Find the best auto loan rates

Buy a new or used car at affordable auto loan interest rates

Compare and choose the best auto loan rates today

Looking for an auto loan but don’t know where to start? Your first step is to find and compare the best auto loan rates in the market. Choosing the best auto loan rates ensures that you pay the best possible monthly payments without feeling the pinch on your wallet.

Let’s help you decide by finding the best rates for your dream car. Take a few minutes for this and enjoy the benefits throughout your loan period!

Current Auto Loan Rates

Bank of America Starting at 2.29% 48 to 72 months Starting at $7,500
Capital One Unspecified 24 to 84 months Starting at $4,000
Lightstream 2.49% to 8.99% (with autopay) 36 to 84 months $5,000 to $100,000
myAutoLoan Starting at 1.9% 24 to 84 months Starting at $8,000
Carvana Starting at 3.9% On Request On Request

*As of January 2022

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Best Auto Loan Rates Today: Frequently Asked Questions

What are auto loans and how do they work?

An auto loan is a secured loan that a buyer can take to purchase a vehicle. These are called secured loans because the vehicle is put up as collateral in return for fixed monthly installments, charged at a certain interest rate.

The advantage of auto loans is that if you choose the best auto loan rates, it will help you pay off the loan over a certain period with significantly lesser interest charges. Auto loans also provide an easy application process, financing options, and flexible repayment terms. They can also be taken for purchasing used vehicles.

Who is eligible to apply for auto loan rates today?

You must be 18 years old or older and either a U.S. citizen or a resident alien in order to legally apply for car financing in your state of residency (permanent or non-permanent).

How can you apply for an auto loan and get the best auto loan interest rates?

You will need to provide the following information when applying for an auto loan:

If you have already picked out a vehicle to purchase, you will also have to furnish the Vehicle Identification Number (VIN), mileage, dealer’s name, and the state in which you want to register it.

Will I get the lowest auto loan rates from a dealership or the bank?

Dealerships usually offer higher rates than banks. However, dealership lending is an easy way to secure loans if you have already decided on the vehicle you want to buy.

On the other hand, direct auto loans from banks give more control to the buyer and allow you more flexibility in choosing auto loan rates.

The best course of action would be to ask for a quote from the dealership and, comparing rates, terms and other factors. You can also compare the different rates and car loan monthly payments using an auto loan finance calculator before buying.

What is the difference between new auto loan rates and used car auto loan rates?

Used car auto loan rates are generally higher than those for new cars, because there is more risk attached with it. According to Experian the average auto loan rate is 5.35% for used cars and 3.64% for new cars.

NEW CAR LOAN RATES 3.84% 3.87% 3.86% 3.64%
USED CAR AUTO LOAN RATES 4.28% 4.44% 5.98% N/A

*APRs shown are the average minimum rates across lenders

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Do credit scores affect your average auto loan rates?

Yes! Often, your credit score has the most significant impact on what rates are offered to you. The better your credit score, the lower auto loan rates you’ll receive. The current loan rates (average) for each credit score are given below.

781-850 2.58% 3.68%
661-780 3.64% 5.35%
601-660 6.32% 9.77%
501-600 9.92% 15.91%

*Experian State of Automotive Finance Report

Can you get low auto loan interest rates with a bad credit score?

Yes, you can take an auto loan even with a bad credit score, but you will have to deal with higher auto loan interest rates. In addition, you might have to do one of the following to get approved:

Which company has the best auto loan interest rates?

The best auto loan interest rates available to you depend a lot on the state you live in, your credit score, your employment history, payment history, and many other factors. However, it’s good to check out several loan providers before zeroing in on your best option.

Starting Auto Loan Rates 2.29% 3.99% 2.49% (with autopay) 1.89% 3.9%
Starting Loan Amount $7500 ($8000 in Minnesota) $4000 $50,000 to $100,000 $8000 Not available
Term Lengths 48 to 72 months 24 to 84 months 36 to 84 months 24 to 84 months 36 to 72 months
Available In All 50 States All States except Hawaii and Alaska All 50 states All States except Hawaii and Alaska All States except Hawaii and Alaska
Min Credit Score Not available Not available Not available 575 Not available
Min Annual Income Not specified $18,000-$21,600 Not specified $21,600 $4000
Other conditions   Will only finance your loans if you buy from one of their participating dealerships Will be able to sanction your loan on the same day you apply. However, you will have to sign up for autopay to get the best benefits. You can get up to four quotes from multiple lenders through myAutoLoan. However, a poor credit score will not give you many options to choose from. Does not accept co-signers for financing.

*As of January 2022

How long should a car loan term be?

We would advise against taking on auto loans for more than 60 months. While a longer loan term means lower monthly payments, you’ll be paying more in interest in the long run. This is because your car’s value starts to depreciate the moment you buy it and you could end up “upside-down” on your loan – paying more than the car’s worth after a few years. A 72-month long loan term has more than double the interest charges than a 60-month term.

What credit score will help me get a 0% auto loan rate?

Borrowers with credit scores above 780 can qualify for 0% new auto loan rates.

What is Auto Loan Refinancing?

Auto Loan Refinancing involves applying for a new loan which pays off your current auto loan. You can refinance a loan in the following circumstances.

Refinancing involves applying for a new loan with new auto loan interest rates, a new loan contract, and new loan term. It’s a viable choice if you want to structure your finances in a more coherent manner.

Do auto loan refinance rates differ from new auto loan rates by a lot?

Yes, auto loan refinance rates are generally lower than new auto loan rates. The exact rate depends on your credit score, payment history, the condition of your car, and whether or not you have a co-signer for your loan.

You can easily use to find and compare auto loan quotes and select rates of your choice. You can also use the Auto Loan Calculator to find your monthly payments or to refinance your car loan in the best way possible.

Auto Refinance Data Methodology

The auto refinance rates published here are based on the results of comparative research done by’s data team. We've used a mix of public and internal data to analyze refinance rates across thousands of lenders, credit scores, vehicle types, and all U.S. ZIP codes

The rates shown here are based on a national average of our findings, and may typically vary for each individual depending on your personal financial position and the US state you are in.

However, you can quickly determine where you stand by going through our Auto Refinance form. In just a few steps, find out how much you can save with!