15 Top Auto Loan Companies Usa With Lowest Rates in 2025

Finding the best auto loan rates can save you thousands over the life of your loan. According to recent data from Experian, the average interest rates in early 2025 stand at 6.73% for new cars and 11.87% for used vehicles.

However, rates vary dramatically based on your credit score. While those with superprime credit (781-850) might secure rates as low as 5.18% for new cars, deep subprime borrowers (300-500) could face rates up to 15.81%. Fortunately, many lenders offer competitive options across the credit spectrum.

Our research shows Navy Federal Credit Union currently offers the lowest starting rates at 4.09%, while PenFed Credit Union provides excellent new car loan rates beginning at 4.44%. For military members specifically, Navy Federal stands out as the top choice for auto financing.

After analyzing the market leaders, we’ve compiled this comprehensive guide to the 15 best auto loan providers of 2025. Whether you’re buying new, used, or looking to refinance, this comparison will help you find the right lender for your specific situation.

Bank of America

_{Image Source: Bank of America}

Bank of America stands out as a major player in the auto financing market, offering competitive rates and a variety of loan options for vehicle purchases. With its nationwide presence and established banking relationships, this lender provides several advantages for qualified borrowers seeking auto financing.

Bank of America loan types

Bank of America provides multiple financing options to meet different customer needs. These include:

• New car dealer purchases
• Used car dealer purchases
• Auto refinancing
• Lease buyouts
• Disability-adapted vehicle loans
• Electric vehicle (EV) financing, including charging equipment

Notably, Bank of America does not offer private party auto loans, meaning you can’t finance a purchase from an individual seller.

Bank of America interest rates and terms

As of June 19, 2025, Bank of America offers competitive fixed rates starting at:

• New car (dealer): 5.64% APR
• Used car (dealer): 5.84% APR
• Refinance: 6.24% APR
• Lease buyout: 6.24% APR

The online application allows term lengths of 48, 60, or 72 months, though additional terms may be discussed with a loan officer after application submission. Furthermore, Bank of America does not charge prepayment penalties or loan documentation fees, although title and state fees may apply.

Bank of America credit score requirements

Although Bank of America doesn’t publicly disclose a minimum credit score requirement, applicants generally need a score of 661 or higher for optimal rates. Additional eligibility criteria include:

• Minimum age of 18
• U.S. citizenship or residency (permanent or non-permanent)
• Residence in any of the 50 states or Washington D.C.

Bank of America pros and cons

Pros:

• Prequalification available with no impact on credit score
• 30-day rate lock guarantee after approval
• Interest rate discounts for Preferred Rewards members (0.25% to 0.50%)
• No loan documentation fees
• Nationwide availability

Cons:

• No financing for vehicles older than 10 years
• No loans for vehicles with 125,000+ miles or valued under $6,000
• No private party financing
• Highest discounts limited to customers with substantial balances

Bank of America best for

Bank of America auto loans are particularly advantageous for existing customers with significant account balances. Through the Preferred Rewards program, customers can receive rate discounts based on their tier: 0.25% for Gold (minimum $20,000 balance), 0.35% for Platinum ($50,000+), and 0.50% for Platinum Honors ($100,000+). Additionally, the lender works well for buyers seeking newer vehicles from dealerships who value having financing arranged before shopping.

Consumers Credit Union

_{Image Source: Consumers Credit Union}

Consumers Credit Union (CCU) offers remarkable flexibility in auto financing across all 50 states, making it a standout option for borrowers with diverse needs. Unlike traditional lenders, CCU’s approach to loan structuring allows for customized solutions rarely found elsewhere.

Consumers Credit Union loan types

CCU provides an extensive range of financing options:

• New and used car purchase loans
• Auto refinance loans (including cash-out refinancing)
• RV financing
• Motorcycle loans
• Boat loans
• Commercial vehicle financing

Moreover, CCU stands out with its lack of vehicle restrictions—no minimum loan amount and no limitations on vehicle mileage.

Consumers Credit Union interest rates and terms

As of mid-2025, CCU offers competitive rates starting from:

• New vehicles (2023 and newer): 3.99% APR with Car Buying Service or 4.49% without
• Used vehicles (2019-2022): Starting at 5.18% APR

CCU provides two significant rate discounts:

• 0.25% reduction with automatic payments
• Additional 0.50% discount when purchasing through CCU’s car buying service via TrueCar

Uniquely, CCU offers extraordinary term flexibility—any number of months between 1 and 90, rather than standard 12-month increments. Loan amounts range from $250 to $500,000.

Consumers Credit Union credit score requirements

To qualify for a CCU auto loan, you’ll need:

• Minimum credit score of 600 (some sources indicate 640)
• No minimum income requirement
• Debt-to-income ratio preferably below 50%
• Must be at least 18 years old

While CCU prefers applicants with previous auto loan history, it doesn’t require this.

