Auto Loan Resources - Tips and Advice on Taking Out Auto Loans | Bankrate.com (2024)

Best overall

• Pros

  • Quick funding
  • High loan amount
  • Wide range of repayment options

  Cons

  • Unsecured loan
  • Good to excellent credit required
  • No prequalification offered

• Who’s it for:

  • Those looking to finance their vehicle as soon as possible
  • Those who prefer a fully online experience.

  Why we like it:

  Lightstream offers quick funding for drivers in a pinch and a wide range of loan amounts.

  Lender perks:

  • Repayment terms range from 24 to 84 months
  • Can borrow as much as $100,000
  • 0.50% autopay discount available

  Fees: None
  Time to receive funds: Funds become available as soon as the day you apply.

  Requirements:

  • Several years of credit history
  • Stable income
  • Good payment history
  • Variety of account types in credit history

  See Also

  5 Steps for Bouncing Back After You’ve Blown Your BudgetHow to Make Extra Money to Pay Off Debt5 Things You Need To Know About Health Insurance Before You're 265 Crucial Things to Know & Be Clear About When Taking a Loan

Best for convenience

• Pros

  • Prequalification available
  • Shop with Auto Navigator
  • Perfect credit not required

  Cons

  • Limited vehicle inventory
  • Undisclosed rates
  • Two applications required

• Who’s it for:

  • Buyers who aren’t sure about their creditworthiness.
  • Buyers wanting to check rates before applying.

  Why we like it:

  The Capital One Auto Navigator site lets you search for inventory in your area and gives you the ability to see how different makes, models and features will affect your total cost.

  Lender perks:

  • Over 12,000 dealership partners
  • Prequalify online to understand eligibility

  Fees: Late fees
  Time to receive funds: As soon as the day you apply.

  Requirements:

  • Buy from a participating dealership
  • Used vehicles can’t be older than 10 years or above 120,000 miles
  • Refinancing: Owe at least $7,500 and have 12 months remaining on your loan

Best for shopping for multiple loan offers

• Pros

  • Flexible acceptance criteria
  • Fast funding
  • Multiple loan types

  Cons

  • Limited state availability
  • Only online customer support
  • Max rates not shared

• Who’s it for:

  Buyers who want to compare options.

  Why we like it:

  You can easily compare multiple loan offers all on the myAutoLoan platform with no hard credit pull. This platform lets you enter your information once and receive multiple loan offers in one place.

  Lender perks:

  • Hard credit pull only following formal application
  • Fast online application

  Fees: Not specified.
  Time to receive funds: As soon as the following business day.

  Requirements:

  • Be at least 18 years old
  • Have a FICO credit score of at least 575
  • Have gross annual earnings of at least $21,600
  • Choose a vehicle no more than 10 years old with under 125,000 miles
  • Live outside Alaska and Hawaii