Average Approval Time
- 3 daysMaximum Loan Amount
- N/AMaximum Loan Term
- 102 monthsWhether 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
Average Approval Time
- 5 minutes or lessMaximum Loan Amount
- N/AMaximum Loan Term
- 96 monthsWhether 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
Average Approval Time
- 2 MinutesMaximum Loan Amount
- $85,000Maximum Loan Term
- 72 MonthsIs 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
Average Approval Time
- 24 hoursMaximum Loan Amount
- $150,000Maximum Loan Term
- 84 MonthsOffers 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
Average Approval Time
- 2 DaysMaximum Loan Amount
- $99.000Maximum Loan Term
- 84 MonthsGives 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
Average Approval Time
- Depends on the type of lenderMaximum Loan Amount
- $100,000Maximum Loan Term
- 84 monthsOffers low and fixed interest rates ranging from 3.49% – 20.49%, with no restrictions on mileage, making it more flexible for the borrowers to have any car of their choice, and you can get your funds as soon as the same day of applying.
Pros
No restrictions on mileage, car model or make
$100 back for borrowers who are not satisfied with their loan
Cash deposit as soon as the same day
Interest rates are low compared to other lending companies
Predictable payments due to the fixed APR rates
Cons
Lowest rates are available only for excellent credit score
Lack of multiple support options, unless you're a customer already
Average Approval Time
- 48 HoursMaximum Loan Amount
- $20,000Maximum Loan Term
- 60 Monthsthe OneMain difference is always you! Get the loan that suits you best.
Pros
Doesn't require a minimum credit score
Offers secured and unsecured personal loans
OneMain prequalification doesn't affect credit score
Offers small loan amounts
Loans can be received in the same day if approved by noon
Cons
Charges origination fee
Interest rates are higher than other lenders
Large loan amounts require a lien on an automobile
Average Approval Time
- Typically within 24 hoursMaximum Loan Amount
- $75,000 if refinancingMaximum Loan Term
- 84 monthsCapital One, a financial services company founded in 1994, is a significant player in the auto loan industry. They offer competitive financing options, flexible terms, and a simple online application process for new and used vehicles. With user-friendly tools, they aim to simplify the car-buying process and provide value through competitive rates and customer-centric services. Customers can use the Auto Navigator tool to pre-qualify for financing without affecting their credit score and explore various loan options.
Pros
Easy prequalification process
Competitive interest rates
Personalized financing options
No application fee
Cons
Limited to approved dealerships
Not available in all states
Excludes certain vehicle types, ages, and brands
