Best Auto Loans

LightStream is SunTrust Bank’s online lending platform. You can do everything online through the site’s comprehensive, user-friendly interface. The platform covers everything from new and used car purchases to motorcycles and private party loans.

One of the biggest advantages for most users is that there are no car model limitations or mileage requirements. This opens up a lot of possibilities.

Uniform Rates

The lowest APR for a car loan at LightStream is 6.49%. You can get it with a loan term of 36 months and amounts exceeding $25,000. This minimum reserved for users with excellent credit payment history is the same for new, used, and classic car loans, as well as refinancing.

AutoPay Discount

AutoPay provides borrowers with more refinance options than what’s usually found elsewhere on the market. In addition to traditional auto refinancing, there are also cashback and refinancing and lease payoff refinancing options, with no application or origination fees.

However, keep in mind that the aforementioned rates are calculated with the AutoPay option.

If you choose the standard invoice method, you’ll be paying 0.5% more. The platform warns you about this, though. And if you’re in Florida, you’ll also have to cover the documentary stamp tax that isn’t included in the APR.

Requirements

The minimum amount you can take is $5,000, which is slightly lower than the industry average, while the maximum is capped at $100,000. Considering the rates, SunTrust LightStream is one of the better places to refinance a car loan.

Of course, the terms and conditions forbid you from refinancing a different LightStream loan. This is relatively standard practice, but it doesn’t hurt to mention it.

The value of this lender lies in the fact that, unlike most of the competition, LightStream financing doesn’t have special requirements for the vehicle. There are no mileage or model restrictions, which is why it stands out as a unique option for classic car collectors.

Online Application

LightStream’s biggest selling point is the online application process. You can get everything done online. All you need to do is fill out a couple of forms, send the necessary documents, and you can be eligible.

In theory, it’s possible to fund your loan on the same day you submit your application. However, in practice, you’ll most likely have to wait a couple of days.

The website works on any device, so you can easily apply from your computer, tablet, or phone, but keep in mind that LightStream doesn’t publish its exact credit requirements online.

Customer Support

LightStream customer service agents are available during weekdays from 10 a.m. to 8 p.m. & on Saturdays from noon to 4 p.m. There is no phone support, but you can fill out a contact form if you encounter problems or want to learn more about the company’s rates.

Note that the agents will only respond during working hours and won’t be able to reply to your Sunday inquiries on the same day. In those instances, you can turn to the site’s fairly detailed FAQ section.

There’s a good reason why Bank of America is one of the most reputable lenders in the US. The bank offers a wide range of loans, competitive rates, and special discounts to loyal customers.

Lowest Rates

The annual percentage rate (APR) for new car purchases starts at 5.59%, and the rate for a used car loan is typically around 5.79%. In both cases, these are some of the lowest rates you’ll find online, especially if you factor in the discounts. As a rule, refinance loans are slightly higher and start at 6.19%, along with lease buyout options.

Discounts for Account Holders

To sweeten the deal, the Bank of America loan section includes special discounts for applicants who are already clients: Gold, Platinum, and Platinum Honors members. Gold members are users who have maintained a balance of $20,000 on their accounts, so they qualify for a 0.25% discount.

Platinum members maintained a balance of $50,000 for a 0.35% discount, while Platinum Honors users had at least $100,000 on their accounts, earning them the full 0.50% discount off their APR.

Requirements

Bank of America has a few strict requirements. First of all, the vehicle in question can’t be older than ten years or have driven over 125,000 miles. The car’s overall value needs to be at least $6,000 (and the loan value must be at least $7,500). Loans can’t be used for motorcycles, RVs, boats, or aircraft.

One downside is that these loans don’t support commercial or business vehicles, but for specialized car financing, you can apply for the Business Advantage auto loan instead. The minimum amount for this type of vehicle is $10,000, and it can’t be older than five years. The APR starts at 6.19%.

Application Process

There is no application fee, and since the process is largely automated, you’ll get an answer within 60 seconds. After you’re approved, your loan submission and proposed interest rate are good for the next 30 days.

The site also includes a simple but useful loan calculator that gives you a good idea of the rates. You can monitor your loan details on the go through the Bank of America app that’s available for iOS and Android devices.

