SuperMoney 

Compare Auto Loans

Looking for an auto loan? You've come to the right place. But what should you look for in an auto loan? And how should you go about finding the right lender for you? 

Read on to discover the smart way to compare auto loans.

This method does require doing some research. But don't worry we'll teach you how to cut out hours of research and get your lowest rate in minutes. Spoiler alert. It involves letting our free AI loan offer engine do the heavy lifting and leveraging the wisdom of the crowd courtesy of SuperMoney's community auto loan reviews.

Want to find the best auto loan? You have to shop around

If you want to get the best rate on your auto loan, you have to shop around. Car buyers who don't check their rates with at least three lenders won't get the best APR available to them. In other words, if you take the first offer you see, it's likely that you're missing out on a better deal. And the more lenders you check with, the better your odds of getting a great rate.

This may seem obvious but seven out of 10 auto loan borrowers accept the first loan and interest rate they see without even trying to negotiate.

The online lending marketplace has grown, making shopping for a loan much easier than in the past. You don't have to drive from place to place to apply. You don't even have to leave your couch! Many lenders have an online pre-qualification process which lets you check your rate in minutes.

But how can you compare auto loan lenders to find the best value?

How do you compare auto loans?

Want to find the best deal? These are four features you need to consider:

  • Competitive APRs
  • Low fees
  • Loan amount ranges
  • Positive consumer reviews
Let's look at each one of the these features a little closer.

Competitive annual percentage rates (APRs)

The main cost of an auto loan is its interest rate, or annual percentage rate (APR). The APR indicates the percentage of the total loan that you'll pay your lender every year. For example, if you borrow $10,000 with a 5% APR, you will pay about $500 per year in interest.

Lenders usually offer set APR ranges, with a featured minimum and maximum. For example, LendingClub advertises the following APR range:

When you compare auto loan lenders, look for lenders with competitive APRs -- the lower the better. Note that within the offered range, the specific rate you qualify for will depend on your creditworthiness.

Low fees

Next, find out what the fees a lender charges. These fees may include:

  • Loan origination fee
  • Prepayment fee
  • Late penalty fee
  • Ongoing fee

What is an auto loan origination fee?

Loan origination fees are also known as establishment or application fees. The loan origination fee covers the costs involved with processing a loan. Auto loan origination fees typically range from $100 to $500. Not all lenders charge this fee.

What is an auto loan prepayment fee?

If you pay off your loan early, you cut down on your interest cost, which means less profit for the lender. This fee helps to cover the lender's loss. Again, not all lenders charge this fee.

What is a late penalty fee?

If you are late on a monthly payment, you'll have to pay a late penalty fee. Lenders typically charge $5 to $50, though some offer first-time late payment forgiveness or other similar features, which can minimize the cost. Although nobody goes into a loan planning to default, accidents happen. So it is important to understand the terms of your loan before you make a choice.

What is an ongoing maintenance fee?

Lenders may charge a recurring maintenance fee that appears monthly, semi-annually, or annually. Be sure to look at which fees a lender charges, as well as the cost of each fee. Fees contribute to the overall cost of the vehicle purchase, so they can make or break a deal.

Positive auto loan reviews

Getting an auto loan is a multi-step process, involving application, approval, funding, repayments, payoff, closing, and receipt of the title. Ideally, each step should be smooth and efficient. But not all auto loan lenders provide a seamless, pleasant experience. And if a problem does arise, the quality of the lender's customer service will become very important. How can you find out what you're getting into? Reading unbiased reviews from a lender' past customers is a great start. These perspectives can give you a sense of what kind of experience you can expect from a given lender -- both good and bad. When you compare auto loans, seek out lenders with mostly positive feedback. Watch out for multiple customers of a given lender mentioning the same problem, as this increases your odds of encountering the same issue.

Auto loan amount ranges

Lenders set minimum and maximum limits on how much they'll lend to a borrower. For example, a lender may offer loan amounts ranging from $2,500 up to $100,000. While another may lend from $5,000 to $55,000. Be sure to check the lender's loan amount range to ensure it covers the amount you need. Also, if the lender you choose charges an origination fee, make sure you take that into account when calculating how much you need to borrow. In addition to a lender's limits, your creditworthiness will determine the loan amount that you qualify for.

