Best Auto Loan Rates 2023

Auto loan rates can be as unique and are influenced by your credit history and how long you plan to pay back the loan.

In this article, we will introduce you to some of the top auto loan rates out there.

But remember, these rates are a snapshot – they give you an idea of what’s out there but aren’t set in stone. Ensure you keep reading not to miss out.

What is Auto Loan

Auto loans are offered for the purchase of new and used vehicles, the purchase of automobile leases, and the refinancing of existing auto loans.

However, not every lender provides every type of auto loan or satisfies every credit level.

Typically, you will be required to make fixed monthly payments for 24 to 84 months before your automobile is paid off.

In addition to the financing options provided by many dealerships, major banks, neighborhood credit unions, and online lenders also offer vehicle loans.

Best Auto Loan Rates

When shopping for a vehicle loan, check APRs from different lenders to ensure you’re receiving a good deal.

Look for lenders who reduce fees to a minimal and offer flexible repayment periods.


At Chase Auto Loans, they understand that everyone’s journey is different. For both new and used car purchases, they offer rates ranging from 6.84% to 13.04%.

SEE ALSO:  1-805-637-7243 T-Mobile (1-805-MESSAGE)

What you get depends on your credit history and the length of your loan, which can stretch from 48 to 72 months.


LightStream believes in personalizing your auto loan experience. They provide rates ranging from 6.99% to 13.74% for new and used car purchases.

As always, your credit history and the length of your loan shape your rate.

Loan terms extend from 36 to 84 months. And to score the lowest rate, make sure to enroll in AutoPay. If not, the rate bumps up by a mere 0.50%.

Bank of America:

Bank of America offers a wide range of auto loan rates, just like the variety of cars out there.

For new cars, the APR starts as low as 5.29%, while used cars from private parties begin at 8.19%.

These numbers are based on a 60-month loan term. You will need to apply to discover your exact rate. No worries – applying doesn’t mean you’re committed to the loan.

US Bank:

US Bank Auto Loans cater to both new and used cars from dealerships. Rates kick off at 7.36% APR for loan terms up to 60 months.

But here’s the thing: nabbing such a low rate requires excellent credit. Yet, aiming high might just land you a great deal.

Navy Federal Credit Union:

Navy Federal Credit Union understands the importance of steady rates. They offer auto loans starting from a remarkable 4.54% APR for new cars and a solid 5.44% for used ones.

Plus, you’ve got some flexibility with loan terms that can stretch up to 72 months.

How to Apply for a Car Loan

To apply for auto loan, follow the steps below:

  • Determine your budget: Before qualifying for a vehicle loan, you must first determine how much you can afford to pay. Use an auto loan payment calculator to get your expected monthly payment based on the loan amount.
  • Check your credit: You will need a good credit score to get the best rates. However, many lenders will make loans to persons with less-than-perfect credit. Check your credit score before applying so you know where you stand.
  • Shop around for the best loan: Prequalification and preapproval can help you understand what loan terms are available to you. This information allows you to compare and negotiate offers. Comparing loan options and offers from various lenders might help you acquire the best conditions for your scenario.
  • Get your documents in order: While each lender has different criteria, most will demand you to provide evidence of employment, proof of residency, and a current driver’s license
  • Submit your application: Once you’ve decided on a lender, whether direct or through a dealership, formally submit your application either online or in person.
SEE ALSO:  How to Pay Toll for the South Bay Expressway/125 Toll Road


Before you drive off with your dream car, remember that auto loan rates are as personalized as your choice of vehicle.

These rates give you a sneak peek into the financing world, but they are not set in stone until you finalize your loan.

So, gear up and get ready to embark on a car ownership journey that fits your financial lane perfectly!

Frequently Asked Questions

What is the best auto loan rate right now?

Compare Car Loan Rates

Auto Loan Lender        Lowest APR                              Loan Amount

AutoPay                               2.99%                                     $2,500 to $100,000

PenFed Credit Union         5.24%                                    $500 to $150,000

Auto Approve                      2.94%                                      $5,000 to $85,000

Consumers Credit Union    5.54%                there’s no minimum or maximum

How do I know my auto loan rate?

The interest rate is normally found near the top or bottom of the statement, along with your auto loan number, address, name, and other information. Original car loan documentation: The interest rate should also be listed on your initial car loan statement.