Customer Support

There are a few ways to get in touch with the bank. Support agents are available over the phone during weekdays between 8 a.m. and midnight ET for new customers and 9 a.m. to 8 p.m. ET for existing ones. On Saturdays, it’s 8 a.m.-8 p.m. ET for new customers and 9:30 a.m.-6 p.m. ET for those who already have an account with the bank.

For a live consultation with a loan officer, you can schedule an appointment online or just visit the bank at your convenience. If you prefer not to contact the customer service, you can find a lot of information on the site, especially in the FAQ section.

There are numerous reasons why going with a marketplace instead of a single lender might be a great idea.

First of all, you get more loan options to choose from or, in the case of myAutoloan, up to four different offers. Secondly, the competition between these lenders is likely to produce better offers.

Here’s what you can expect from myAutoloan.

Competitive Rates

Because of the way the marketplace functions, you’ll come across different rates every day. The website gives you an overview of the rates to keep you in the loop.

While the rates depend on the term length (go for a repayment period of 36 months or shorter for the best prices), you’re unlikely to come across a quote for anything above the industry average.

Tools and Resources

After you’ve seen the loans that the site has to offer, you should try out two other tools available here. The estimator tells you what rates you can expect in your area, based on the amount you want to borrow and a comprehensive self-assessment of your credit score.

In addition, you have a basic calculator at your disposal that lets you know what your monthly payments might be based on the total amount you want to borrow and the APR.

myAutoloan also offers a handful of useful resources that can help you check your credit history, find a vehicle, or buy insurance.

Fast Application

It’s hard to beat the speed of the application process here. All you need to do is fill out a form and wait for the reply. In most cases, your offers will arrive within minutes. Of course, the lenders themselves might take longer to approve your request.

The only thing you can do to expedite the process is to ensure the information you send is accurate and upload all the necessary documents. Once you’re approved, you can immediately start using your funds.

Customer Support

If you have any questions regarding myAutoloan rates or the company’s loans, you can either reach out to customer service or browse through the FAQ/Help sections. Customer support agents are knowledgeable and willing to help; however, you can only contact them by filling out a form on the site.

There are no phone or live chat options. The help section has a broad selection of reading materials, but that doesn’t exactly qualify as instant assistance.

If you’re going with a credit union, you might as well go with one of the best-known organizations in the industry. When compared to the other lenders, one of the CCU’s key strengths is flexibility.

To become eligible for a loan, you’ll first need to become a member. Luckily, it’s an inexpensive, quick, and absolutely worthwhile process that can be done online or over the phone.

Lowest Rates and Discounts

Consumers Credit Union offers low rates with a starting APR of just 3.99% if you want to purchase a car through CCU's Car Buying Service. Otherwise, the APR starts at 4.49%.

Note that all the APR offers are calculated with a 0.5% discount rate if you enable automatic payments through CCU. If you choose a third-party system, you’ll only get a 0.25% discount.

Membership Fee

The first step towards becoming eligible is acquiring a CCU membership. This is a standard requirement for credit unions because of the organizational structure - you’re a client and an owner at the same time. However, unlike some other unions, CCU isn’t conditioned by employment or location.

All you need to do is pay the one-time fee of $5, and you’re good to go. This stays in your account and buys you a single share in the organization. When you decide to close your account, you get your money back.

Loan Terms and Vehicle Restrictions

The maximum loan tenure is 84 months, and the minimum is 36 months. The threshold is 60 months, which is quite generous compared to the competition. Motorcycle loans have a maximum cap of 60 months, while loans for RVs can go up to 180 months in total.

Interface and Application Process

The site’s interface isn’t its strongest asset. You won’t find extensive information about rates or specific requirements for each loan. Everything seems a little disorganized. Aside from the online application method, you can also use the phone or locate a nearby branch.

The Consumers Credit Union customer service has slightly shorter working hours than its competitors: 8 a.m. to 6 p.m. CST during weekdays and 8 a.m. to 2 p.m. on Saturdays.

PenFed is a reputable credit union that offers some of the lowest rates to both military-affiliated personnel and civilians. Anyone can get a loan here, but as is the case with other credit unions, there is a small membership fee.

Industry-Leading Low Rates

The star of the show is the 3.79% APR that you can get with the 36-month term for any amount you want, up to $100,000. However, to become eligible for these rates, you need to have an excellent rating and buy your vehicle through the company’s car buying service.