Consumers Credit Union pros and cons

Pros:

• Exceptionally flexible loan terms
• No origination or processing fees
• Pre-qualification available with soft credit check
• Spanish website version and Spanish-speaking agents
• No prepayment penalties

Cons:

• Credit union membership required (though you can apply before joining)
• Higher rates for older vehicles
• Mixed customer service reviews

Consumers Credit Union best for

CCU is ideal for borrowers seeking exceptional flexibility in qualifying criteria and loan structure. First-time auto buyers benefit from no minimum income requirements, while Spanish-speaking customers appreciate the bilingual services. Additionally, the credit union works well for those with unique vehicle financing needs—whether purchasing classics, commercial vehicles, or wanting unusual term lengths. The autopay discount and car-buying service further benefit rate-conscious shoppers looking to minimize their financing costs.

PenFed Credit Union

_{Image Source: PR Newswire}

Originally established for military members, PenFed Credit Union now offers auto financing to anyone nationwide with impressive rates that rival traditional banks.

PenFed Credit Union loan types

PenFed provides three primary auto financing options:

• New car loans – For untitled vehicles from model year 2024 or newer with fewer than 7,501 miles
• Used car loans – For pre-owned vehicles or those with over 7,501 miles
• Refinance loans – Including options for vehicles with existing loans from other lenders

Importantly, PenFed does not permit internal refinancing of existing PenFed auto loans, and all vehicles must have fewer than 125,000 miles to qualify.

PenFed Credit Union interest rates and terms

As of June 2025, PenFed offers competitive rates starting at:

• New cars: 3.79% APR (36 months) to 6.04% APR (84 months)
• Used cars: 4.64% APR (36 months) to 6.74% APR (84 months)

Loan terms range from 36 to 84 months, with minimum loan amounts of $15,000 for 61-72 month terms and $20,000 for 73-84 month terms. Subsequently, PenFed provides financing up to 125% of vehicle value based on J.D. Power valuations.

PenFed Credit Union credit score requirements

PenFed doesn’t publicly disclose minimum credit score requirements. Nevertheless, applicants typically need:

• Minimum credit history of 24 months
• Maximum payment-to-income ratio of 20%
• Generally, credit scores above 661 help secure better rates

PenFed Credit Union pros and cons

Pros:

• Pre-qualification with no impact on credit score
• No application or early payoff fees
• Membership open to anyone nationwide with $5 deposit
• Rate discounts (0.25%-0.80%) when using PenFed’s car buying service

Cons:

• Credit union membership required
• No rate discounts for automatic payments
• Vehicle must have fewer than 125,000 miles
• Best rates reserved for car buying service users

PenFed Credit Union best for

PenFed shines for borrowers seeking pre-qualified offers with multiple term options. Hence, it’s ideal for those who want to compare various loan scenarios before deciding. Essentially, the credit union works best for consumers purchasing through PenFed’s car buying service, where they can find vehicles, secure financing, and potentially save an average of $2,851 off MSRP.

Capital One Auto Finance

_{Image Source: Capital One}

Capital One distinguishes itself in the auto finance market with its Auto Navigator tool that simplifies the car-buying experience. This online platform allows customers to shop for vehicles and get pre-qualified without impacting their credit score.

Capital One loan types

Capital One offers three primary auto financing options:

• New car loans (from participating dealers only)
• Used car loans (for vehicles less than 10 years old with fewer than 120,000 miles)
• Auto refinancing loans

Notably, Capital One doesn’t finance private-party sales, motorcycles, RVs, ATVs, commercial vehicles, or lease buyouts.

Capital One interest rates and terms

Capital One provides competitive rates starting at 5.89% APR. Loan amounts range from $4,000 to $100,000 for new and used cars, while refinancing has slightly different parameters ($7,500 to $75,000).

Available repayment terms include 36, 48, 60, or 72 months. Capital One charges no origination fees or prepayment penalties, making early payoff possible without additional costs.

Capital One credit score requirements

Capital One works with a broad range of credit profiles, accepting minimum scores as low as 500. Yet, borrowers with scores below 660 typically won’t qualify for the lowest advertised rates. Additional requirements include:

• Minimum monthly income of $1,500-$2,000
• U.S. address in the contiguous 48 states
• Age 18 or older

Capital One pros and cons

Pros:

• Auto Navigator tool makes car shopping convenient
• Pre-qualification available without credit score impact
• Low minimum loan amount ($4,000) suitable for cheaper used cars
• Payment postponement option available (up to 15 days)

Cons:

• Limited to participating dealerships only
• Not available in Hawaii or Alaska
• Rates aren’t the lowest in the market
• Stringent vehicle restrictions

Capital One best for

Capital One is ideal for online-focused shoppers who value convenience and transparency. The Auto Navigator tool creates a streamlined experience where buyers can search inventory from participating dealers, understand their buying power, and see personalized payment scenarios before visiting a dealership. In fact, this service works especially well for borrowers with less-than-perfect credit who want to understand their options before dealer negotiations.

