Lowest 84 Month Auto Loan Rates

Over the course of your loan, the best auto loan rates can help you save thousands of dollars. However, with so many options available, selecting the best provider for your needs can be difficult.

To assist you in making a well-informed choice about financing your car, the Guides Auto Team investigated the top auto loan companies, comparing interest rates, industry rankings, and customer testimonials.

Lowest Auto Loan Rates
Lender With Best Auto Loan Rates Lowest APR Loan Terms
PenFed Credit Union 4.44% 36 to 84 months
myAutoloan.com 2.49% 12 to 84 months
Consumers Credit Union 4.69% Up to 84 months
Bank of America 4.69% 48 to 72 months

Auto Loan Providers With the Best Rates

These providers, who we’ve ranked based on their rates, reputations, availability, and customer service, are among the best car loan lenders in the business, according to our research. Prior to choosing, make sure to evaluate personalized quotes from lenders.

Lender Starting APR Award Overall Score Reputation
1. myAutoloan 3.99% Best Low-rate Option 9.2 10
2. Consumer Credit Union 4.69% Most Flexible Terms 9.1 10
3. AutoPay 2.99% Most Well-rounded 9.1 9.5
4. PenFed Credit Union 4.44% Most Cohesive Process 9.0 9.7
5. iLending 2.14% Most Popular Marketplace 8.9 9.5

Each lender provides different rates to potential car buyers in various circumstances when it comes to the best auto loan rates. While one provider may specialize in lending to people with bad credit, another may offer lower interest rates for borrowers with good credit than other financial institutions do. The starting APRs for the best lenders are shown in the table above, but only borrowers with excellent credit will be qualified for those low rates.

Each of our top five auto loan providers has advantages and disadvantages. Our team suggests the following companies as a place to start your search for the best auto loan rates based on what we discovered from researching the top auto lenders in the nation.

#1 myAutoloan: Best Low-rate Option

Starting APR: 3. 99% for new vehicles, 4. Loan amounts: $8,000 purchase minimum Loan terms: 12 to 84 months Availability: 48 states (not available in Alaska or Hawaii) Minimum credit score: 575 Loan amounts: 24% for used cars Loan amounts: 12 to 84 months

You can compare auto loan interest rates from various lenders using the myAutoloan online marketplace. By providing personal information on the website’s online form, you can quickly receive loan offers from lenders and compare them side by side. Because it is readily available and has excellent prices, we call it the Best Low-Rate Option.

According to our analysis, myAutoloan’s interest rates are reasonable for the sector. Borrowers can access rates as low as 3. 99% APR for new vehicles through the marketplace. MyAutoloan, which has a minimum credit score requirement of 575, can be a good option for those with less-than-perfect credit.

However, the company’s $8,000 purchase minimum loan amount might force you to spend more than you had anticipated on a car in order to qualify for a loan. Furthermore, myAutoloan won’t approve a loan for a vehicle older than ten years or with more than 125,000 miles on it. Some may find these restrictions a little too cumbersome.

myAutoloan Pros and Cons

Within the auto financing industry, myAutoloan has a strong reputation. It holds an A+ rating from the BBB and is accredited by the organization.

Overall, customers rate myAutoloan favorably, giving it 4.2 out of 5.0 stars on Trustpilot. Reviews elsewhere are limited, perhaps due to the fact that myAutoloan only connects borrowers with lenders and doesn’t service loans itself.

Positive customer feedback frequently highlights the business’s simple application process and excellent rates. However, customers who have had bad experiences mention receiving too many advertisements after entering their information on the company’s website.

MyAutoloan was contacted by our team for a response regarding these reviews, but we did not hear back.

#2 Consumers Credit Union: Most Flexible Terms

Starting APR: 4. 69% for 2020 or newer vehicles, 4. No minimum or maximum loan amount is required. Loan terms are up to 84 months. Available in 50 states. Minimum credit score: 640. 94% for 2016 to 2019 vehicles.

Consumers Credit Union, a credit union based in Illinois, is currently accepting applications from across the country. The lender offers a wide range of terms and loan amounts while offering average industry rates, which is why our team gave it the Most Flexible Terms award.

