Compare $30,000 car loans |
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Compare $30,000 car loans

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Finance your new ride with a loan from a bank, credit union or online lender.

According to a 2018 Edmunds study, the average cost of a new car is around $36,000. If you’re looking to finance this purchase, you have a few options to consider. While a secured car loan through a bank or online lender typically comes with the most competitive rates, you may be able to secure financing faster by going directly through a dealer. Car Loans Car Loans

Get matched with a local car dealership to finance your car purchase. Bad credit, no credit OK

  • Specializing in 'buy here, pay here' car loans. No banks or credit unions.
  • Typically hear back from a rep within 24 hours.
  • Free loan-matching service. No obligation offers.

    What are my $30,000 car loan options?

    You have a few options when you’re looking to borrow $30,000 for a car loan, including:

    • Secured car loans. Secured car loans use the vehicle you’re buying as collateral. Although this means more risk for you — you’ll lose your car if you can’t repay the loan — it typically results in a lower interest rate and better terms. Most car loans will be secured, so these will make up most of your $30,000 car loan options.
    • Unsecured car loans. Unsecured car loans work similarly, but you won’t have to use the car you’re purchasing as collateral. You don’t risk losing your car if you’re unable to afford repayments, but you’ll likely have a higher interest rate and less competitive terms. These types of car loans aren’t very common, so you’ll have to do some digging to find a lender that offers them.
    • Car leases. Rather than buying a new car outright, a car lease allows you to drive one for a select number of years or miles. At the end of your term, you can usually choose to return your car, extend the lease or buy it out. Most dealerships offer financing to help you pay for this monthly expense.
    • Personal loans. A $30,000 personal loan can also be used to buy a car. If you’re interested in an unsecured option, you likely won’t find as competitive rates as you would with a secured car loan. However, if you want to take out a loan to cover both the cost of a new car as well as other expenses, then a personal loan may suit your needs better.

    Compare $30,000 car loans

    Rates last updated January 17th, 2019

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    Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
    Name Product Product Description Min. Credit Score Term of Loan Requirements Car Loans
    Apply with a simple online application to get paired with a local auto lender. No credit and bad credit accepted.
    Varies by lender
    Must be a US citizen with a current US address and employed full-time or have guaranteed fixed income.
    Auto Credit Express Car Loans
    Get connected with an auto lender near you, even if you have bad credit.
    Typically 3 to 6 years
    Must be employed full-time or have guaranteed fixed income of at least $1,500/month and be a current resident of the US or Canada.
    LightStream Auto Loans
    Quick car loans from $5,000 to $100,000 with competitive rates for borrowers with strong credit.
    Good to excellent credit
    Flexible terms
    Good or excellent credit, enough income or assets to afford a new loan, US citizen or permanent resident, 18+ years old
    LendingClub Auto Refinancing
    Lower your monthly car payments and save on interest through a fast and easy online application process.
    Fair or better credit
    Minimum of 2 years
    Car must be less than 10 years old with fewer than 120,000 miles. Current loan must have a balance between $5,000 and $55,000 and at least 24 months left in its term.
    RateGenius Auto Loan Refinance
    Connect with a network of over 150 lenders to refinance your car loan.
    Income of $2,000+/month, vehicle has less than 150,000 miles and is no older than 8 years, loan balance is between $10,000 and $100,000, debt-to-income ratio is less than 50%
    LendingTree Auto Loans
    Compare multiple financing options for auto refinance, new car purchase, used car purchase and lease buy out.
    Good to excellent credit
    Typically 1 to 7 years
    Must be a US citizen and 18+ years old. Must have good to excellent credit.

    Compare up to 4 providers

    Where can I find a $30,000 car loan?

    From online lenders to financing through a dealership, there are several places to turn to when on the hunt for a $30,000 car loan:

    • Bank. Your bank might be the first place you check for a car loan, but don’t stop there. If you have good to excellent credit, compare prequalification offers from other banks, too — many don’t require you to hold an account in order to apply for a car loan.
    • Credit union. Credit unions are less strict about eligibility criteria, but generally require you to be a member in order to take out a loan. If you’re already part of a credit union, check to see what rates you might qualify for. Or consider your options with other credit unions in your area — some may allow you to apply for membership and a car loan at the same time.
    • Online lender. Online lenders may not be your first choice, but they often offer competitive rates — especially if your credit isn’t good enough to qualify for a bank loan. Many lenders will even allow you to add the cost of taxes, titling, registration and other fees into the total amount you borrow.
    • Dealership. Nearly every dealership offers financing — usually through the manufacturer or a local bank. You’ll likely be able to get a $30,000 car loan and drive off the lot the same day, but watch out: You may end up spending more on interest with dealership financing than going through an online lender or bank.

    Can I afford a $30,000 car loan?

    While $30,000 car loans are becoming more common, you’ll still want to consider if this is an amount you can comfortably afford to pay back. Your interest rate and loan term both play a role in your monthly repayments and the total cost of your loan. Choosing a longer term will help keep repayments lower, but you’ll end up paying more in interest over the life of your loan. Most car-buying experts recommend dedicating no more than 15% of your monthly budget toward all car expenses — including your loan payment, fuel costs, insurance premium and regular maintenance.

    Popular cars you can buy for around $30,000

    Convinced a $30,000 car loan is for you? Whether you’re on the hunt for a sports car or truck, you have plenty of options to choose from. Below are the manufacturer suggested retail prices (MSRPs) of some popular 2019 models. The actual cost you end up paying will depend on where you live, your negotiation skills and any special promotions you qualify for.

    2019 modelStarting MSRPBody
    Ram 1500$27,095Truck
    Subaru WRX$27,195Sedan
    Dodge Challenger$27,595Sports car
    Chevy Impala$28,020Sedan
    Jeep Wrangler$28,045SUV
    Chevy Silverado 1500$28,300Truck
    Chrysler 300$28,995Sedan
    Chevy Traverse$29,930SUV
    Honda Ridgeline$29,990Truck
    Honda Odyssey$30,090Minivan
    Hyundai Santa Fe XL$30,850SUV
    Volkswagen Atlas$30,895SUV

      How to compare $30,000 car loans

      When you’re sorting through your $30,000 car loan options, keep these features in mind:

      • Interest rate. In general, the better your credit, the lower your interest rate will be. This is a good rule of thumb, but it will also depend on whether your rate is fixed or variable and the loan term you choose. Typically, shorter loan terms come with more competitive rates.
      • Loan term. Most car loans come with terms from three to seven years. Longer loan terms lead to lower monthly repayments, but you’ll pay more in interest in the long run.
      • Secured or unsecured. Most of your car loan options will be secured, meaning the car you’re purchasing is used as collateral. If you default on the loan, your lender can repossess your car. On the other hand, if you borrow an unsecured car loan, you won’t risk losing your car if you default — but your interest rate will typically be higher.
      • Fees. Different lenders have different fees, which may include application, origination and late payment charges. You may also be on the hook for prepayment penalties if you make extra payments on your loan or pay it off before the term is up.

      Bottom line

      You have a few options when looking to borrow $30,000 to buy a car — from online lenders to banks and credit unions to dealership financing. You may want to brush up on your negotiation skills before you head to the dealer to make sure your car’s price stays within an affordable range.

      Read our guide to car loans to learn more about how they work and compare even more lenders.

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      Kellye Guinan

      Kellye Guinan is a writer and editor with and has years of experience in academic writing and research. Between her passion for books and her love of language, she works on creating stories and volunteering her time on worthy causes. She lives in the woods and likes to find new bug friends in between reading just a little too much nonfiction.

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