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The best in auto loans for 2022
Winners by Category
Chelsea has been with Bankrate since early 2020. She is invested in helping students navigate the high costs of college and breaking down the complexities of student loans. Bankrate logo The Bankrate promise
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You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. You deserve the best auto loan
Even after you've picked the perfect car, finding a good auto loan is key to driving away from the lot satisfied. Term lengths, loan amounts and fees can all affect your monthly payment amount, so it's critical to compare lenders before heading to a dealership. Bankrate handled the heavy lifting and ranked top auto loan lenders using an in-depth scoring process to determine the best options for new car purchases, used car purchases and auto loan refinancing. These are the winners of the 2022 Bankrate Awards for Best Auto Loans. How we picked these lenders
Bankrate ranked 12 different lenders based on three categories: availability, affordability and customer experience. Every lender was evaluated based on factors like fees, online availability, APR, repayment options and loan types. Winners for each category feature a top-notch user experience, as well as perks unique to each type of auto loan. Best from a bank
PNC Bank
Low starting rates Overnight funding for some loans Customer service seven days a week The best auto loan from a bank was chosen based on the APRs offered and the number of available loan types: new, used and refinancing. Bankrate also considered customer support options and branch footprint. Best online lender
LightStream
LightStream offers new car financing, used car financing and refinancing with an entirely online platform. The application is straightforward, and you could potentially receive funding the day that you apply. Even though LightStream's auto loans are unsecured loans, meaning they don't use your car as collateral, the lender's rates are still among the lowest in the online auto loan business. Plus, in many cases you can choose a repayment term anywhere from 24 to 84 months. Easy-to-navigate website Competitive APRs Same-day funding available The best online lender was chosen based on the lowest APR ranges and the number of financing options available. The ease of the online application and the funding timeline were also major factors in Bankrate's scoring. Best for auto refinance
LightStream
LightStream caters to drivers who want to refinance their car loans quickly by offering same-day financing directly to the borrower's bank account. No fees means that you don't have to worry about origination fees eating into your savings. Along with this, LightStream lets you refinance anywhere from $5,000 to $100,000, an extremely wide range. High maximum loan amount Five repayment term options, with terms of up to 84 months Quick application process The best lender for refinancing was selected based on the lowest rate ranges and the highest number of repayment terms available. Bankrate scoring also considered the funding timeline and the range of refinance loan amounts. Best for used car purchase
U S Bank
If you're not sure exactly which used vehicle you'd like to purchase, you can still get preapproved through U.S. Bank, which is convenient if you're still shopping around. U S Bank also has more term options than many other lenders, with terms ranging from 12 to 72 months. Drivers looking for a used vehicle can finance anywhere from $5,000 to $100,000, and borrowers who already have a U S Bank personal checking account are eligible for a substantial discount on their interest rate. Six repayment term options Competitive pricing for used vehicle purchases Prequalification doesn't require vehicle details The best lender for used car purchases needed to score highly across the Bankrate methodology and offer low rates and a range of repayment options. Best for new car purchase tie
Navy Federal Credit Union
In order to get a car loan from Navy Federal, you must be a current or former member of the armed forces, be an immediate family member of someone who is or work for the Department of Defense. If this applies to you, Navy Federal offers some of the best rates for new car purchases and has a high financing maximum. Along with this, Navy Federal partners with TrueCar to offer a Car Buying Service, which helps you compare local inventory and, in some cases, have the car delivered to you. Financing of up to $500,000 available APRs starting below 2 percent Repayment terms of up to 96 months The best new car financing was evaluated based on the lowest APR ranges and the highest financing amounts. Bankrate also considered the range of term lengths to ensure that borrowers could find an affordable monthly payment. Because eligibility restrictions apply to Navy Federal, LightStream is a good alternative for those who are not affiliated with the military. Best for new car purchase tie
LightStream
LightStream is available to borrowers nationwide and offers unsecured loans for new car purchases - either through a dealer or through a private party. With a 0.5 percent autopay discount, LightStream's rates are extremely competitive, and borrowers can complete the application process entirely online. Loan amounts up to $100,000 Low minimum APR for new auto loans Terms from 24 to 84 months The best new car financing was evaluated based on the lowest APR ranges and the highest financing amounts. Bankrate also considered the range of term lengths to ensure that borrowers could find an affordable monthly payment. LightStream was chosen as a more widely available alternative to Navy Federal Credit Union, which limits membership to people who meet its qualifications. Bankrate logo Find your winner
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You've seen the best auto loan lenders of 2022, now see how their rates compare. The Bankrate Awards
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