The credit union has a lot of loan options. Its best auto loan rates start at 4. 09% APR for members. You can borrow any amount with terms up to 84 months as long as you meet the requirements.

It’s crucial to remember, though, that these rates only apply to vehicles manufactured in 2019 or later. Older vehicles are subject to higher rates from the company, which start at 4 34% APR.

Anyone can join Consumers Credit Union, even though it is not a bank and is instead a membership-based organization. All you have to do is give the Consumers Cooperative Association $5 in nonrefundable fees and your Social Security number or tax identification number.

Consumers Credit Union Pros and Cons

Consumers Credit Union has a relatively strong standing in the industry. It is accredited by the BBB and holds an A+ rating from the organization.

Few Consumers Credit Union reviews can be found on review websites. However, the favorable testimonials we located highlight the lender’s positive customer service, consistent great rates, and low fees.

Additionally, customers enjoy belonging to a member-owned organization rather than a bank. However, those who have complained about a bad experience with Consumers Credit Union mention application delays and technical difficulties.

Consumers Credit Union was contacted by our team for a response regarding these reviews, but we did not hear back.

#3 AutoPay: Most Well-Rounded

Starting APR: 2. 99% for new vehicles, 1. 99% for used cars Availability: 50 states Minimum credit score: 575 Loan amounts: $2,500 to $100,000 Loan terms: 24 to 96 months

Low interest rates are available through the online lending marketplace AutoPay for both new and refinanced auto loans. We recognize it as being the Most Well-Rounded of Auto Loan Companies due to its low rates and flexible terms.

According to our investigation, borrowers with good credit can find APRs as low as 2. 99% for new and used cars from the lenders in the AutoPay network As the business tends to approve car loans for those with a minimum credit score of 575 or higher, those with bad credit may still be eligible for low rates.

The loan terms are also more flexible with AutoPay and range from 24 to 96 months. As a result, you have the option of paying off your auto loan quickly with a shorter term or gradually over a number of years.

Auto Pay Pros and Cons

Within the lending industry, AutoPay has a solid reputation. The company holds an A+ rating from the BBB, with over 600 customers giving the lender a 4.4-star rating out of 5.0. Similarly, AutoPay has an “Excellent” rating on Trustpilot from over 450 customers.

The company’s excellent customer service, knowledgeable employees, and quick, transparent process are the main points of praise in the positive AutoPay reviews. Negative reviews, though few, do highlight high interest rates and paperwork problems that prevented the car loan or refinance from being approved.

AutoPay was contacted by our team for a response regarding these reviews, but we did not hear back.

#4 PenFed Credit Union: Most Cohesive Process

Starting APR: 4. 44% for new vehicles, 5. Loan amounts range from $500 to $150,000 with loan terms ranging from 36 to 84 months. Available in 50 states. Minimum credit score: 610.

A military credit union known as PenFed, Pentagon Federal Credit Union, provides competitive auto loan rates. Because of its availability and service for buying cars, we call it the Most Cohesive Process for Auto Loans.

PenFed is open to those who work for specific government agencies and nonprofit organizations, though it is primarily for military personnel and their families. Even if you don’t fit into any of these categories, you can still join by giving to a charity that has been given approval.

At 4. PenFed’s starting APR for new cars is 44%, which is among the lowest we’ve seen from any of the auto loan companies we looked into. However, in order to receive that rate, you must use PenFed’s car-buying service to purchase a new vehicle. PenFed members are entitled to exclusive offers, such as rebates and discounts for shopping at partner dealerships, just like with the majority of credit unions.

However, some people may have trouble getting approved for a PenFed auto loan. Only borrowers with credit scores of 610 or higher are accepted by the credit union. PenFed also imposes a $29 fee for late loan payments.

PenFed Credit Union Pros and Cons

PenFed is not accredited by the Better Business Bureau (BBB) but is rated A+ by the organization.

Customer ratings for PenFed Credit Union are among the highest in our research. The organization has an impressive 4.6-star rating out of 5.0 on Trustpilot. Customer ratings are considerably lower on the BBB website, however, where reviewers give PenFed 1.2 out of 5.0 stars.

