The best in auto loans
See our picks for top auto loan lenders
Save time on searching and find great auto loan rates faster.
Compare today’s rates
Published January 10, 2023
Written by
Rebecca Betterton
Edited by
Hannah Smith
You deserve the best in auto lending
Your car is likely the second most expensive purchase you'll make — and paying in cash is not an option for most. Rather than relying on the car dealership to set you up with financing, you can apply on your own and potentially save hundreds over the life of your auto loan.
Getting the best deal for your auto loan is essential to staying within budget and leaving the dealership lot satisfied. The amount you pay each month is based on factors that vary by lender such as terms, interest rates and fees — which means comparing lenders is an important first step. Bankrate ranked the top auto lenders for new and used car purchases along with refinance loans with an in-depth scoring criteria in mind to find this year's best auto lenders.
How we picked these lenders
- Bankrate evaluated 33 different lenders based on four different categories: availability, affordability, customer experience and transparency.
- Every auto lender was ranked on factors such as online availability, APR range, loan types and fees.
- Each category carried special measurements unique to the loan type as well as a requirement for a seamless user experience.
Best from a bank
PNC Bank
Learn more
in our Bankrate review
Highlights
High maximum loan amount
Low rates
Autopay discount
Financing directly from a bank carries the history and comfort of working with an established financial institution. PNC customers can get loans for new, used vehicles, refinance and lease buyout. PNC Bank operates in over 25 states and offers quick approval that can be done fully online, with the possibility of a check arriving as soon as the next day.
- Funding available as soon as the next day
- Customer support is available seven days a week
- Seamless in-person or online experience
Best online lender
Autopay
Learn more
in our Bankrate review
Highlights
Advanced acceptance criteria
Customer support
30-day shopping window
The ease of financing directly online comes with a number of benefits. Autopay offers loans for new cars and three types of vehicle refinance. The lender boasts the convenience of comparing multiple banks, credit unions and online lenders all on the site. Plus, Autopay does not hold tight restrictions on credit, which means drivers from any background can find a loan in its network.
- Prequalification
- Ability to compare a large range of loan products
- Streamlined application and website
See our picks for top auto loan lenders
Save time on searching and find great auto loan rates faster.
Compare today’s rates
Best for auto refinance
PenFed
Learn more
in our Bankrate review
Highlights
Preapproval
Low rates
24/7 customer help center
Vehicle refinance is an effective way to lower monthly payments and receive an improved loan. PenFed’s refinance loan boasts a competitive loan amount range, allowing you to refinance from as little as $500 up to $150,000. Similarly, the available repayment terms allow drivers to refinance in a number of ways, up to 84 months. On top of this, PenFed has 24/7 customer help for borrowers, especially helpful for those who need assistance during the refi process.
- Refinance loan for up to $150,000
- In-person branch support
- Five repayment term options, up to 84 months
Best for used car purchase
Autopay
Learn more
in our Bankrate review
Highlights
Seamless online application
Range of customer support hours
No dealership requirement
Autopay encourages loan prequalification, which allows you to shop with the confidence of what you can afford. The convenience continues with an online application where you can finance a used car anywhere from $2,500 to $100,000. Autopay also boasts a 30-day shopping window for those unsure of what vehicle they want to purchase. Lastly, borrowers can benefit from support during and following the application six days a week.
- Used car financing of up to $100,000 available
- Prequalification
- Range of repayment options, up to 96 months
Best for new car purchase
Navy Federal
Learn more
in our Bankrate review
Highlights
24/7 customer support
Car buying service
Easy-to-use app
Navy Federal offers a maximum loan amount of up to $500,000 for new car purchases, great for those financing expensive vehicles. The membership-based financial institution serves military members and their families with excellent rates and a range of terms, up to 96 months. The car-buying service also empowers customers to shop for new vehicles as they look for financing.
- Vehicle financing of up to $500,000
- Shopping window of up to 90 days
- Loan terms between 24 and 96 months