Even if you’re not searching for a discount, it’s a good platform for finding an affordable deal on a car and ensuring you’re working with a certified car dealership. Without this discount, the rates start with an APR of 4.59%, which is still among the cheapest options on the market.

Loan Terms and Amounts

Loan terms range between 36 and 72 months. The minimum amount you can borrow depends on the repayment period you choose. For example, for 36 months, the minimum is $500 (which works out to just $14 per month). With 60 and 72 months, the minimums are $10,000 and $15,000, respectively.

The calculator on the website gives you a pretty good breakdown of your payments if you include the down payment, interest, trade-in value, and other parameters.

Types of Loans

PenFed is an excellent option for both new and used vehicles as well as refinancing car loans. You can also choose the payment saver option, which enables you to make lower payments than with a conventional auto loan but with a higher interest rate.

You can choose what happens with the remaining loan balance at the end of the term - pay it off, refinance the debt, or sell your car. The PenFed car loan payment saver system can be applied to new cars or used vehicles.

Membership Options

PenFed is a credit union and requires you to be a member to access the most affordable rates. If you’re affiliated with the military, you and your family members can automatically join the union. All you need to do is clarify your military record on your online application.

If you have no affiliation with the military but still want to join the union, you can make a one-time $5 deposit.

Application and Customer Support

The application process is straightforward, and everything is done online. After creating an account, you’ll be able to review the rates that fit your eligibility requirements and check the status of your recent applications. The online portal works on almost every browser and operating system, so you shouldn’t have any problems.

You can contact PenFed customer service agents by phone or an email contact form, but make sure you know their working hours. The agents work a double shift on weekdays, a couple of hours on Saturdays, and a full shift on Sundays.

If you want to learn more, find specific forms, or use calculators, PenFed offers a comprehensive Advice Center with a very useful FAQ section.

What separates RefiJet from the competition is the company’s level of involvement in the entire lending process, as well as its range of refinancing options. RefiJet does a lot of your paperwork for you and enables you to buy motorcycles, SUVs, and even trucks.

Rates and Fees

Although it ultimately depends on the lenders and their customized quotes, RefiJet’s loans start at 5.29% APR. Note that even if you have a perfect credit score, you might not be eligible for this rate, but prequalifying for a loan does not impact the credit score.

This offer also grants new clients a two-month period with no payments. RefiJet won’t charge you anything for its service, but you’ll still have to pay for title transfers and additional fees required by the state. There is no application fee, while prepayment penalties and late fees depend solely on the lenders. Some are more generous than others.

Reasons for Refinancing

The RefiJet site explains how and why you should refinance your car loans. The company’s selection of lenders can help you lower your interest rate, extend the terms, or decrease monthly payments through refinancing.

This is often used to get cash back from equity, add or remove co-borrowers, or take a break from payments for a month. These reasons are explained in great detail on the site.

Requirements

There are a few requirements. First off, you need to be employed and have proof of income, with the minimum income requirements currently being $1,900 for single income and $2,200 for a joint income.

When getting an auto loan, your most recent car payments need to be in order, and you have to have valid license and registration documents. The vehicle mustn’t be older than ten years and needs to have full insurance coverage. The minimum loan amount is $5,000.

Application Process and Customer Service

The application process is straightforward and very user-friendly. RefiJet’s loan officers guide you through the process, handling most of the paperwork for you. The prequalification process relies on the soft pull method, so it doesn’t affect your credit score. You get your customized offers within minutes and can discuss prospects with RefiJet's specialists.

Note that once you choose one of the lenders on the marketplace, the lender will do a hard pull to verify all the information. If you have any questions, concerns, or want to learn more about RefiJet’s work, you can contact customer service. It’s available via phone, email, or through the on-site contact form.

Founded in 1994, Capital One has since acquired more than $481 billion in total assets. It’s one of the largest banks in America and is currently the second-largest auto financing company in the country. Capital One is based in Virginia, but it provides a wide range of financial products across the US.

Types of Loans and Restrictions

Thanks to its nationwide network of car dealers, Capital One is one of the best options on the market today. Whether you want to buy a new or a used vehicle, Capital One will help you find the most suitable option.

You can also choose between individual and joint loans, with the latter being an ideal choice if you’re buying a car with your spouse. With joint loans, you can qualify for a better loan rate and borrow a larger amount of money. 

