We reviewed 16 popular auto loan lenders based on 16 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process. We chose the best lenders based on the weighting assigned to each category: Show
Within each major category, we also considered several characteristics, including available loan amounts, repayment terms, APR ranges, applicable fees and available discounts. We also looked at minimum credit score requirements, maximum accepted mileages, whether each lender accepts co-signers or co-borrowers and the geographic availability of the lender. Finally, we evaluated each provider’s customer support tools, borrower perks and features that simplify the borrowing process—like online application options, mobile apps and turnaround time. Where appropriate, we awarded partial points depending on how well a lender met each criterion. Note that these rankings only comprise lenders that offer direct lending to consumers; companies that partner with multiple lenders or offer a lending marketplace were not included. Best Auto Loan Refinance Banks Best Personal Loans for Bad Credit Best Personal Loans for Debt Consolidation Best Personal Loans Best Installment Loans Best Student Loans Best Motorcycle Loans Best HELOC Lenders of 2023 Best RV Loans Best Credit Unions for Car Loans Best Debt Consolidation Loans for Bad Credit Best Pool Loans Best Boat Loans How to Get the Best Car Loan Best Mobile Home Loans Best Buy Now, Pay Later Apps What is a good APR for 60 months?On average, a good APR for a 60-month car loan is 3.81% as of September 2021. However, you may be able to get an even lower rate if your credit score is in the prime to superprime range, which includes credit scores between 661 and 850.
Is it smart to do a 60 month car loan?Alarming car buying statistics
Auto loans over 60 months are not the best way to finance a car because, for one thing, they carry higher car loan interest rates. Yet 39% of new-car buyers in the first quarter of 2021 took out loans of 61 to 72 months, according to Experian.
What is best interest rate for car loan?The average auto loan interest rate is 5.16% for new cars and 9.34% for used cars, according to Experian's State of the Automotive Finance Market report for the third quarter of 2022. With a credit score above 780, you'll have the best shot to get a rate below 4% for new cars.
Which bank gives car loan at the lowest interest rate?New Car Loan Interest Rates Comparison Offered by Top Lenders. |