Digital Federal Credit Union (DCU)

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Digital Federal Credit Union (DCU) serves over one million members nationwide as a not-for-profit financial cooperative that offers competitive auto financing options with unique member benefits.

DCU loan types

DCU provides diverse vehicle financing solutions including:

• New and used car purchase loans
• Auto refinance loans with rates as low as 4.99% APR
• Lease buyout options
• Classic and antique car financing (up to 90% of value)
• Mobility vehicle loans for accommodating disabilities
• Additional 0.25% rate discount for fully electric vehicles

Besides standard auto loans, DCU finances vehicles from private sellers and partners with online retailers like Carvana.

DCU interest rates and terms

As of June 2025, DCU offers competitive rates starting at:

• New/used auto loans: 5.49% APR for terms up to 65 months
• Auto refinancing: 4.99% APR for terms up to 65 months
• Longer terms: 5.99%-7.49% APR for 72-84 month options

DCU provides flexible terms from 12-84 months and finances up to 130% of vehicle value. Additionally, members can take advantage of no payments for the first 60 days after loan closing.

DCU credit score requirements

While DCU doesn’t publicly disclose minimum credit score requirements, various sources indicate:

• Minimum FICO score around 660-680 for better rates
• No minimum requirements for credit history or income
• Maximum debt-to-income ratio of 65%

DCU pros and cons

Pros:

• 0.50% rate discount for Plus/Relationship members with electronic payments
• Additional 0.25% discount for fully electric vehicles
• No origination or processing fees
• No prepayment penalties
• Available in all 50 states

Cons:

• Credit union membership required (though application possible before joining)
• Best rates require direct deposit of at least $500 monthly to DCU checking
• Higher rates for longer-term loans

DCU best for

DCU is ideal for environmentally-conscious buyers seeking electric vehicle financing with additional rate discounts. Moreover, the credit union works well for borrowers needing flexible financing options, since DCU has no minimum requirements for credit history or income. Certainly, those looking for longer 84-month terms with reasonable rates will find DCU’s options attractive, especially with the two-month payment deferral benefit for new loans.

Navy Federal Credit Union

_{Image Source: Navy Federal Credit Union}

As America’s largest credit union with over 13 million members, Navy Federal Credit Union caters primarily to military personnel and their families with competitive auto financing options. The institution stands out for offering some of the lowest starting rates in the market and exceptional flexibility in loan terms.

Navy Federal loan types

Navy Federal provides three main auto financing solutions:

• New auto loans: For 2024 and newer vehicles with under 7,500 miles
• Used auto loans: For 2023 and older models or vehicles with over 30,000 miles
• Refinance auto loans: For existing loans from other lenders

Additionally, Navy Federal finances motorcycles, commercial vehicles, and business vehicles through separate loan programs.

Navy Federal interest rates and terms

Currently, Navy Federal offers impressively competitive rates:

Loan Type	Up to 36 months	37-60 months	61-72 months	73-84 months	85-96 months
New Vehicle	4.09%	4.49%	4.79%	6.69%	7.59%
Used Vehicle	4.99%	5.49%	5.59%	N/A	N/A

Rates as of June 19, 2025

Loan terms extend from 12 to 96 months, with longer terms (85-96 months) requiring a minimum loan amount of $30,000 and only available for vehicles with fewer than 7,500 miles.

Navy Federal credit score requirements

Actually, Navy Federal doesn’t set a minimum credit score requirement, instead considering multiple factors holistically. For borrowers with limited credit history, a co-applicant may be required depending on the loan amount. Indeed, the institution considers the entire relationship with members rather than just credit scores.

Navy Federal pros and cons

Pros:

• No application fees
• Pre-approval option valid for 90 days
• Military APR discounts for active-duty and retired members
• Partnership with TrueCar for car-buying service

Cons:

• Membership limited to military affiliates and family members
• Higher rates for vehicles older than 20 years
• Undisclosed maximum APRs

Navy Federal best for

Overall, Navy Federal works best for military personnel and their families seeking competitive rates. Accordingly, the credit union particularly serves members who want flexible application processes with decisions typically delivered in seconds. First-time buyers with limited credit history will also find Navy Federal’s holistic approach to qualification beneficial.

Ally Financial

_{Image Source: Ally}

Ally Financial, originally an online-only bank, has grown into a major auto lending force with flexible financing options and a surprisingly low minimum credit score requirement, making it accessible to borrowers across the credit spectrum.

