Buying a new vehicle is exciting. Working out the financing for it, significantly less so. But it’s important that you never be in a hurry while working out your auto loan. To make this important task a little easier, here are some of the best loans available today.
Best Overall: Pen Fed Credit Union
It offers rates as low as 1.39% for new cars, has an easy online application, and finances up to 110% on new cars. Loans are available for a minimum of $5,000 on new and used cars and for refinancing.
Second-Best Overall: Consumers Credit Union
It offers loans nationwide to finance up to 100% of your new or used car. Refinance loans are available too. There’s no minimum or maximum loan amount either.
Best for Bad Credit: Oportun
The minimum loan amount available is $5,000, and the repayment term is between 7 to 35 months. There’s no minimum credit score required to apply, and the application process is online with instant approval. You can also pre-qualify with a soft credit check.
Best Big Bank Lender: Capital One
APR as low as 2.99% is available, with the minimum loan amount being $4,000. Repayment terms are between 36 to 48 months. The bank also offers competitive rates for all credit scores. You can pre-qualify for a loan with a soft credit check.
Best for Refinancing: Open Road Lending
APRs as low as 1.99% with a minimum loan amount of $7,500. The application is easy and online, and there are no application fees either. Repayment terms are up to 72 months, and on average, they save customers $100 per month.
Best for Used Cars: Light Stream
LightStream offers secured and unsecured auto loans with no restrictions on make, model, or mileage. Its APR ranges from 2.49% to 9.49%, the minimum loan amount is $5,000 with a repayment period between 24 to 84 months. They also offer a 0.5% autopay discount.
Best for Techies: Carvana
You can qualify with a soft credit check, and there’s no minimum credit score required and no minimum loan amount. Tech junkies will love it for its end-to-end online shopping experience and low starting 3.9% APR.