A wide range of auto loan terms

A loan's term is the amount of time you have to repay the money that you borrowed. Terms often range from as little as 12 months to as long as 84 months. The longer the term, the lower your monthly payment amount. However, longer loan terms also mean paying more interest overall. It's best to choose a lender with a range of term options so you can find the right fit for your needs.

Accessibility

Lenders may not serve all 50 states. Ensure your auto lender of choice originates loans in your area. Additionally, consider the ease and convenience of the application process. Many lenders let you apply online and manage much of the origination and loan process through an online dashboard. Look for companies that make it easy to apply for and manage your loan.

Vehicle compatibility

Auto loan lenders vary in the vehicles they will finance. This can be an issue if the make, model, year, or value of your car is restricted by a lender. For example, some lenders won't finance cars that are made before 1985, while others won't finance certain brands, like Subaru. Be sure to read the fine print to confirm that a lender will, in fact, finance your vehicle.

How do you qualify for an auto loan?

Check a lender's minimum criteria for borrowers to ensure you qualify. Requirements vary depending on the lender and type of credit. Most lenders will include the following credit requirements:
  • Credit history length.
  • Debt-to-income (DTI) ratio.
  • Income.
  • Bankruptcies.
  • Open credit accounts.
  • Credit bureau inquiries.
  • Credit score.
For example, a lender may require:
  • A debt-to-income ratio (DTI) below 50%.
  • An annual income greater than $24,000.
  • Less than five credit inquiries in the last six months.
  • Three open credit lines
  • No bankruptcies in the past 12 months.
Check the eligibility requirements of lenders before you apply. This will save you time and avoid unnecessary inquiries on your credit report. Even better, use SuperMoney's auto loan offer engine to check your rates without hurting your credit score. There you have it! You should consider all of these factors when shopping for an auto loan.

Find the best auto loan for your needs

Ready to find the best auto loan for your situation? SuperMoney is here to help with our auto loan engine. How does it work? After you answer a few basic questions, we check the requirements and rates of leading lenders. Within minutes, we present you with any and all offers available to you. You can see the rates and terms side-by-side on one page. For even more information, you can read real unbiased customer ratings and in-depth auto loan reviews. Ready to find the best auto loan and get on with purchasing your next vehicle (or refinancing your existing one)? Get personalized rates now!

Compare Auto Loans

Looking for an auto loan? You've come to the right place. But what should you look for in an auto loan? And how should you go about finding the right lender for you? 

Read on to discover the smart way to compare auto loans.

This method does require doing some research. But don't worry we'll teach you how to cut out hours of research and get your lowest rate in minutes. Spoiler alert. It involves letting our free AI loan offer engine do the heavy lifting and leveraging the wisdom of the crowd courtesy of SuperMoney's community auto loan reviews.

Want to find the best auto loan? You have to shop around

If you want to get the best rate on your auto loan, you have to shop around. Car buyers who don't check their rates with at least three lenders won't get the best APR available to them. In other words, if you take the first offer you see, it's likely that you're missing out on a better deal. And the more lenders you check with, the better your odds of getting a great rate.

This may seem obvious but seven out of 10 auto loan borrowers accept the first loan and interest rate they see without even trying to negotiate.

The online lending marketplace has grown, making shopping for a loan much easier than in the past. You don't have to drive from place to place to apply. You don't even have to leave your couch! Many lenders have an online pre-qualification process which lets you check your rate in minutes.

But how can you compare auto loan lenders to find the best value?

How do you compare auto loans?

Want to find the best deal? These are four features you need to consider:

  • Competitive APRs
  • Low fees
  • Loan amount ranges
  • Positive consumer reviews
Let's look at each one of the these features a little closer.

Competitive annual percentage rates (APRs)

The main cost of an auto loan is its interest rate, or annual percentage rate (APR). The APR indicates the percentage of the total loan that you'll pay your lender every year. For example, if you borrow $10,000 with a 5% APR, you will pay about $500 per year in interest.

Lenders usually offer set APR ranges, with a featured minimum and maximum. For example, LendingClub advertises the following APR range:

When you compare auto loan lenders, look for lenders with competitive APRs -- the lower the better. Note that within the offered range, the specific rate you qualify for will depend on your creditworthiness.

Low fees

Next, find out what the fees a lender charges. These fees may include:

  • Loan origination fee
  • Prepayment fee
  • Late penalty fee
  • Ongoing fee

What is an auto loan origination fee?