Ally Financial loan types

Ally primarily offers four main auto financing solutions:

• Retail financing for new and used vehicles (up to 10 model years old with ≤120,000 miles)
• Auto refinancing (not available in Nevada, Vermont, and DC)
• Lease buyout loans
• SmartLease® for new vehicles with comprehensive lease training and consumer-friendly return policies

Ally also provides the unique Balloon Advantage program, featuring reduced regular payments with one larger balloon payment due at the end of the financing term.

Ally Financial interest rates and terms

Despite not publicly disclosing specific interest rates, Ally offers flexible terms ranging from 36 to 84 months for refinancing. For purchasing, customers must visit one of Ally’s 23,000+ partner dealerships nationwide to apply and receive rate information. Importantly, Ally charges no application or document fees for any of their auto loans.

Ally Financial credit score requirements

Remarkably, Ally accepts credit scores as low as 520, substantially lower than industry standards. For refinancing specifically, applicants need a minimum monthly income of $2,000. Simultaneously, Ally allows joint applications, helping those who might not qualify independently.

Ally Financial pros and cons

Pros:

• Extremely low minimum credit score requirement (520)
• Prequalification available for refinancing without affecting credit score
• No application or document fees
• Joint applications accepted

Cons:

• Cannot prequalify for new/used car loans online
• Must visit participating dealers for purchase financing
• Limited refinancing availability (not in NV, VT, DC)
• Cannot refinance existing Ally loans with Ally

Ally Financial best for

Ally works best for borrowers with lower credit scores who might struggle to qualify elsewhere. Regardless of its limitations, Ally’s flexible approach makes it suitable for those seeking refinancing options with minimal credit history requirements. Furthermore, the company’s pass-through program benefits customers by allowing applications that don’t meet Ally’s criteria to be sent to partner lenders.

First Tech Federal Credit Union

_{Image Source: www.firsttechfed.com}

First Tech Federal Credit Union specializes in accommodating used vehicle purchases with some of the most generous mileage and age allowances in the industry. This credit union stands out primarily for its willingness to finance vehicles that many other lenders might reject.

First Tech loan types

First Tech offers flexible financing options with a focus on used vehicles. Their loan portfolio includes:

• Used car loans for vehicles up to 10 years old with up to 150,000 miles
• Private party purchase financing
• Auto refinancing options

While some sources indicate First Tech doesn’t offer new auto loans, their website shows new car financing with terms up to 84 months.

First Tech interest rates and terms

As of mid-2025, First Tech provides competitive rates:

Loan Type	APR	Example Payment
New Auto	8.32%	$15.75 per $1,000 borrowed (84 months)
Used Auto	8.70%	$15.94 per $1,000 borrowed (84 months)

First Tech offers terms up to 84 months with no payment for the first 90 days as an optional feature. Yet, deferring payments may affect your APR and total interest paid.

First Tech credit score requirements

First Tech typically requires:

• Minimum credit score of 660
• Maximum debt-to-income ratio of 50%
• Average borrower credit score of 745

Comparatively, they allow co-signers or co-borrowers on loan applications, which can help increase approval chances or secure better rates.

First Tech pros and cons

Pros:

• Exceptionally high vehicle mileage (150,000) and age (10 years) acceptance
• Private party purchase financing available
• No prepayment penalties or application fees
• Digital document delivery with fast loan decisions

Cons:

• Credit union membership required (though joining is straightforward)
• Maximum loan amount limited to $55,000
• No autopay rate discount offered
• $29 late payment fee

First Tech best for

First Tech works best for used car shoppers seeking older or higher-mileage vehicles that other lenders might reject. Nonetheless, it’s ideal for tech company employees who qualify for membership directly. Meanwhile, those buying from private sellers will appreciate First Tech’s willingness to finance these transactions when many competitors restrict purchases to dealerships only.

LendingClub

_{Image Source: Lending Club}

LendingClub operates as an online-only lender specializing primarily in auto refinancing, offering a fully digital experience for borrowers looking to reduce their monthly car payments.

LendingClub loan types

LendingClub focuses exclusively on auto refinance loans, with no options for new or used car purchases. The company refinances loans between $4,000 and $55,000, with customers saving an average of $43 per month compared to their previous loans. Yet, LendingClub maintains strict vehicle requirements, excluding:

• Cars older than 10 years or with more than 120,000 miles
• Recreational vehicles, motorcycles, and commercial vehicles
• Specific makes including Hummer, Pontiac, Saab, Saturn, Daewoo, Isuzu, Suzuki, Oldsmobile, and Nissan Leaf

LendingClub interest rates and terms

Currently, LendingClub offers APRs ranging from 4.99% to 24.99%, with loan terms spanning from 24 to 84 months. To illustrate potential savings, consider this example: a borrower receiving $23,107 for a 59-month term with 8.43% APR would make 59 monthly payments of $478. Consequently, members save over $2,500 on average over the life of their refinanced loans.

