Getting a car loan at an affordable rate can save you thousands of dollars over time. But with so many options to choose from, picking the right provider for your needs can be challenging. To help you make an informed decision, we’ve researched and shortlisted the best car loan companies in the market after comparing rates, customer reviews, and industry ratings. Here they are.
MyAutoloan
myAutoloan is not a traditional lender. Rather, it is an online marketplace that allows you to comparison shop. All you need to do is enter a few personal details of yours into the platform’s online form, after which you’ll be able to see loan offers from different lenders. myAutoloan offers some of the best rates in the industry. Borrowers can access APRs as low as 3.99% for new cars. The minimum credit score cut-off is 575, making it a great option for car shoppers with less-than-desirable credit, as well.
Consumers Credit Union
This Illinois-based credit union offers national membership and has some of the most flexible loan amounts and terms. Although the rates are average for older cars, the credit union offers a ton of loan options. Its lowest rates start at about 3.49% APR for members. And if you qualify, you can borrow any amount starting from just $250 to $100,000. You can also opt for any loan term, up to 84 months. It’s important to note that these low rates are only for newer cars. Vehicles purchased before 2019 will be charged higher interest rates.
PenFed Credit Union
Pentagon Federal Credit Union, also known as PenFed, is a military credit union that primarily caters to military members and their families. The loan options are also open to people who are employed with certain nonprofit organizations and government agencies. If you do not fall into any of these employment categories, you can apply to be a member after making a donation to a PenFed-approved charity. With rates starting at just 4.24%, PenFed’s APRs are some of the lowest in the industry. However, to get those rates, you’ll need to purchase a car through the credit union’s car buying service. Members of PenFed are eligible for special discounts and reimbursements.