Skip to content
SuperMoney logo
SuperMoney logo

Best Auto Loans for a New Car in 2024

Last updated 03/15/2024 by

Jessica Walrack
Looking for a new car? You’re not alone. In 2018, 17.3 million new cars were sold in the U.S.
The question is, where can you find the best auto loan for a new car? Many mistakingly assume they have to get financing from the dealer, but that is not always the case.
In fact, you can often save by getting a loan from a third-party. However, getting the best deal requires performing some research, shopping around, and comparing your options.
While the solution won’t be the same for everyone, here’s what to look for in an auto loan including the best auto loan lenders for this year.

Get Competing Auto Loan Offers In Minutes

Compare rates from multiple vetted lenders. Discover your lowest eligible rate.
Get Personalized Rates
It's quick, free and won’t hurt your credit score

What to look for in an auto loan

For those who do shop around with different lenders, many ask, “What are the best car loan rates today?” However, there’s more to an auto loan than the rates advertised by various lenders.
Why? They are the lowest possible interest rates a company offers and will only be available to borrowers who meet the highest standards regarding creditworthiness and verifiable income.
What really matters is:
Being so, the best lenders will allow you to apply online and get a quote that doesn’t hurt your credit score.
Further, they will have an excellent reputation for high-quality customer service, treating customers well, and providing them with a positive loan experience.
Lastly, the overall costs, down payment, and monthly payment must be competitive and suit your budget.
So which lenders are delivering on all of these fronts?

Best Auto Loans for a New Car


LightStream, the online division of SunTrust Bank, is another online lender, but it specializes in rewarding excellent credit with great terms. The company is determined to offer the best loan solution to those who qualify, however, is only for those with good-to-great credit.
  • Secured and unsecured loans
  • Loan amounts range from $5,000 to $100,000
  • Minimum 660 FICO score is required
  • No origination fees
  • Hard credit pull to see rates
  • Very competitive interest rates
  • 50 interest-rate discount for AutoPay
  • Loan terms ranging from 24 to 84 months
  • Fixed interest rates
  • Same-day funding available
  • Will beat any qualified rate from a competitor
  • Serves customers nationwide
Have good-to-excellent credit? Apply for Lightstream here.


If you have less-than-great credit, LendingPoint will be a better solution. It uses a proprietary credit analysis model to consider more than just your credit score when processing your application. Upon approval, you can get a personal loan to purchase your new car.
  • Unsecured loans
  • Loan amounts range from $3,500 to $25,000
  • Loan terms range from 24 to 36 months
  • Soft pull to see your offer
  • Startup fees may apply
  • Funding can be as soon as next-day
  • Serves 32 states and Washington D.C.
Note: If you have good credit, another lender will likely be able to offer you more competitive rates.


Autopay connects borrowers with a network of financing institutions and credit unions across the country. Each lender has a different set of criteria for approval, which means Autopay can help many borrowers from those with not-so-great credit to those with excellent credit.
  • Secured loans
  • Soft credit pull to see your rates
  • Loan amounts range from $2,500 to $100,000
  • Loan terms range from 24 to 84 months
  • Origination fees may apply
  • Offers loans in all 50 states and Washington D.C.


LendingClub is the largest personal loan lending marketplace in the U.S. and has lent over $35 billion to more than 2.4 million customers. Borrowers can join and get instant offers that are funded by investors.
  • Unsecured loans
  • Loans up to $40,000
  • Origination fees apply
  • Fixed monthly payments
  • Loan takes about seven days to process
  • Soft credit pull to get an offer
  • 36- and 60-month loan terms are available
  • Available in all U.S. states except Iowa


Prosper is a marketplace lender that connects borrowers and investors. It has helped 750,000 people borrow $12 billion since its founding. The rates are competitive, and the online application is easy.
  • Unsecured loans
  • Loan amounts range from $2,000 to $40,000
  • Fixed interest rates
  • Minimum FICO credit score of 640 is required
  • Origination fees apply
  • Easy online application with soft credit pull
  • 36- and 60-month terms available
  • The loan gets direct deposited into your account
  • Available in all U.S. states except Iowa and West Virginia