LendingClub credit score requirements

During the application process, LendingClub works with credit scores as low as 510, making refinancing accessible to borrowers with imperfect credit. Still, those seeking the lowest rates typically need scores of 660 or higher.

LendingClub pros and cons

Pros:

• 100% online application process with no branch visits required
• No origination, application, or prepayment fees
• Accepts borrowers with credit scores as low as 510
• Pre-qualification with soft credit check

Cons:

• Maximum loan amount limited to $55,000
• Not available in Alaska, Hawaii, Maine, New Hampshire, North Dakota, Vermont, West Virginia, Wyoming, Washington D.C., and U.S. territories
• Restricts numerous car makes and models
• No mobile app for managing loans

LendingClub best for

LendingClub works best for borrowers seeking to compare multiple refinance options through a streamlined digital process. The lender particularly suits those with lower credit scores who might struggle to qualify elsewhere. Additionally, customers looking for a fully online experience without branch visits will find LendingClub’s digital-first approach appealing.

Carvana

_{Image Source: Carvana}

Carvana’s fully online car-buying model makes it unique among auto lenders, combining vehicle selection and financing in one digital marketplace. The company positions itself as an accessible option for borrowers across various credit profiles.

Carvana loan types

Carvana exclusively offers in-house financing for vehicles purchased through its platform. Their loan options include:

• Financing for used vehicles in Carvana’s inventory
• No new vehicle financing (inventory limited to used cars)

Fortunately, Carvana also accepts third-party financing options from external lenders, giving buyers flexibility if they find better rates elsewhere.

Carvana interest rates and terms

While Carvana doesn’t publicly advertise specific interest rate ranges, reports indicate their rates tend to be higher than many competitors. Key financing features include:

• Two-minute online prequalification process without affecting credit score
• Personalized financing terms valid for 30 days
• Optional $10 monthly payment discount with automatic payments
• Loan terms ranging from 12-72 months

Carvana credit score requirements

Carvana maintains unusually flexible qualification criteria:

• No minimum credit score requirement
• Minimum annual income of $5,100
• No active bankruptcies
• Must be at least 18 years old
• Six months of credit history

Remarkably, approximately 99% of applicants receive approval for Carvana financing.

Carvana pros and cons

Pros:

• Seven-day money-back guarantee with up to 400 miles of driving
• 100-day/4,189-mile limited warranty
• Entirely online application and purchase process
• Accessible for buyers with poor credit

Cons:

• Financing limited to Carvana’s inventory only
• Typically higher interest rates than traditional lenders
• Mandatory down payment requirement
• Not available in Alaska or Hawaii

Carvana best for

Carvana works best for shoppers seeking a streamlined online car-buying experience, primarily those with limited or damaged credit histories who may struggle to qualify elsewhere. Plus, its seven-day return policy makes it ideal for buyers who want the security of a test-ownership period before committing to their purchase.

CarMax Auto Finance

_{Image Source: CarMax}

With a focus exclusively on used vehicles, CarMax Auto Finance distinguishes itself through a streamlined car-buying and financing experience. The company’s innovative approach combines vehicle selection with flexible financing solutions for various credit profiles.

CarMax loan types

CarMax offers used auto loans exclusively for vehicles purchased through its lots. Financing comes through:

• CarMax Auto Finance (their direct lending arm)
• An extensive network of lending partners

This dual approach enables customers to compare multiple financing options without visiting different lenders. Interestingly, all loan applications can be completed online or in-person at over 240 CarMax locations nationwide.

CarMax interest rates and terms

Although CarMax doesn’t publicly disclose specific APR ranges, they provide:

• Loan amounts from $500 to $100,000
• Pre-qualification with no impact on credit score
• Decisions in approximately five minutes for most applicants
• Loan offers valid for 30 days after approval

For additional flexibility, CarMax offers a three-day payoff option, allowing customers to replace CarMax financing with another lender’s offer at no cost.

CarMax credit score requirements

CarMax stands out by accommodating a wide range of credit profiles:

• No minimum credit score requirement
• No minimum credit history requirement
• Approves approximately 95% of applicants through CarMax Auto Finance or lending partners

CarMax pros and cons

Pros:

• Remote vehicle purchasing without visiting a physical location
• 90-day/4,000-mile limited warranty covering parts and labor
• Fast financing decisions (typically under five minutes)
• No origination or processing fees

Cons:

• Financing limited to CarMax inventory only
• Various fees including processing and potential shipping charges
• No-haggle pricing policy prohibits negotiation

CarMax best for

CarMax works ideally for shoppers seeking a pressure-free, efficient car-buying experience. The company particularly suits those preferring a streamlined process where buying and financing happen simultaneously. Secondly, buyers with less-than-perfect credit will appreciate CarMax’s flexible approval criteria and high acceptance rate.

