Auto Loans

Financing for your new vehicle can be found directly on the dealership lot or from banks, credit unions and online lenders. The key to choosing the right loan is comparing interest rates and terms. 

Drivers can secure a used car loan at the same spots as new car loans. Keep in mind that some used car loans have restrictions around car age and mileage.

If you are looking to replace your current loan, auto loan refinancing may give you a better monthly payment or rate. You cannot get refinance loans from dealerships. 

Bad credit loans cater to those with low credit scores and rough credit histories. Rates tend to be higher, but you can find the best rates by comparing multiple offers.

Along with the benefits of refinancing, cash-out refinance presents borrowers with extra cash from the equity found in the vehicle.

If you are buying your vehicle from an individual, you’ll need to arrange a private party loan. Banks, credit unions and online lenders offer these loans. 

If your lease has come to an end and you’d like to make the car yours, a lease buyout can make that a reality. 

Yes. Though the most competitive rates go to those with strong credit, bad credit borrowers can still secure an auto loan. In this case, shop specifically for bad credit auto loans. To get the best rates as a bad credit borrower, consider making a large down payment, adding a co-signer, working to improve credit and paying down debt. 

The right approach here depends on your needs. Generally, dealership rates are higher than banks, but that is not always true for used vehicle loans. Bank or dealer loans aside, the key to getting the best rate is getting multiple quotes and comparing loan rates, terms and additional fees.

Any sort of loan has the potential to negatively impact your credit score by a few points when the lender makes a hard credit inquiry. But as long as you keep up with payments, your credit will remain strong. Your score may even grow, as payment history accounts for 35 percent of your FICO score.