Compare Auto Loans

Learn how our experts identify and compare the essential factors of auto loans to find the best option for you. From types of loans and application to qualification and loan details, we research everything you need to know to make a decision.
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How we Compare Auto Loans

Types of Loans - 25%
Application - 20%
Qualification - 25%
Loan Details - 30%

Types of Loans Compared

The availability of auto financing options gives more flexibility to consumers. Whether you’re planning to buy a new or used car, working with an auto financing service that offers this option makes it possible for you to get that car you want. Auto financing also includes auto refinancing. This gives consumers the ability to make lower monthly payments by taking advantage of lower interest rates or stretching their payment period a few more years.

Franchise dealerships – the best auto loan services maintain a network or partnership with major dealerships across the nation. This makes it possible for them to hasten the auto loan process by working with them directly.

Private sellers – small or local dealerships and private sellers. Check this option if you’re planning to buy a second hand car and planning to fund the purchase through auto financing.

New Auto Loans

It might come as a surprise to you but some companies place a restriction on car makes and models they finance. Some auto financing companies place restrictions on independent dealers or those not affiliated with car an auto manufacturer.

Used Auto Loans

When purchasing a used car, be sure to check model year and mileage restrictions.  Model year refers to the maximum vehicle age while mileage indicates the maximum number of miles a vehicle has run regardless if it qualifies under the model year restriction.

Loan Refinancing

Refinancing makes it possible for you to make lower monthly payments either by taking advantage of lower interest rates or extending loan terms.

Lease Buyout

This option allows you to purchase your leased car. This saves you from incurring fees and penalties when returning your car. This include wear and tear, exceeding mileage limits and other return fees.

 

Auto Loans with the Best Types of Loans:  AUTOPAY Types of LoansLendingTree Types of LoansUS Bank Types of Loans
LendingTreeAUTOPAYStandard Auto FinancialMaxCarLoanFirst ChoiceUS BankBank of AmericaCapital OneCarsDirectAutoLoan LocatorNationwidemyAutoloans
New auto loans
Used auto loans
Auto loan refinancing
Lease Buyout
OthersTrade inGreen auto loanTrade in old vehicle
Franchise dealerships
Private dealers

Application Compared

All of the auto financing companies reviewed here offer an online application or prequalifying portal for auto loan shoppers. This gives customers a convenient method of prequalifying for a loan. The entire process usually takes a few minutes and companies responded to qualified applications almost instantly. We also checked for other application options such as phone or visiting a branch.

  • Online
  • Phone
  • Visit a Branch
Auto Loans with the Best Application:  AUTOPAY ApplicationLendingTree Application
LendingTreeAUTOPAYStandard Auto FinancialMaxCarLoanFirst ChoiceUS BankBank of AmericaCapital OneCarsDirectAutoLoan LocatorNationwidemyAutoloans
Prequalification
Credit check
Minimum credit requirementsAll credit types acceptedFair credit scoresFair credit scoresCar loan approval even with bad creditApproval even with a bad credit scoreAll credit types acceptedCar loan approval even with bad credit
Apply online
Apply by phone
Apply in person
Mobile App

Qualification Compared

This refers to company requirements when applying for a loan. Your credit score will always play a huge role in determining your eligibility for a car loan and ultimately how much it’s going to cost you. This can be a problem not only for those with less than ideal credit scores but also for new professionals with little or no credit history.

  • Credit score
  • Employment
  • Residency and age requirements
  • Nationwide availability
LendingTreeAUTOPAYStandard Auto FinancialMaxCarLoanFirst ChoiceUS BankBank of AmericaCapital OneCarsDirectAutoLoan LocatorNationwidemyAutoloans
Bankruptcy disqualification
Employment history
Newly employed
Self-employed

Loan Details Compared

This contains important facts and figures when applying for an auto loan. This tells you how much car you can buy and how much it would cost you.