LightStream

_{Image Source: LinkClicky}

LightStream, a division of Truist, offers unsecured auto loans that give borrowers with good credit exceptional flexibility and fast funding options. Unlike traditional auto lenders, LightStream’s approach removes the vehicle as collateral, creating a unique position in the marketplace.

LightStream loan types

LightStream provides several auto financing options through their unsecured personal loan structure:

• New and used car purchases
• Auto refinancing (not for existing LightStream loans)
• Lease buyouts
• Classic car financing
• Motorcycle loans
• Private party auto purchases

Interestingly, these loans function as personal loans branded for auto purposes, giving customers more flexibility than traditional secured auto loans.

LightStream interest rates and terms

As of mid-2025, LightStream offers competitive fixed rates:

• New/used auto loans: 6.49%-15.29% APR
• Private party purchases: 6.74%-15.54% APR
• Auto refinancing: 6.74%-15.54% APR
• Lease buyouts: 6.74%-15.54% APR

All rates include a 0.50% discount for enrolling in AutoPay. Loan amounts range from $5,000 to $100,000 with terms spanning 24-84 months. Remarkably, LightStream can fund loans as soon as the same day of application if completed by 2:30 p.m. Eastern Time.

LightStream credit score requirements

Although LightStream doesn’t publicly disclose a specific minimum credit score, they typically require:

• Good to excellent credit (generally 660+ FICO)
• Several years of credit history with diverse account types
• Demonstrated saving ability through retirement/investment accounts
• Stable income sufficient to cover existing obligations plus new loan
• Solid payment history with minimal delinquencies

LightStream pros and cons

Pros:

• No fees whatsoever (application, origination, or prepayment)
• Extraordinarily fast funding timeline
• Fully online application process
• No vehicle restrictions on make, model, or mileage
• Unique rate-beat program for competing offers

Cons:

• No prequalification option (hard credit inquiry required)
• Minimum loan amount of $5,000
• Higher rates than many secured auto loans
• No cosigner option (though co-borrowers permitted)

LightStream best for

LightStream shines for borrowers with strong credit seeking maximum flexibility in vehicle choice. Given its lack of vehicle restrictions, it’s particularly valuable for classic car purchases, private party transactions, or situations where traditional lenders might decline based on vehicle specifications. Moreover, those needing rapid funding will appreciate the same-day funding capability.

Chase Auto

_{Image Source: Chase Bank}

As a division of JPMorgan Chase Bank, Chase Auto connects car buyers with financing options through its network of participating dealerships. The lender emphasizes convenience with online tools for prequalification and rate locking prior to dealership visits.

Chase Auto loan types

Chase Auto provides financing primarily through two channels:

• New vehicle financing: Available for model years 2023-2025 when you’re the first owner
• Used vehicle financing: For pre-owned vehicles from model years 2014-2025

Interestingly, Chase does not offer auto refinancing or financing for private party sales. All vehicles must be purchased through dealers within the Chase network.

Chase Auto interest rates and terms

While Chase doesn’t publicly disclose its full rate spectrum, qualified borrowers with excellent credit may find rates starting around 7.09%. Term options range from 12 to 84 months with no down payment required. Primarily, Chase offers a valuable 30-day rate lock feature that helps buyers shop with confidence.

Chase Auto credit score requirements

Chase doesn’t reveal specific minimum credit score requirements. Yet, their online calculator suggests ranges from 619 and below (fair) to 740 and above (excellent). Undoubtedly, higher credit scores secure better rates—a VantageScore of 780+ or FICO score of 799+ positions borrowers optimally.

Chase Auto pros and cons

Pros:

• No fees for paying off loans early
• Online car shopping service available
• Rate lock valid for 30 days
• Prequalification with no credit impact

Cons:

• Dealership must participate in Chase network
• Changing dealers/vehicles requires new application
• Limited transparency regarding qualification requirements
• No refinancing options available

Chase Auto best for

Chase Auto works best for shoppers who prefer planning their financing before visiting dealerships. The prequalification process helps buyers understand their buying power with no impact on credit scores. Firstly, this lender benefits those shopping at Chase network dealers who value the convenience of a major bank’s digital tools and resources.

Auto Credit Express

_{Image Source: Auto Credit Express}

Auto Credit Express sets itself apart as a specialized broker connecting credit-challenged car buyers with a nationwide network of dealerships and lenders offering special financing options. Unlike traditional lenders, this service focuses primarily on helping those who struggle to secure auto financing elsewhere.

