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Auto loans are a necessity for most people, especially if you’re buying a new car. Before you take the first loan that comes your way, know how to find the best auto loan rates to ensure you get the best deal available to you.
This list of the best auto loan rates includes traditional loan originators and various auto loan marketplaces that allow consumers to compare quotes.
Comparing auto loan rates (side-by-side) will help you pick the best offer, will save you time, and is the most advantageous for consumers.
Caribou is redefining the way consumers refinance auto loans. They have created the easiest process for consumers to refinance auto loans, shop around for new rates, and avoid bad car loan deals.
So, if you are on the market to refinance your auto loan, then Caribou is truly the only place we would recommend for you to go. It is important to note that Caribou is an auto loan refinance marketplace. This means they will help you comparison shop. Simply fill out the form, and they will work with their network of Auto Loan Refinance Lenders to provide you with tailored (low) auto loan refinance rates.
>> More: Caribou Review
MyAutoLoan.com is an auto loan lender marketplace. They don’t underwrite or fund loans but instead bring together borrowers and lenders in one place.
You complete one application and receive up to 4 offers from different lenders. There’s no obligation to use any of the lenders, and there’s no charge to use MyAutoLoan.com.
If you choose a lender and move forward, you’ll work directly with the lender itself to finalize the loan details.
>> More: myAutoLoan Car Loans Review
LightStream is the online lending branch of SunTrust Bank. The entire loan process occurs online. You choose the funding date (upon approval), and LightStream deposits the funds in your account, making you a cash buyer at the dealer.
LightStream offers various loan options for new and used car purchases, car loan refinancing, and buyouts. If you have excellent credit, you may even get an unsecured car loan.
>> More: LightStream Auto Loans Review
Auto Credit Express® caters to borrowers with less than perfect credit and even helps borrowers in the middle of a bankruptcy or repossession get approved. The professionals at Auto Credit Express® provide a custom-tailored solution to determine which loan option works for you and helps you get matched (and approved) with one of their 1,200 lenders or dealers.
>> More: Auto Credit Express Review
PenFed is a credit union providing its members incredible benefits, including low-interest rate car loans and a reputable car buying service.
While you get the lowest rates for using the car buying service, you don’t have to use it (only available with select dealers). PenFed offers loans on new and used cars and offers some of the lowest interest rates on the market. Anyone can join PenFed – it’s free to join as long as you are 18-years old, have a savings account with at least $5, and are a US citizen.
>> More: PenFed Auto Loans Review
Credit unions usually offer the lowest rates but have barriers to entry. Consumers Credit Union offers both low rates and easy membership qualifications. To qualify, you pay just a $5 membership fee and keep a $5 balance in your Membership Share/Savings account. CCU offers low fixed interest rate loans with a variety of terms. Their loans include 24-hour emergency service and mechanical care coverage, and you can get a rate reduction for setting up autopay.
Carvana is a ‘car buying vending machine.’ You shop online for auto financing and the car you want. Carvana sells only used cars, but they meet Carvana’s tough standards.
It offers real-time financing, so you can complete the entire transaction with one company. It’s easy and fast to buy a car and set up financing. Carvana even gives you 7 days to ‘test’ the car to make sure it fits your lifestyle and needs. Choose from delivery to you or pick up at a local Carvana vending machine.
If your financial situation changed since you bought your car, you may want to refinance to save money or shorten your term.
OpenRoad Lending helps you do just that with a simple application process that could save you money. The entire process is done online and takes only a few minutes, and it could save you as much as $1,200+ a year.
Refinancing your car loan is easy with Lending Club. This online marketplace offers a simple application process that matches you with multiple lenders to find the refinance loan that’s right for you once you complete it.
Lending Club offers auto refinance loans for those who are in a better financial situation and want to save money and those who need help, such as a longer-term to lower your payment.
>> More: LendingClub Auto Refinance Review
If you’re credit challenged, the Car.Loan.com platform may help you get the loan you need. Car.loan.com helps low credit borrowers get matched with a dealership in the area that can help them with financing.
They have a large network of dealerships that help borrowers with less than perfect credit get the car they need.
>> More: Car.Loan.Com Review
If going to the dentist is more appealing to you than going to a car dealer, you’ll love Vroom. You can buy a car and get the financing all online. Vroom will even deliver the car to you.
They make it easy to get the price you want (no haggling) and will arrange for financing with some of the largest banking names, like Chase and Ally. You get 7 days to decide if you like the car and the car is delivered directly to you.
>> More: Vroom Auto Financing Review