As for Capital One refinancing, the bank only refinances standard auto loans with a single lienholder on the car title. You must refinance the full amount of your loan, and there’s no cashback offer or lease buyout option.

Despite this, Capital One is still one of the better refinancing choices out there. If you decide to refinance your credit at Capital One, it won’t impact your credit score, and you can save almost a hundred dollars per month. 

Of course, you can also get new and used auto financing. These loans can be used to purchase cars, trucks, sport utility vehicles for personal use, and minivans. The vehicle must not be more than seven years old. There are also restrictions on some car models and brands, including camper vans and RVs, Oldsmobile, Daewoo, Saab, Suzuki, and Isuzu vehicles.

Lastly, the car has to come from Capital One’s network, though with more than 12,000 eligible dealers, that should not be a problem.

Requirements and Loan Terms

When you apply for a loan, you need to meet a unique set of requirements. Capital One’s requirements align with industry standards, which means that applicants must be US residents who are at least 18 years old and have a steady income.

The income requirement is set at $1,500, which is very low compared to some of the biggest competitors on the market.

The APR range is not specified by Capital One, but it does depend on several factors, including the loan amount and term length, loan-to-value ratio, down payment, and vehicle characteristics. As for the loan amount, the minimum you can apply for is $4,000, while the maximum goes up to $75,000. 

After you complete a prequalification procedure, you’ll be informed about the APR, monthly payments, and term length. 

Capital One might not be the absolute best option, but that doesn’t mean that people with lower credit scores can’t get a good deal.  

User-friendly Auto Navigator  

One of the reasons Capital One is popular is its simple and effective online prequalification tool. Auto Navigator helps you find a vehicle and a dealer in a few easy steps without impacting your credit score. 
    
Its intuitive interface gets top marks for navigational efficiency, allowing you to conduct fast and comprehensive online searches on any device you use. During prequalification, you can personalize your purchase and compare your monthly rates from various dealers.

It will let you scroll through multiple options and help you pick the one that fits your budget.

Customer Support

According to numerous borrowers, Capital One has excellent customer service. There’s no live chat or email support, but you can get a hold of agents by phone from Monday to Friday between 9 a.m. and 9 p.m. and on Saturdays between 10 a.m. and 7 p.m. (ET).

Founded in 2012, Carvana is an Arizona-based company that provides an all-in-one auto shopping service. Its unique selling model is the best for those who want to get a loan and buy a car from the same place, as Carvana offers financing options for its inventory of vehicles.

You can choose from thousands of cars and purchase them online, and the company delivers them to your front door. In addition, you can trade your car in for a new one or sell it to Carvana. 

Loan Terms and Requirements

This online lender offers affordable loans to applicants with credit scores below 600. 

However, to qualify, you need to meet other requirements. For starters, you must be a resident of a state where Carvana provides its services (the company does not operate in Hawaii and Alaska) and be at least 18 years old.

To get a good rate, you also need to have a minimum annual income of $5,100 and no active bankruptcies.

The minimum loan amount at Carvana is $1,000, and the company offers repayment terms between 12 and 72 months. 

Purchasing Options

Carvana sells used cars with low milestones and has more than 20,000 vehicles. To search the database and compare various vehicles, you first need to create an account. You can narrow down your search by using nine filters. Note that you cannot negotiate car prices, but considering the rich inventory, you shouldn’t have any trouble finding your perfect car. 

In addition to offering some of the most affordable loans on the market, Carvana’s services are available around the clock, meaning that you can make a purchase at any time you want. You can choose a car, buy it, and select a delivery date.

Carvana can deliver the vehicle to your address within one business day. Once you get your contract and review it, you can close the purchase in just 10 minutes. 

Another great thing about Carvana is that you can use other sources of financing a car, including other online lenders and banks. 

Additional Services

Not only is Carvana a solid option to get a good loan, but it’s also a great place to sell your vehicle. The entire process goes through Carvana’s website, where the company appraises your car. The final trade-in inspection is possible through some of the company’s vending machines, or Carvana’s representatives will do it in person, depending on where you live. 

Customer Support

To get any clarification about Carvana's offer, you can contact the company’s knowledgeable and polite customer support team. Agents can be reached by phone during business days from 7 a.m. to 9 p.m. (ET). You can also use ticketing support or talk with a representative via live chat.

There’s also a short video that may answer some of your questions and an extensive FAQ section on the site.