Buying a new van, truck, or car can be an exciting process. However, things can get a lot less fun when it comes to paying for a new ride. Sometimes, buyers are so excited to take their new vehicle home that they sign the first car loan that they can get their hands on.
Whether you’re refinancing an existing loan or buying a brand new vehicle, finding the best terms will help you enjoy your freedom without any financial setbacks. We’ve listed the top auto loans to help you choose the right loan based on your budget:
PenFed Credit Union
With minimum loan amounts of $5,000 and rates as low as 1.39% for new cars, PenFed Credit Union is one of the best overall loans.
Pros:
Finance up to 110% on new cars
Offers High-interest, used, and new loans
Easy online application
Cons:
Lowest rates only available through its car-buying service
Must be a member of the credit union
Consumers Credit Union
By offering car loans nationwide that finance 100% of your used or new vehicle, Consumers Credit Union is a great choice for auto loans.
Pros:
Available in all 50 states
Offers used, new, and refinance loans
No maximum or minimum loan amount
Cons:
Lowest rates available for 640+ credit scores
Must be a member of the credit union
Oportun
One of the best choices for bad credit, Oportun offers funds within two hours, easy online application, and personal loans with credit score requirements.
Pros:
Pre-qualify with a soft credit check
Easy online application with instant approval
No minimum credit score required to apply
Cons:
High interest rates
Available only in 12 states
Capital One
Capital One offers competitive rates and gives car shoppers the peace of mind of working with a major secure lender, making it one of the best big bank lenders.
Pros:
Pre-qualify with a soft credit check
Offers competitive rates for all credit scores
Cons:
Loans available only through the lender’s network of dealers
Must contact the dealer directly to confirm if the vehicle is in stock