Compare Auto Loans

From types of loans and application to qualification and loan details, we research everything you need to compare auto loans and make a decision. Learn how our editors compare the different factors of auto loans below.
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How we Compare Auto Loans

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

Types of Loans

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:

AUTOPAYLendingTreeRATEGENIUSmyAutoloansStandard Auto FinancialAuto Financing LoanMaxCarLoan1800 Auto YesBank of AmericaUS BankCapital OneAutoLoan LocatorCarsDirectNationwide
New auto loans
Used auto loans
Auto loan refinancing
Lease Buyout
OthersTrade inGreen auto loanTrade in old vehicle
Franchise dealerships
Private dealers

Application

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:

AUTOPAYLendingTreeRATEGENIUSmyAutoloansStandard Auto FinancialAuto Financing LoanMaxCarLoan1800 Auto YesBank of AmericaUS BankCapital OneAutoLoan LocatorCarsDirectNationwide
Prequalification
Credit check
Minimum credit requirementsAll credit types acceptedCar loan approval even with bad creditFair credit scoresFair credit scoresCar loan approval even with bad creditAll credit types acceptedApproval even with a bad credit score
Apply online
Apply by phone
Apply in person
Mobile App

Qualification

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

Auto Loans with the Best Qualification:

AUTOPAYLendingTreeRATEGENIUSmyAutoloansStandard Auto FinancialAuto Financing LoanMaxCarLoan1800 Auto YesBank of AmericaUS BankCapital OneAutoLoan LocatorCarsDirectNationwide
Bankruptcy disqualification
Employment history
Newly employed
Self-employed

Loan Details

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.

Auto Loans with the Best Loan Details:

AUTOPAYLendingTreeRATEGENIUSmyAutoloansStandard Auto FinancialAuto Financing LoanMaxCarLoan1800 Auto YesBank of AmericaUS BankCapital OneAutoLoan LocatorCarsDirectNationwide
Minimum $7,500 $8,000 $5,000 $7,500 $7,500
Maximum$300,000 $100,000 $1,000,000$100,000$40,000 $100,000
Loan termUp to 84 monthsUp to 72 monthsUp to 72 monthsUp to 72 monthsUp to 72 monthsUp to 72 monthsUp to 72 monthsUp to 84 months
Used vehicles
Year modelCheck Up to 8 yearsUnder 11 years oldUp to 6 yearsUp to 10 years5 years old or less
MileageCheck Up to 100,000 milesUp to 125,000 milesUp to 100,000 milesUp to 120,000 miles70,000
Vehicle maker restrictions
Auto loans for commercial vehicles
Vehicle trade in
Downpayment10%YesYes10%Yes
Gap coverage required
Extended warranty required
Funds approval/ realease24 hours upon approval24 hours24 hours2 hours24 hours24 hoursWithin one business day
Refinance approval time24 hours upon approval24 hours24 hours2 hours24 hours24 hours24 hours upon approval
Application fee
Prepayment penaltyDepends on lenderNoNoNoNoDepends on lenderNoNo
APRDepends on lenderStarts at 1.99% Starts at 2.24%Starts at 1.99% Starts at 1.99% Depends on lender3.53%
Origination feesDepends on lenderYes YesDepends on lenderYes
Downpayment required
Online payments
Privacy Policyhttps://www.myautoloan.com/security-and-privacy.html#privacyhttps://www.bankofamerica.com/privacy/overview.gohttp://www.carsdirect.com/auto-loans/private-party-auto-loans-onlineYes

Full Auto Loans Comparison

Types of LoansApplicationQualificationLoan Details
AUTOPAY Auto Loans10.010.09.59.5
LendingTree Auto Loans10.09.59.59.5
rateGenius10.09.59.59.0
myAutoloans Auto Loans9.09.59.59.5
Standard Auto Financial Auto Loans10.09.58.59.2
Auto Financing Loan8.010.09.010.0
MaxCarLoan9.09.59.59.0
1800 Auto Yes Auto Loans9.58.59.09.0
Bank of America Auto Loans10.09.08.09.0
US Bank Auto Loans9.08.58.59.0
Capital One Auto Loans10.09.08.08.0
AutoLoan Locator Auto Loans8.08.08.08.0
CarsDirect Auto Loans8.08.07.08.0
Nationwide Auto Loans8.08.07.08.0
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Latest Reviews

Reviews help other customers make decisions. Share your experience with Auto Loans
J
John
Toronto, Ontario
2/13/2017
Max Car Loan helped me to get a loan at at a dealer right by my house when nobody else would approve me.

Barbie G
1/31/2017
Very informative

F
Fidel r
12/23/2016
Compra un auto Nissan versa 2017

Reviews help other customers make decisions. Share your experience with Auto Loans