This information allows you to compare offers and negotiate. Prequalification and preapproval can help you understand what loan terms you may be eligible for. Before applying, check your credit score so you know where you fall. But many lenders approve loans for people with less-than-perfect credit histories. To get the best rates, you will need an excellent credit score. Use an auto loan payment calculator to understand how much your estimated monthly payment would be depending on your loan amount. Before applying for an auto loan, it’s essential to know how much you can afford to pay. To learn more about how Forbes Advisor rates lenders, and our editorial process, check out our Loans Rating & Review Methodology.įollow these general steps to apply for an auto loan: Note that these rankings only comprise lenders that offer direct lending to consumers companies that partner with multiple lenders or offer a lending marketplace were not included. Where appropriate, we awarded partial points depending on how well a lender met each criterion. We also looked at minimum credit score requirements, maximum accepted mileages, whether each lender accepts co-signers or co-borrowers and the geographic availability of the lender.įinally, we evaluated each provider’s customer support tools, borrower perks and features that simplify the borrowing process-like online application options, mobile apps and turnaround time. Within each major category, we also considered several characteristics, including available loan amounts, repayment terms, APR ranges, applicable fees and available discounts. We chose the best lenders based on the weighting assigned to each category: We reviewed 16 popular auto loan lenders based on 16 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process.
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