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Charles Schwab auto loan alternatives

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Compare other lenders with competitive rates, high loan amounts and more.

Charles Schwab has little involvement in the lending market, but you still have options when you’re looking to finance a car. There are several other banks out there that offer auto loans, as well as a slew of online lenders.

Why doesn’t Charles Schwab offer auto loans?

Charles Schwab’s main focus is on banking and investing, so its loan options are few. And what it does have are secured by your investment portfolio — not ideal for financing a car.

3 alternatives to Charles Schwab auto loans

If you’re looking for an auto loan specifically from a bank, Bank of America and Capital One may be able to help. And if you want to see what sorts of rates and terms you might qualify for, LendingTree is a good place to compare multiple lenders at once.

Best for financing an expensive car: Bank of America

Bank of America offers auto loans up to $100,000 for both new and used cars from a dealership or a private seller — rare for a bank. Its APRs start low at just 3.39%, and you could also knock up to 0.5% off your rate with a qualifying Bank of America account.

If you’re prequalified for an auto loan through Bank of America, you have 30 days to shop. And if you already have a car loan that you’re paying off, Bank of America also offers refinancing that may be able to help you score better rates or terms.

  • How much you can borrow. $5,000 to $100,000
  • APRs. Starting from 3.39%
  • Terms. Varies
  • Eligibility requirements. Ages 18+, US citizen or permanent resident, buying eligible vehicle

Read review

Best for competitive APRs: Capital One

Capital One also offers competitive financing for both new and used cars as well as refinancing for existing auto loans. While you’re limited to borrowing just $40,000, its APRs start slightly lower than Bank of America’s at just 3.24% (As low as) for new cars.

Like many other lenders, you’ll have 30 days to shop after you get prequalified. But keep in mind you’ll be limited to purchasing a car through one of the 12,000 dealers in its network. You can find one by using Capital One’s Auto Navigator tool on its website.

  • How much you can borrow. $4,000 to $40,000
  • APRs. 3.24% (As low as)
  • Terms. 3 to 6 years
  • Eligibility requirements. Valid street address, existing Capital One account in good standing, buying 2009 model or newer with less than 120,000 miles

Read review

Best for comparing options: LendingTree

LendingTree allows you to compare offers from multiple car loan providers by filling out just one online form — saving you time and giving you an idea of what rates and terms you may be eligible for. The lenders in its network offer both new and used auto loans, as well as refinancing and lease buyouts, with low starting rates and terms of up to 7 years.
Like Bank of America, you can purchase a car from both a dealership or private seller. However, former customers have complained about fielding phone calls and emails from its network of lenders — even after taking out a loan.

  • How much you can borrow. Varies by lender
  • APRs. 2.29%
  • Terms. 1 to 7 years
  • Eligibility requirements. 18+ years old, good to excellent credit, US citizen

Does Charles Schwab offer similar loans?

Not really. While Charles Schwab offers two secured lines of credit that are backed by your investment portfolio, this might not be the best option for purchasing a car. Especially if you’d rather use your car as collateral rather than your stocks, bonds and other investments.

Compare more auto loan providers

Updated May 22nd, 2019
Name Product Filter Values Minimum Credit Score Loan Term Requirements
300
Varies by lender
Must be a US citizen with a current US address and employed full-time or have guaranteed fixed income.
Apply with a simple online application to get paired with a local auto lender. No credit and bad credit accepted.
SuperMoney Auto Purchase Loans Marketplace
SuperMoney Auto Purchase Loans Marketplace
600
1 to 7 years
Fair to excellent credit, an income source, US citizen or permanent resident, 18+ years old
Find an offer and get rates from competing lenders without affecting your credit score.
300
Varies by lender
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.
Get connected with an auto lender near you, even if you have bad credit.
Good to excellent credit
2 to 7 years
Good or excellent credit, enough income or assets to afford a new loan, US citizen or permanent resident, 18+ years old
Quick car loans from $5,000 to $100,000 with competitive rates for borrowers with strong credit.
Fair or better credit
From 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.
Lower your monthly car payments and save on interest through a fast and easy online application process.
510
Varies
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%
Connect with a network of over 150 lenders to refinance your car loan.
Good to excellent credit
Varies by lender
18+ years old, good to excellent credit, US citizen
Compare multiple financing options for auto refinance, new car purchase, used car purchase and lease buy out.

Compare up to 4 providers

Bottom line

Charles Schwab may not offer auto loans, but that doesn’t mean you’re out of luck. Whether you’re interested in buying an expensive car or securing a competitive rate — or both — there are other banks and car loan providers that may be able to help.

You can compare other lenders and read more about how financing works with our guide to car loans.

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