Auto Credit Express loan types

Auto Credit Express doesn’t directly provide loans but connects customers with various financing solutions through its dealer network:

• Special financing for borrowers with damaged credit
• Buy Here Pay Here dealership connections
• In-house financing options
• “We Finance Anyone” dealership partnerships
• Rent-to-own showroom connections

The service works with thousands of dealerships across the United States and Canada offering special auto financing on both new and pre-owned vehicles.

Auto Credit Express interest rates and terms

Interest rates vary based on the participating lender and individual credit profile, with no publicly disclosed rate ranges. Yet, rates through special financing dealers typically run higher than traditional lenders due to increased risk. The company focuses on connecting borrowers to lenders who report payment history to all three major credit bureaus—TransUnion, Experian, and Equifax—helping rebuild credit over time.

Auto Credit Express credit score requirements

Auto Credit Express works with credit scores as low as 540, making it accessible to borrowers with:

• Recent or prior bankruptcy (Chapter 7 or 13)
• Past repossessions
• Limited or no credit history
• History of late payments

Additional requirements include:

• Minimum monthly pre-tax income of $1,500
• Full-time employment or guaranteed fixed income
• Proof of residency and working phone number

Auto Credit Express pros and cons

Pros:

• Assists customers with bankruptcies and no credit history
• Pre-qualification available without affecting credit score
• High acceptance rate through diverse lender network
• Variety of loan options including refinancing

Cons:

• Limited transparency regarding loan terms before dealer contact
• Higher interest rates than traditional financing
• Requires dealership visit to complete application process
• Down payment often required

Auto Credit Express best for

Auto Credit Express is ideal for borrowers seeking second chances after credit setbacks. I found it works exceptionally well for those with recent bankruptcies, repossessions, or minimal credit history who need vehicle financing options. Furthermore, the service benefits customers looking to rebuild their credit profile through timely auto loan payments.

myAutoloan

_{Image Source: Facebook}

myAutoloan operates as an internet-based marketplace connecting car buyers with multiple financing offers through a single application, creating a competitive environment where lenders vie for your business.

myAutoloan loan types

myAutoloan facilitates various financing options through its lender network:

• New auto loans for purchasing vehicles from dealerships
• Used auto loans for pre-owned vehicles
• Refinance loans with rates starting as low as 4.95%
• Private party purchases for buying directly from individual sellers
• Lease buyout financing for converting leases to ownership

Importantly, the platform acts as a matchmaker rather than a direct lender, potentially connecting you with up to four different offers almost instantly.

myAutoloan interest rates and terms

Currently, myAutoloan advertises competitive rates across different loan categories and terms:

Loan Type	36 months or less	37-60 months	61-72 months	73-84 months
New Auto	6.49%	6.99%	6.99%	7.49%
Used Auto	6.74%	7.24%	7.24%	7.74%
Refinance	5.49%	4.95%	5.42%	5.37%
Private Party	6.49%	6.99%	6.99%	7.49%
Lease Buyout	5.24%	4.59%	5.52%	5.74%

Rates as of June 2025

Remarkably, you can receive your financing certificate or check within 24 hours of approval.

myAutoloan credit score requirements

To qualify for myAutoloan financing, applicants typically need:

• Minimum credit score of 600
• Gross yearly income of $21,600 for purchase, private party, and lease buyout loans
• Minimum income of $18,000 for refinance loans
• No application submissions in the past 31 days for the same loan type

myAutoloan pros and cons

Pros:

• Possible to receive up to four loan offers from different lenders
• Free, fast application with no obligation
• Funding available within 24 hours
• Flexible terms from 24-84 months
• No application fees

Cons:

• Not available in Alaska or Hawaii
• Minimum loan amount of $8,000 for purchases ($5,000 for refinancing)
• Vehicle must be 10 years or newer with less than 125,000 miles
• Only online applications accepted

myAutoloan best for

myAutoloan works exceptionally well for comparison shoppers who value convenience and speed. Furthermore, the service benefits borrowers with credit scores as low as 600 who might struggle to qualify with traditional lenders. Given its rapid funding timeline, it’s ideal for buyers who need quick financing decisions without visiting multiple lenders separately.