Maximum loan amounts – the amount the company is willing to finance your car purchase. Other things we checked include minimum loan limits for both new and used cars.

Loan terms – most companies have a maximum loan term limit of 72 months or 6 years. Longer loan terms translates to smaller monthly car payments.

APR – a few percentage point differences in your in your interest rates could spell thousands in savings during the life of your loan. An important sticking point when negotiating for the best auto loans.

Down payment- a 10 percent down payment is the norm when taking out a car loan. However, some auto financing companies offer zero down payment options for those with excellent credit.

Car makes and models – some auto financing services do not only place restrictions with the type of dealers they work with but also the makes or car manufacturers.

GAP coverage – some auto financing services require GAP coverage for new auto loans.

Extended warranties – required especially for used car loans whose manufacturer’s warranty has expired.

LendingTreeAUTOPAYStandard Auto FinancialMaxCarLoanFirst ChoiceUS BankBank of AmericaCapital OneCarsDirectAutoLoan LocatorNationwidemyAutoloans
Minimum $7,500 $5,000 $7,500 $7,500 $8,000
Maximum$300,000 $100,000$1,000,000$40,000 $100,000 $100,000
Loan termUp to 84 monthsUp to 72 monthsUp to 72 monthsUp to 72 monthsUp to 72 monthsUp to 72 monthsUp to 84 monthsUp to 72 months
Used vehicles
Year modelCheck Up to 6 yearsUnder 11 years oldUp to 10 years5 years old or lessUp to 8 years
MileageCheck Up to 100,000 milesUp to 125,000 milesUp to 120,000 miles70,000Up to 100,000 miles
Vehicle maker restrictions
Auto loans for commercial vehicles
Vehicle trade in
Downpayment10%Yes10%YesYes
Gap coverage required
Extended warranty required
Funds approval/ realease24 hours upon approval2 hours24 hours24 hours24 hoursWithin one business day24 hours
Refinance approval time24 hours upon approval2 hours24 hours24 hours24 hours24 hours upon approval24 hours
Application fee
Prepayment penaltyDepends on lenderNoNoNoNoDepends on lenderNoNo
APRDepends on lenderStarts at 1.99% Starts at 2.24%Starts at 1.99% Depends on lender3.53%Starts at 1.99%
Origination feesDepends on lenderYesDepends on lenderYes Yes
Downpayment required
Online payments
Privacy Policyhttps://www.bankofamerica.com/privacy/overview.gohttp://www.carsdirect.com/auto-loans/private-party-auto-loans-onlineYeshttps://www.myautoloan.com/security-and-privacy.html#privacy

Full Auto Loans Comparison

Types of LoansApplicationQualificationLoan Details
LendingTree Auto Loans10.09.89.99.9
AUTOPAY Auto Loans10.010.09.09.0
Standard Auto Financial Auto Loans10.09.58.010.0
MaxCarLoan9.59.59.59.0
First Choice Auto Loan9.48.010.09.5
US Bank Auto Loans10.09.09.09.0
Bank of America Auto Loans10.09.09.09.0
Capital One Auto Loans10.09.08.08.0
CarsDirect Auto Loans8.08.07.08.0
AutoLoan Locator Auto Loans8.08.07.08.0
Nationwide Auto Loans8.08.07.08.0
myAutoloans Auto Loans8.07.07.07.0
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Articles

Latest Reviews

Isaac Ramirez
Belleville, New Jersey
9/20/2016
I loved Capital One. When I needed to refinance my car, they were able to help me out without a problem. I had some problems in the past with my credit but after I was able to work them out, I was able to get a new loan through them and they really helped me save money by offering a lower interest rate and not trying to take advantage of me like some other loan companies were.

CT Kerney
Belleville, New Jersey
9/9/2016
I had a really hard time getting a new loan for my car and I had some credit cards through Capital One. They not only offered me a car loan but offered me a lower rate than anyone else. I thank them for believing in me and getting me a new car!

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