Best Auto Loan Rates for 2021

Unless you’re paying for your car in cold hard cash, you’ll need an auto loan. Last year, the average new car loan reached a record $31,722, making it more important than ever to shop around for a low interest rate. To find the best auto lenders in 2021, we used our proprietary SimpleScore methodology to compare every major lender’s rates, fees, maximum loan size, maximum used car rate and customer satisfaction.

The best auto loan rates for 2021

LightStream – Best overall
OneMain – Best for same-day financing
ClearLane – Best for auto loan buyouts
Bank of America – Best for low rates
U.S. Bank – Best for no down payment
Capital One – Best features and tools
– Best for refinancing
Chase – Best for existing customers
BlueSky – Best for bad credit

Why not just finance with the dealership?

Waiting until you’re at the dealer to finance an auto loan isn’t always the best idea. You may not have as much control over the loan’s terms and, this late in the process, lenders often pull a hard inquiry on your credit history, which can create a short-term drag on your credit score. In most cases, getting pre-approval from your bank or another lender involves a soft inquiry.
If you get pre-approved for your auto-loan before heading to the car lot, you are in a better position to negotiate prices with the seller, since you’re a potential “cash buyer” who doesn’t need to finance through the dealership.

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Types of auto loans

There are a few different types of auto loans:
Secured or unsecured loans. Some lenders offer personal loans to use to buy your car. Personal loans are considered an unsecured loan. Most auto loans are secured, with the car as collateral.
Direct and indirect auto loans. Refers to whether you work directly with a lender, or find a loan through a third-party or the dealership.
In-house loans. Dealerships that sell the car and provide the loan. Typically they sell to customers with bad credit, and you’ll make payments directly to the dealership.
Lease buyout loans. If you lease the car, you can get a loan to buy out the remaining amount and own the car.
Private party loans. For when you purchase your car from a person or seller instead of a dealership. This may be the best option is the seller still owes money on their own loan for the car.