Leading Auto Loan Providers in the United States
Explore the top auto loan providers across the US, from online platforms and major banks to lenders for borrowers with poor credit. Find options suited to your needs, with competitive rates and flexible terms to finance new and used vehicles easily and efficiently.
In 2018, Americans borrowed over $1 trillion to finance vehicle purchases. Studies indicate that approximately 85% of new car acquisitions rely on auto loans, with an average vehicle price around $31,000. When selecting a lender, individual needs and circumstances vary, with key factors including competitive interest rates, loan types, approval speed, and customer service quality. Auto lenders fall into three main categories: online auto lenders, large banking institutions, and financing companies that cater to borrowers with poor credit histories.
Here are some top auto loan options from each category.
Online auto loan platforms
CarsDirect: Well-known for its vehicle purchasing services, CarsDirect also offers an easy-to-use auto loan portal. There are no restrictions on loan amounts, making it suitable for both new and used car financing. Their user-friendly applications simplify the process for customers.
MyAutoloan: An excellent choice for first-time buyers, this platform connects borrowers to lenders offering various loan types. Their quick pre-approval process and zero application fees make it convenient for users seeking fast results.
Major banks
LightStream: Ideal for borrowers with excellent credit, with interest rates starting at 3.09% APR. They provide secured and unsecured loans for cars, RVs, and motorcycles, with special discounts for eco-friendly vehicles. They also guarantee customer satisfaction with a $100 promise if complaints are lodged within 30 days.
U.S. Bank: Unlike some banks, US Bank is open to private-party car buyers and offers competitive rates on used vehicles. They also promote environmentally friendly cars by providing a 0.5% interest rate discount for green cars, covering over 23 qualifying vehicle types.
Specialized lenders for poor credit
Auto Credit Express: Recognized with an A+ rating from the Better Business Bureau, this lender specializes in serving borrowers with bad credit. They set no restrictions on vehicle age, mileage, or loan size, making financing accessible for a wide range of customers.
Capital One: Known for working with credit-challenged clients, Capital One has a broad network of over 12,000 dealerships nationwide. They offer robust online account tools and in select regions, personal meetings. Unique among lenders, they finance vehicles over ten years old or with mileage exceeding 125,000 miles.
