Best Auto Loans
The cheapest car financing is rarely at the dealer's desk. A pre-approval from an outside lender gives you a rate to beat and removes the pressure of in-showroom financing. We rank by APR and reward lenders with fast, soft-pull pre-approvals.
The best auto loans in 2026 is the PenFed Auto Loan, which tops our ranking with a money8020 score of 93/100. We track 6 auto loans, 6 with rates checked against the provider and a regulator. All 6 are ranked and compared below.
Which lender beats the dealer's financing on rate, and will pre-approve me before I shop?
Top 3 in this category.
PenFed Auto Loan
Auto loans from 4.09% APR, sourced from our data partnership.
Carvana Auto Loan
An estimated 6.99%–27.99% APR from Carvana, sourced from our data partnership.
Consumers Credit Union Auto Loan
An estimated 4.74%–15.99% APR from Consumers Credit Union, sourced from our data partnership.
All 6, ranked.
Compare the numbers.
Click a column header to sort.
| Product | APR | Annual fee | Score | Tier | |
|---|---|---|---|---|---|
| PenFed Auto Loan PenFed Credit Union | 4.09% | — | 93 | Essential | View |
| Carvana Auto Loan Carvana | 6.99%–27.99% | — | 84 | Strong | View |
| Consumers Credit Union Auto Loan Consumers Credit Union | 4.74%–15.99% | — | 84 | Strong | View |
| LightStream Auto Loan LightStream (Truist) | 6.99%–15.74% | — | 84 | Strong | View |
| myAutoloan Auto Loan myAutoloan | 5.98%–29.90% | — | 84 | Strong | View |
| Bank of America Auto Loan Bank of America | 5.29% | — | 81 | Strong | View |
Run the numbers
Estimate what this could mean for you.
How to choose the best auto loans
To choose an auto loan, compare APR and total interest rather than the monthly payment, check the term length, and pre-qualify before accepting dealer financing.
- APR range and your pre-qualified rate
- Term length and total interest over the loan
- New vs used rate differences
- Fees and prepayment terms
- Whether pre-qualifying uses a soft credit check
Frequently asked questions about auto loans
Should I get pre-approved before going to the dealer?
Almost always. A pre-approval gives you a concrete rate and payment to compare against the dealer's offer, and it lets you negotiate the car's price separately from financing. If the dealer beats your pre-approval, great — take it.
Does refinancing an auto loan hurt my credit?
The hard inquiry causes a small, temporary dip, but if refinancing meaningfully lowers your rate or payment, the long-term benefit usually outweighs it. Rate-shop within a short window so multiple inquiries count as one.