Loan origination fees are also known as establishment or application fees. The loan origination fee covers the costs involved with processing a loan. Auto loan origination fees typically range from $100 to $500. Not all lenders charge this fee.

What is an auto loan prepayment fee?

If you pay off your loan early, you cut down on your interest cost, which means less profit for the lender. This fee helps to cover the lender's loss. Again, not all lenders charge this fee.

What is a late penalty fee?

If you are late on a monthly payment, you'll have to pay a late penalty fee. Lenders typically charge $5 to $50, though some offer first-time late payment forgiveness or other similar features, which can minimize the cost. Although nobody goes into a loan planning to default, accidents happen. So it is important to understand the terms of your loan before you make a choice.

What is an ongoing maintenance fee?

Lenders may charge a recurring maintenance fee that appears monthly, semi-annually, or annually. Be sure to look at which fees a lender charges, as well as the cost of each fee. Fees contribute to the overall cost of the vehicle purchase, so they can make or break a deal.

Positive auto loan reviews

Getting an auto loan is a multi-step process, involving application, approval, funding, repayments, payoff, closing, and receipt of the title. Ideally, each step should be smooth and efficient. But not all auto loan lenders provide a seamless, pleasant experience. And if a problem does arise, the quality of the lender's customer service will become very important. How can you find out what you're getting into? Reading unbiased reviews from a lender' past customers is a great start. These perspectives can give you a sense of what kind of experience you can expect from a given lender -- both good and bad. When you compare auto loans, seek out lenders with mostly positive feedback. Watch out for multiple customers of a given lender mentioning the same problem, as this increases your odds of encountering the same issue.

Auto loan amount ranges

Lenders set minimum and maximum limits on how much they'll lend to a borrower. For example, a lender may offer loan amounts ranging from $2,500 up to $100,000. While another may lend from $5,000 to $55,000. Be sure to check the lender's loan amount range to ensure it covers the amount you need. Also, if the lender you choose charges an origination fee, make sure you take that into account when calculating how much you need to borrow. In addition to a lender's limits, your creditworthiness will determine the loan amount that you qualify for.

A wide range of auto loan terms

A loan's term is the amount of time you have to repay the money that you borrowed. Terms often range from as little as 12 months to as long as 84 months. The longer the term, the lower your monthly payment amount. However, longer loan terms also mean paying more interest overall. It's best to choose a lender with a range of term options so you can find the right fit for your needs.

Accessibility

Lenders may not serve all 50 states. Ensure your auto lender of choice originates loans in your area. Additionally, consider the ease and convenience of the application process. Many lenders let you apply online and manage much of the origination and loan process through an online dashboard. Look for companies that make it easy to apply for and manage your loan.

Vehicle compatibility

Auto loan lenders vary in the vehicles they will finance. This can be an issue if the make, model, year, or value of your car is restricted by a lender. For example, some lenders won't finance cars that are made before 1985, while others won't finance certain brands, like Subaru. Be sure to read the fine print to confirm that a lender will, in fact, finance your vehicle.

How do you qualify for an auto loan?

Check a lender's minimum criteria for borrowers to ensure you qualify. Requirements vary depending on the lender and type of credit. Most lenders will include the following credit requirements:
  • Credit history length.
  • Debt-to-income (DTI) ratio.
  • Income.
  • Bankruptcies.
  • Open credit accounts.
  • Credit bureau inquiries.
  • Credit score.
For example, a lender may require:
  • A debt-to-income ratio (DTI) below 50%.
  • An annual income greater than $24,000.
  • Less than five credit inquiries in the last six months.
  • Three open credit lines
  • No bankruptcies in the past 12 months.
Check the eligibility requirements of lenders before you apply. This will save you time and avoid unnecessary inquiries on your credit report. Even better, use SuperMoney's auto loan offer engine to check your rates without hurting your credit score. There you have it! You should consider all of these factors when shopping for an auto loan.

Find the best auto loan for your needs

Ready to find the best auto loan for your situation? SuperMoney is here to help with our auto loan engine. How does it work? After you answer a few basic questions, we check the requirements and rates of leading lenders. Within minutes, we present you with any and all offers available to you. You can see the rates and terms side-by-side on one page. For even more information, you can read real unbiased customer ratings and in-depth auto loan reviews. Ready to find the best auto loan and get on with purchasing your next vehicle (or refinancing your existing one)? Get personalized rates now!

Loading results...

