Best Auto Loan Companies | Best New Car Loan Rates United States of America
Today, BenFed Credit Union, MyAutoLoan, Consumers Credit Union, Auto Credit Express and Bank of America have the best auto loan rates for new or used cars.
In this article, we’ll talk about the top five providers with the best auto loan rates and how you can find better financing terms. We also profile the best auto loan companies with the best new and used car loan rates. When shopping for auto loans, it’s a good idea to compare pre-qualification offers from several top lenders. Below are some important things to know about the best car loan rates:
Penfed Credit Union offers the lowest auto loan annual percentage rates overall.
The best used car loan rates start at 2.49%, while the best new car loan rates are 2.09%.
Shorter financing terms of 24 to 36 months usually come with lower interest rates.
Shop around and get quotes from multiple lenders to find the best auto loan rates for you.
Best Auto Loan Lenders
Based on our research, PenFed Credit Union currently offers the best annual percentage rate (APR) of 2.09%, and myAutoloan.com and Consumer Credit Union typically offer some of the lowest rates and financing terms. The table below lists the top five providers with the best auto loan rates in 2022.
Best Auto Loan Companies
Below is a list of the best auto loan companies with low rates. Benfed Credit Union comes out on top with the best new car loan rates, but if you’re looking for used car loans or refinancing, other companies may be a better fit for you. To help you find the best auto loan rates for you, we’ve detailed new and used car loan APRs, pros and cons, and details on each company’s loan services.
1. Penfed Credit Union: Best New Car Loan Rates
New Car Loan Starting APR: 2.09%
Used Car Loan APR Starting: 3.29%
Penfed Credit Union currently has one of the lowest annual percentage rates of any bank, credit union or credit union. The advertised starting rate for new cars is 2.09%, but no one can get that low. This rate is applicable for those using Penfed Car Buying Service to purchase a new vehicle with a loan term of 36 months. Penfed Credit Union works with TrueCar to show you vehicles in your area, and the low APR is an incentive to use this shopping process.
If you buy a vehicle without using this purchase service, the loan rates start from 2.89%. Used car loans start at 3.29% with purchase service, 3.69% otherwise. These are still some of the best auto loan rates compared to other lenders’ rates for new and used vehicle purchases.
PenFed Credit Union requires membership and a $5 deposit. You can become a member through various organizations or by expressing your interest to join.
2 myAutoloan.com: Best Used Car Loan Rates
New Car Loan APR Starting From: 2.24%
Used Car Loan APR Starting: 2.49%
myAutoloan.com is a web-based lender that has been around since 2003 and currently has new car loan offers with rates as low as 2.24%. The company has a 4.3 out of 5.0-star rating from more than 800 customers on TrustPilot and an A+ rating from the Better Business Bureau (BBB).
#3 Consumer Credit Union: Best Credit Union
New Car Loan Starting APR: 2.74%
Used Car Loan APR Starting: 2.99%
Consumer credit unions are another great option for low rates on auto loans. Based in Illinois, the credit union offers membership to anyone in the country who can pay a $5 fee and keep at least $5 in a savings account. The credit union has an A+ rating with accreditation from the BBB. Consumer Credit Union’s auto loan products are available to people with good to excellent credit in the mid-600s and above.
#4 Lightstream: Best Customer Rating
New Car Loan APR Starting From: 3.99%
Used Car Loan APR Starting: 3.99%
Founded in 2013, Lightstream is the online lending arm of Truist Bank. According to the company’s website, it has a 4.9 out of 5.0-star rating based on more than 22,000 customer reviews. It also has an A+ rating with accreditation from the BBB.
Good auto loan interest rate