Auto Credit Express

Lastly, Auto Credit Express specializes in helping borrowers with bad credit, including those who have gone through a bankruptcy. The company connects people with local dealers and lenders that will offer them financing. If you are having trouble getting approved elsewhere, give Auto Credit Express a try.
  • Secured loans
  • Loan terms up to 72 months
  • No origination fees
  • The minimum credit score requirement is 400
  • Approval can take up to seven days
  • Serves all 50 states
Each of these seven companies can help customers get a good deal on a loan for a new car. However, the right fit will depend on your circumstance.

Auto loan frequently asked questions

What are the best 96-month auto loan rates?

96-month auto loans are highly unusual as maximum loan terms typically range from 48 to 84 months. The extended term will result in a higher total cost as you will be paying interest for a longer period of time. We don’t recommend auto loans that extend over 84 months.

What are the best auto loan rates for 72-month terms?

Quite a few lenders are offering 72-month terms. Some of the best include SpringboardAuto, Auto Credit Express, Autopay, LightStream, and MyAutoloan.

What are the average car loan interest rates by credit score?

According to MyFico, the average interest rates on a 60-month loan for a new car are as follows:
<insert chart here:>
Note that the figures are based on a loan for the average estimated transaction price for a new light vehicle in the U.S. which is $35,444.

Where can I find the best credit union auto loan rates?

Autopay specializes in connecting borrowers with a network of credit unions across the U.S. Their platform is a great place to find out what loan rates credit unions will offer you.

FAQ on Auto Loans For a New Car

What do banks look at when applying for a car loan?

You must have enough income to pay for your auto loan, which your bank will verify. Your lender will determine whether or not you can afford an auto loan by assessing the amount of debts you pay out each month in comparison to how much money you make, known as your debt-to-income ratio.

What should I look for in a car loan?

5 factors you need to look for in an auto loan. Annual Percentage Rate (APR) when shopping for a car loan, monthly payment, loan term, loan amount and penalties and fees.

Is it better to get a car loan from bank or dealer?

You can get your car loan from a bank or credit union, or you could go through the dealer. While both have their benefits and considerations, you’re always better off being informed about your financing options before you ask for the keys.

What credit score do you need to get 0 financing for a car?

While lenders don’t typically share what your credit scores should be in order to qualify for a 0% APR auto loan, credit scores of 700 and higher (on a scale of 300 to 850) are typically considered good. A score of 720 to 750 or higher may give you an even better shot at getting approved.

Are car loans a good way to build credit?

The main reason a car loan is a good way to build and improve your credit score is because, as you make payments on time, you begin to build a positive payment history. Auto financing also adds to your credit mix and new credit, which make up a combined 20 percent of your credit score.

Find the best auto loan for your new car

One of the best things about shopping for an auto loan right now is that many lenders offer pre-approval online. Say goodbye to hours spent in the dealership filling out paperwork. Get an answer in minutes and, in many cases, without hurting your credit.
Once you have a handful of offers, you can compare them (and the companies behind them) to find the best deal for you.
Check your best rate! Save time and money with SuperMoney’s auto loan offer engine.
After answering a few simple questions, SuperMoney will communicate with its network of lenders and provide you with side-by-side offers. Only when you choose one and finalize the loan will your credit report receive a hard inquiry.
Ready to get started? Get your rates now!

SuperMoney may receive compensation from some or all of the companies featured, and the order of results are influenced by advertising bids, with exception for mortgage and home lending related products. Learn more

Loading results ...

Jessica Walrack

Jessica Walrack is a personal finance writer at SuperMoney, The Simple Dollar,, Commonbond, Bankrate, NextAdvisor, Guardian, and many others. She specializes in taking personal finance topics like loans, credit cards, and budgeting, and making them accessible and fun.

Share this post:

You might also like