Comparison Table

Lender	Starting APR	Min Credit Score	Loan Types	Term Length	Key Features	Notable Restrictions
Bank of America	5.64%	661	New, Used, Refinance, Lease buyout	48-72 months	Rate discounts for Preferred Rewards members (0.25-0.50%)	No vehicles over 10 years/125,000 miles
Consumers Credit Union	3.99%	600	New, Used, Refinance, Private party	1-90 months	Flexible term lengths, No minimum loan amount	Credit union membership required
PenFed Credit Union	3.79%	661	New, Used, Refinance	36-84 months	Rate discounts (0.25-0.80%) with car buying service	Vehicles must have <125,000 miles
Capital One	5.89%	500	New, Used, Refinance	36-72 months	Auto Navigator shopping tool	Limited to participating dealers
DCU	4.99%	660-680	New, Used, Refinance, Private party	12-84 months	0.25% EV discount, 0.50% relationship discount	Credit union membership required
Navy Federal	4.09%	Not disclosed	New, Used, Refinance	12-96 months	Military APR discounts, 90-day pre-approval	Military affiliation required
Ally Financial	Not disclosed	520	New, Used, Refinance, Lease buyout	36-84 months	Balloon payment options available	Must use participating dealers
First Tech	8.32%	660	New, Used, Private party	Up to 84 months	Accepts vehicles up to 150,000 miles	$55,000 maximum loan amount
LendingClub	4.99-24.99%	510	Refinance only	24-84 months	100% online process	Not available in 10 states
Carvana	Not disclosed	None	Used only	12-72 months	7-day return policy	Limited to Carvana inventory
CarMax	Not disclosed	None	Used only	Not disclosed	90-day/4,000-mile warranty	Limited to CarMax inventory
LightStream	6.49%	660	New, Used, Refinance, Private party	24-84 months	Same-day funding available	No prequalification option
Chase Auto	7.09%	Not disclosed	New, Used	12-84 months	30-day rate lock	Dealer network only
Auto Credit Express	Not disclosed	540	New, Used, Special financing	Not disclosed	Accepts recent bankruptcies	Down payment often required
myAutoloan	4.95%	600	New, Used, Refinance, Private party	24-84 months	Multiple offers from single application	Vehicles must be ≤10 years old

Conclusion

Finding the right auto loan doesn’t need to feel overwhelming. Throughout this guide, we’ve explored fifteen leading lenders offering competitive rates across various borrower profiles and needs. Undoubtedly, the auto financing landscape in 2025 offers options for almost every situation, whether you’re seeking the lowest possible rates, have less-than-perfect credit, or need specialized financing.

Credit unions generally offer the most competitive starting rates, with Navy Federal leading at 4.09% and PenFed close behind at 3.79% for specific terms. Nonetheless, traditional banks provide valuable benefits through relationship discounts and nationwide accessibility. First-time buyers or those rebuilding credit might find Ally Financial’s 520 minimum credit score requirement particularly helpful.

Although interest rates remain a critical factor, several other considerations deserve attention when selecting your lender. Loan term flexibility, vehicle restrictions, membership requirements, and specialized discounts all play significant roles in determining your best match. For instance, Consumers Credit Union stands out with terms ranging from 1-90 months, while First Tech accepts vehicles with up to 150,000 miles when many competitors cap at 120,000.

Most compelling evidence suggests comparing multiple offers yields the best results. Services like myAutoloan facilitate this process by connecting you with up to four different lenders through a single application. Additionally, many lenders now offer prequalification with no impact on your credit score, allowing worry-free rate shopping.

Your personal circumstances ultimately dictate which lender works best for your situation. Military members benefit from Navy Federal’s specialized rates, while existing Bank of America customers can leverage Preferred Rewards discounts. Similarly, borrowers seeking maximum flexibility might prefer LightStream’s unsecured option, despite slightly higher rates.

Remember to consider not just the interest rate but also term length, potential fees, and whether the lender offers prequalification before applying. Taking time to evaluate these factors helps secure financing that aligns with both your immediate budget constraints and long-term financial goals.

FAQs

Q1. What factors affect auto loan interest rates? Interest rates on auto loans are influenced by several factors, including your credit score, loan term length, the age and mileage of the vehicle, and current market conditions. Generally, higher credit scores, shorter loan terms, and newer vehicles tend to qualify for lower interest rates.

Q2. How can I improve my chances of getting approved for an auto loan? To increase your approval odds, work on improving your credit score, save for a larger down payment, consider a co-signer with strong credit, and ensure a stable income. It’s also helpful to get pre-approved by multiple lenders to compare offers before visiting a dealership.

Q3. Are credit union auto loans better than those from traditional banks? Credit unions often offer lower interest rates and more flexible terms compared to traditional banks. However, the best option depends on your individual circumstances. Credit unions may have membership requirements, while banks might offer relationship discounts or more extensive branch networks.

Q4. Can I get an auto loan with bad credit? Yes, it’s possible to get an auto loan with bad credit, but you’ll likely face higher interest rates. Lenders like Auto Credit Express specialize in working with credit-challenged borrowers. Consider improving your credit score before applying, or look into securing a co-signer to potentially qualify for better rates.

Q5. What’s the difference between prequalification and preapproval for auto loans? Prequalification typically involves a soft credit check and provides an estimate of your potential loan terms based on basic information. Preapproval involves a hard credit inquiry and results in a more accurate offer, often with a specific interest rate and loan amount. Preapproval carries more weight when negotiating with dealers.