To get the best car loan in the USA, consider the following
- Check credit score (700+ ideal)
- Review credit report for errors
- Determine budget
- Research lenders (banks, credit unions, online lenders)
- Consider loan terms (interest rate, repayment period, fees)
Best Car Loan Options
- Capital One Auto Finance (flexible repayment options)
- Chase Auto (competitive rates, flexible terms)
- LightStream (competitive rates, flexible terms)
- Bank of America Auto Loans (competitive rates, flexible terms)
- US Bank Auto Loans (competitive rates, flexible repayment)
- PNC Auto Loans (competitive rates, flexible terms)
- TD Auto Finance (competitive rates, flexible repayment)
- LendingTree (multiple lender quotes)
- CarsDirect (online car buying and financing)
- Autopay (competitive rates, flexible terms)
Government-Backed Options
- VA Car Loans (for veterans and military personnel)
- USDA Car Loans (for rural residents)
Tips
- Improve credit score for better rates
- Choose shorter loan term (lower interest)
- Consider certified pre-owned vehicles
- Avoid origination fees
- Read reviews and check lender reputation
- Compare APR (annual percentage rate) instead of interest rate
- Ask about discounts (e.g., autopay, loyalty)
- Consider financing through dealerships
- Review and understand loan documents
- Consider refinancing options
Additional Resources
- National Automobile Dealers Association (NADA) – car buying guide
- Consumer Financial Protection Bureau (CFPB) – car loan guidance
- Federal Trade Commission (FTC) – car buying tips
- Kelley Blue Book (KBB) – car pricing and research
Loan Comparison Tools
- NerdWallet\’s Car Loan Calculator
- Edmunds\’ Car Loan Calculator
- Bankrate\’s Car Loan Calculator
- LendingTree\’s Car Loan Comparison
USA best car loan rate
- LightStream: Offers rates as low as 7.74% to 15.69% APR, with loan amounts from $5,000 to $100,000 and a minimum credit score of 660 ¹
- Consumers Credit Union: Provides rates from 6.24% to 17.54% APR, with loan amounts up to $100,000 and a minimum credit score of 600 ¹.
- Alliant Credit Union: Offers rates ranging from 5.50% to 23.25% APR, with no minimum or maximum loan amount and no disclosed minimum credit score [1).
Used Car Direct Lenders
- Improving your credit score (700+ ideal)
- Researching and comparing lenders
- Choosing shorter loan terms
- Avoiding origination fees
- Reviewing loan documents carefully
Some top lenders for good and bad credit include:
- Capital One Auto Finance
- Chase Auto
- Bank of America Auto Loans
- US Bank Auto Loans
- PNC Auto Loans
For more information and to compare rates, visit NerdWallet ¹.
The latest car loan rates in the USA for 2024 vary depending on your credit score, loan terms, and lender. Here are some current rates:
- New Car Loan Rates:
- Excellent credit (781-850): 5.07% ¹
- Good credit (661-780): 6.44% ¹
- Fair credit (601-660): 8.99% ¹
- Poor credit (501-600): 11.72% ¹
- Bad credit (300-500): 14.18% ¹
- Used Car Loan Rates:
- Excellent credit (781-850): 7.09% ¹
- Good credit (661-780): 9.06% ¹
- Fair credit (601-660): 13.49% ¹
- Poor credit (501-600): 18.49% ¹
- Bad credit (300-500): 21.38% ¹
Some top lenders offering competitive rates include:
- AUTOPAY: 2.99% APR for new car loans, with loan terms of 24 to 96 months and a minimum credit score of 560 ¹
- PenFed Credit Union: 5.19% APR for new car loans, with loan terms of 36 to 84 months and a minimum credit score of 650 ¹
- Chase: 6.34% APR for new car loans, with loan terms of 12 to 84 months and no minimum credit score requirement ¹
- Consumers Credit Union: 5.54% APR for new car loans, with loan terms of up to 84 months and a minimum credit score of 620 ¹
Keep in mind that these rates are subject to change and may not reflect the current market. It\’s essential to research and compare rates from multiple lenders to find the best option for your situation.
Best auto loan for new car USA and used cars November 2024
The best auto loans for new and used cars in the USA for November 2024 offer competitive interest rates and flexible terms. Here are some top options:
New Car Loans
- LightStream: Offers rates as low as 5.07% APR, with loan terms of 24 to 96 months and a minimum credit score of 660. They provide quick loan decisions and funding, enabling cash purchasing for cars ¹.
- Capital One: Features an easy-to-use app and interface, with a huge network of approved dealerships. However, you can only shop with their dealers, and pre-approval only applies to select dealers ¹.
- Bank of America: Offers extremely competitive rates, with discounts available for some customers. However, discounts only apply to major account holders ($20,000 or more) ¹.
Used Car Loans
- MyAutoLoans: Provides fast approvals and the ability to compare offers from up to four banks at once. They offer loans for people with a variety of credit backgrounds, but may not be available in all states ¹.
- Santander: Offers loans to borrowers with less-than-perfect credit, with a simple application process. However, they have spotty customer reviews and higher interest rates ¹.
- U.S. Bank: Offers consistent, easy-to-understand rates, with discounts for some account holders. However, they have strict credit requirements and charge prepayment fees ¹.
Additional Tips
- Know your credit score and financial standing before applying.
- Make a sizable down payment to lower interest rates.
- Shop around and compare rates from multiple lenders.
- Consider local banks and credit unions for discounts.
- Get pre-approved before starting your car search.
Keep in mind that interest rates and terms may vary based on your credit score, loan terms, and lender. Research and compare rates from multiple lenders to find the best option for your situation.
The best USA auto loan rates in 2024 and how to qualify
The best USA auto loan rates in 2024 vary depending on your credit score, loan terms, and lender. Here are some top options:
- LightStream: Offers rates as low as 5.07% APR, with loan terms of 24 to 96 months and a minimum credit score of 660. They provide quick loan decisions and funding, enabling cash purchasing for cars ¹.
- Capital One: Features an easy-to-use app and interface, with a huge network of approved dealerships. However, you can only shop with their dealers, and pre-approval only applies to select dealers ¹.
- Bank of America: Offers extremely competitive rates, with discounts available for some customers. However, discounts only apply to major account holders ($20,000 or more) ¹.
- MyAutoLoans: Provides fast approvals and the ability to compare offers from up to four banks at once. They offer loans for people with a variety of credit backgrounds ¹.
- Santander: Offers loans to borrowers with less-than-perfect credit, with a simple application process. However, they have spotty customer reviews and higher interest rates ¹.
- U.S. Bank: Offers consistent, easy-to-understand rates, with discounts for some account holders. However, they have strict credit requirements and charge prepayment fees ¹.
To qualify for the best auto loan rates, consider the following:
- Know your credit score: A good credit score can help you secure better interest rates. Aim for 700 or higher ¹.
- Make a sizable down payment: Putting down more money upfront can lower your interest rate and monthly payments ¹.
- Shop around: Compare rates from multiple lenders to find the best option for your situation ¹.
- Consider local banks and credit unions: They may offer better rates and more personalized service ¹.
- Get pre-approved: Before starting your car search, get pre-approved for a loan to know your budget and negotiating power ¹.
Additionally, factors that impact auto loan rates include:
- Credit history: Your payment history and credit utilization affect interest rates ¹.
- Vehicle type: New cars often have lower interest rates than used cars ¹.
- Loan term: Longer loan terms may result in higher interest rates ¹.
- Down payment: Larger down payments can lead to better interest rates ¹.