Product

Reviews

Loan Amount

APR

Credit Score Range

Loan Term (Months)

Additional Details

Product Website

Autopay Auto Loan

Autopay Auto Loan

 
 
22
25 total votes
Loan Amount $2.5K - $100K     $500 $100K+
APR 1.99% - 15.99%
(Fixed APR)
    0% 36% Fixed APR
Credit Score Range 620 - 850     300 850
Maximum Loan Term (Months) 84 Maximum Loan Term (Months)
  • No Prepayment Fee
Show Additional Details
  • No Prepayment Fee

Get Competing Auto Loan Offers

Compare real offers from multiple lenders.

It's quick, free and won’t hurt your credit score

Auto Approve Auto Loan

Auto Approve Auto Loan

 
 
1
1 total votes
Loan Amount $7.5K - $150K     $500 $100K+
APR 2.74% - 19.99%
(Fixed APR)
    0% 36% Fixed APR
Credit Score Range 500 - 850     300 850
Loan Term (Months) 12 - 84     12 240
  • No Late Fees
  • No Prepayment Fee
Show Additional Details
  • No Late Fees
  • No Prepayment Fee
LendingClub Auto Purchase Loan
Loan Amount $5K - $55K     $500 $100K+
APR 2.24% - 24.99%
(Fixed APR)
    0% 36% Fixed APR
Credit Score Range 600 - 850     300 850
Loan Term (Months) 12 - 60     12 240
  • No Origination Fee
  • No Prepayment Fee
Show Additional Details
  • No Origination Fee
  • No Prepayment Fee
Prosper Auto Loan
Loan Amount $2K - $40K     $500 $100K+
APR 6.95% - 35.99%
(Fixed APR)
    0% 36% Fixed APR
Credit Score Range 640 - 850     300 850
Loan Term (Months) 36 - 60     12 240
  • No Prepayment Fee
Show Additional Details
  • No Prepayment Fee
FiWize Auto Loan

FiWize Auto Loan

Be the first to rate

Be the first to rate

Loan Amount $7.5K - $100K     $500 $100K+
APR 2.94% - 18%
(Fixed APR)
    0% 36% Fixed APR
Credit Score Range 560 - 850     300 850
Maximum Loan Term (Months) 84 Maximum Loan Term (Months)
  • No Origination Fee
  • No Prepayment Fee
Show Additional Details
  • No Origination Fee
  • No Prepayment Fee
Auto Credit Express Auto Loan

Auto Credit Express Auto Loan

3
 
 
3 total votes
Loan Amount $3.5K - $45K     $500 $100K+
APR N/A APR
Credit Score Range 400 - 850     300 850
Maximum Loan Term (Months) 72 Maximum Loan Term (Months)
  • No Origination Fee
  • No Prepayment Fee
Show Additional Details
  • No Origination Fee
  • No Prepayment Fee
USAA Auto Loan

USAA Auto Loan

12
 
22
36 total votes
Loan Amount $5K - $3M     $500 $100K+
APR 3.56% - 16.28%
(Fixed APR)
    0% 36% Fixed APR
Credit Score Range 560 - 850     300 850
Loan Term (Months) 12 - 84     12 240
  • No Origination Fee
  • No Prepayment Fee
Show Additional Details
  • No Origination Fee
  • No Prepayment Fee
LendingPoint Auto Loans
Loan Amount $2K - $25K     $500 $100K+
APR 15.49% - 34.99%
(Fixed APR)
    0% 36% Fixed APR
Credit Score Range 590 - 720     300 850
Loan Term (Months) 24 - 48     12 240
  • No Prepayment Fee
Show Additional Details
  • No Prepayment Fee
myAutoloan Car Loan

myAutoloan Car Loan

1
 
3
4 total votes
Loan Amount $8K - $100K     $500 $100K+
APR 2.19% - 24.9%
(Fixed APR)
    0% 36% Fixed APR
Credit Score Range 500 - 850     300 850
Maximum Loan Term (Months) 84 Maximum Loan Term (Months)
  • No Prepayment Fee
Show Additional Details
  • No Prepayment Fee
Regions Bank Auto Loans

Regions Bank Auto Loans

4
 
10
15 total votes
Loan Amount $5K - $100K     $500 $100K+
APR 1.99% - 12.96%
(Fixed APR)
    0% 36% Fixed APR
Credit Score Range 650 - 850     300 850
Maximum Loan Term (Months) 72 Maximum Loan Term (Months)