Compare new car loans in November 2018 |

Compare car loans for new cars

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Find the right financing for your brand new set of wheels.

Buying a brand new car is exciting. But deciding what you buy and how much you’re going to spend takes time. Budget out the cost and compare lenders to get the best deal. Car Loans

Our top pick: 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.

    How do new car loans work?

    New car loans are typically secured term loans backed by your new vehicle. Generally you can borrow between 80% and 100% of your vehicle’s value and cover the rest of the cost upfront.

    Once you get your funds either through a dealer or a third-party lender, you pay it back plus interest and fees in monthly installments. Usually, it takes between two and five years to pay off a car loan. If you fall behind on your payments, your lender can repossess your vehicle.

    Compare new car loans

    Rates last updated November 17th, 2018

    Reveal your potential loan offers and rates

    Answer two quick questions to filter the loan offers and get the best one for you.

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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
    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, no older than 10 model years, loan balance is at least $10,000, debt-to-income ratio: less than 50%.
    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.
    MotoRefi Car Loan Refinancing
    A car loan connection service for borrowers looking to refinance.
    1–6 years
    Must have an income of at least $2,000/month and have a vehicle with less than 100,000 miles.
    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

    What types of new car loans are available?

    • Secured car loan. Most car loans uses the new car as collateral if you default on payments. The interest rate is typically less than what comes with an unsecured loan because there’s less risk for the lender.
    • Unsecured car loan. An unsecured loan doesn’t hold the car as security. You typically need good or excellent credit to qualify for favorable unsecured rates.
    • Variable rate car loan. Variable rate means that interest rates can increase or decrease according to the lending market. The variable rates can potentially be cheaper or more expensive than fixed rates.
    • Fixed rate car loan. A fixed rate loan locks in an interest rate throughout the term of the loan giving you certainty that payments won’t change.
    • Bad credit car loan. If your credit history has suffered a few black marks and you need a new car, you can consider a bad credit car loan. These loans often come with higher interest rates due to higher risk.

    New car loans don’t have to be for brand new cars — the majority of lenders accept a vehicle up to two years old from a dealer or private sale as well.

    What’s a good interest rate on a new car loan?

    Anything below 5% is considered a good interest rate on a new car loan. However, you won’t be able to qualify for a good rate on a car loan unless you have good or excellent credit. There are

    How to find a competitive rate on a new car loan

    Here are some factors to consider when comparing loans for a new car:

    • Interest rate and APR. These two rates pinpoint how competitive a loan is. An APR includes interest and all fees to let you know exactly how much you will have paid at the end of the loan term.
    • Other fees and charges. These extra costs could range from loan origination to early termination fees. The lender should be transparent about any fees before the agreement is finalized — always read the terms and conditions.
    • Extra payments. It varies by lender, but you may be able to repay your loan earlier without paying any fees. Be sure your loan doesn’t come with any fees for early repayment that could change the overall cost of the loan.
    • Eligibility. Before applying for a new car loan, make sure you’re eligible and that your car meets the lender’s criteria.
    • Loan amount. You should also check the minimum and maximum loan amounts to ensure the loan is right for your needs.

    Other factors to consider

    • Down payment. Typically you’l have to make a down payment of 10% or 20% of the new car’s value. Doing so can help you save in interest.
    • Loan term. While it might be tempting to get a 72-month car loan, the longer your loan term, the more you’ll end up paying in interest.
    • Sales tax. Make sure your lender is including the sales tax when estimating the value of your car.

    Calculate how much your car loan will cost

    Pros and cons of a new car loan


    • Lets you purchase a new car without paying for it all at once
    • New cars are generally easier to finance
    • Can help build credit if the loan is maintained properly
    • Interest rates are generally lower on new car loans
    • Promotional 0% rates may apply if your credit score is high


    • New cars can depreciate in value quickly
    • It’s another payment to manage in your monthly budget
    • If your loan isn’t large enough, you’ll need to front the rest of the cost

    3 questions to ask before you get a new car loan

    • What’s the final cost? It’s essential that all the costs associated with the car loan are established with the loan provider. The obvious costs are the interest rates, but there are other costs too — these may vary depending on the lender.
    • What type of loan makes sense? Fixed interest rates are common with car loan companies and won’t change throughout the loan period. It’s more uncertain choosing a variable interest rate, as the loan provider could adjust the interest rate at any time depending on the market.
    • Can I pay the loan in full early? Early payment fees should be negotiated with the loan provider just in case the borrower’s situation changes throughout the loan period.

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