Updated March 2026·CompareBankLoans Editorial Team·Fact checked

Compare Auto Loan Rates

Whether you're buying new, buying used, or refinancing a high-rate dealer loan — find a better rate before you sign.

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The quiz is the main action on this page. The lender cards below are representative sample previews, not personalized matches.

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5.27%

Lowest new-car rate

24–84 mo

Available loan terms

$5K–$150K

Typical loan amounts

PersonalHome EquityAutoDebt ConsolidationSmall Business

Representative lender preview

Sample lenders for a good-credit borrower

These are example matches to show how lender cards work before personalization. Start the quiz to see results shaped to your amount, credit, and borrowing goal.

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Sample lender cards

3 representative offers shown before quiz personalization

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Representative sample borrower: good credit, mid-range loan amount, standard-purpose request. Use the quiz for your own amount, credit, and intent.

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Best Match
L

LightStream

4.9/5

APR

7.49%

Est. mo. payment

$692

Loan range

$5K–$100K

Total fees

$0

Get My Rate on LightStream
Terms vary by lenderSame day funding
U

Upstart

4.6/5

APR

7.80%

Est. mo. payment

$772

Loan range

$1K–$50K

Total fees

$1,680

Get My Rate on Upstart
Terms vary by lenderNext-day funding
DP

Discover Personal Loans

4.7/5

APR

7.99%

Est. mo. payment

$688

Loan range

$3K–$40K

Total fees

$0

Get My Rate on Discover
Terms vary by lender2 days funding
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How to evaluate auto loan rates

Auto loans are among the most competitive lending products available — but most car buyers accept the dealer's financing offer without comparison-shopping, often paying a full 2–4 percentage points more than necessary. Whether you're financing a new vehicle, a used car up to 10 years old, or refinancing a loan you took out in a hurry, pre-qualifying through an independent lender before you set foot in the dealership gives you powerful negotiating leverage. Rates are directly tied to your credit score, the age and mileage of the vehicle, and the loan term. Bringing a pre-approval letter means the dealer has to compete for your business — or you can simply fund the purchase through a bank or credit union at a better rate.

Use these comparison lenses to move beyond headline APRs and pick the product that fits.

New vs. used vehicle rates

New cars typically qualify for the lowest rates because they serve as better collateral. Used vehicles — especially those older than 5 years or over 100,000 miles — carry higher rates due to depreciation risk. Some lenders don't finance vehicles over a certain age at all.

Loan term and total cost

Longer terms (72–84 months) lower your monthly payment but cost significantly more in total interest and increase the risk of being 'upside down' (owing more than the car is worth). Aim for the shortest term your budget allows.

Down payment

A larger down payment reduces your loan-to-value ratio, which can unlock a lower rate and reduce the chance of negative equity. Most lenders recommend putting down at least 10–20% of the vehicle's purchase price.

Refinancing your current loan

If your credit has improved since you bought your car, or if rates have dropped, refinancing can lower your rate by 2–4%. The process is fast — most lenders can fund a refinance within 3–5 business days with minimal paperwork.

Pros

  • Rates are typically lower than unsecured personal loans for the same credit profile
  • Pre-approval gives you negotiating power at the dealership
  • Refinancing can save hundreds of dollars per year with no out-of-pocket cost
  • Fast approval — many online lenders decide within minutes
  • Broad range of terms lets you balance monthly cost vs. total interest

Tradeoffs

  • The vehicle serves as collateral — it can be repossessed if you miss payments
  • Longer terms increase total interest paid and negative equity risk
  • Older or high-mileage vehicles may not qualify, or may attract higher rates
  • Dealer financing markups can be hidden inside the APR — always compare externally

Frequently Asked Questions

What credit score do I need for a good auto loan rate?
Borrowers with scores of 720 or higher typically qualify for the best rates. Scores in the 660–719 range generally qualify for competitive rates with most major lenders. Below 620, expect higher rates, and below 580 you'll likely need a subprime lender or a co-signer.
Should I get pre-approved before visiting a dealership?
Yes — always. Pre-approval tells you exactly what rate and amount you qualify for, so you can judge whether the dealer's offer is competitive. In many cases, you can simply fund the purchase through your pre-approved lender if the dealer can't beat it.
Can I refinance a car loan I took out recently?
Most lenders require at least 2–3 months of payment history before you can refinance. If your credit has improved, rates have dropped, or you took dealer financing in a rush, refinancing is often worth doing even on a relatively new loan.
Is it better to finance through a bank, credit union, or dealer?
Credit unions typically offer the lowest rates for members with good credit. Online lenders are often competitive and fast. Dealerships can match or beat external financing, but they also have incentive to mark up rates. Always compare at least two external offers before accepting dealer financing.
What happens if I pay off my auto loan early?
Most auto loans have no prepayment penalty — you can pay off the balance anytime and save on remaining interest. Check your loan agreement to confirm. Some loans use 'simple interest' (most common) vs. 'precomputed interest,' which affects how prepayments are applied.
How old can a car be to qualify for a standard auto loan?
Most mainstream lenders finance vehicles up to 10 years old or under 120,000–150,000 miles. For older or higher-mileage vehicles, look for lenders that specialize in older cars, or consider a personal loan as an alternative.