Low rates and a simple and efficient loan application process are frequently mentioned in favorable reviews. Slow processing times for loan applications are frequently mentioned by customers who have had bad experiences.

PenFed Credit Union was contacted by our team for a response regarding these reviews, but we did not hear back.

#5 iLending: Most Popular Marketplace

Starting APR: 2. Loan terms: Varies Loan amounts: Varies Availability: 50 states Minimum credit score: 560 14% for auto refinance

For those looking to get better terms and lower interest rates for their auto loans, iLending is a viable option due to its reputation as a refinance auto loan specialist. The business partners with a network of financial institutions and lenders to provide some of the lowest annual percentage rates (APR) we’ve seen in the market, with APRs starting as low as 2. 14% for those with good credit.

The loan amount and terms will vary depending on which lender you choose to refinance with because it serves as an auto refinance marketplace. At the moment, iLending does not offer loans for new or used cars.

iLending Pros and Cons

iLending has an overall positive customer service reputation. The company has an A+ rating on the BBB, with a 4.8-star rating given from over 960 customer reviews. Similar reviews can be found on Trustpilot, where it has a 4.8-star rating out of 5.0 from over 750 reviews.

Most positive reviews on both review sites highlight iLending’s quick approval process, excellent customer service, and affordable auto refinance rates.

While in the minority, negative reviews do exist. The company has 61 closed complaints on the BBB, which is a small number in comparison to the volume of business the company conducts. The few complaints we discovered talk about issues with interest rates and larger loans than the borrowers had previously.

Our team requested a response from iLending regarding these reviews, but we never heard back.

What Are Current Auto Loan Rates?

The annual cost of borrowing money for a car purchase or refinance is called an auto loan rate. It is displayed as a percentage and is typically fixed for the life of the loan.

Auto loan rates are highly dependent on your credit report. Higher credit score borrowers typically pay lower interest rates than borrowers with lower credit scores. Rates are higher for used cars than for new cars, so the age of the vehicle being financed also has an effect.

The table below shows the average rates for new and used cars based on buyers’ credit scores, according to Experian’s State of the Automotive Finance Market Q2 2022 report.

Auto Loan Rates: What To Look For

There are other factors to consider when comparing auto loan rates besides APR. When comparing auto loan quotes, you should take into account a number of factors.

The percentage that the lender charges you to borrow money is your interest rate. Your APR is your interest rate plus all loan fees. The lowest rates are only approved for borrowers with excellent credit, so your rate will probably be higher than the starting APR a lender advertises.

APR is the most significant factor even though other elements have an impact on your loan’s overall cost. Over the course of your loan, a difference of even one-tenth of a percentage point could mean a difference of hundreds or even thousands of dollars.

The period of time you have to repay your loan is known as the loan term or term length. The typical term for auto loans is up to 72 or 84 months, but some can last even longer.

Your monthly payments will be lower the longer the loan is in existence. Over the course of the loan, you will, however, pay more in interest. Longer loan terms typically come with higher interest rates, too.

Some lenders offer rate discounts on their loan products. Your APR will be reduced when you set up automatic withdrawals from your bank account or credit card, which is a frequent discount. Based on our research, providers usually offer to take 0. 5% off of your APR for signing up for autopay.

For a number of offenses, such as failing to make a car payment or paying late, lenders frequently impose fees or penalties. Prepayment penalties, which some lenders charge for early car loan repayment, Read the loan contract completely before signing because these fees and penalties are typically buried in the fine print.

Purchase Loan Calculator Price of the car you want $ Down payment $

Lenders base auto loan rates on information about you and your vehicle, much like insurance companies do. The following are some of the variables that may impact your auto loan rate:

  • Credit score: By far the biggest influence on your rate is your credit score. People with the highest credit scores get the best auto loan rates.
  • Loan term: Generally, the longer your loan term, the higher your interest rate will be.
  • Vehicle age: Banks and other lenders often charge higher interest rates on older cars.
  • New or used vehicle: Most lenders save their lowest interest rates for new car loans. If you want a used car loan, you might pay a higher interest rate.
  • Down payment: Some lenders will adjust interest rates based on what percentage of a vehicle’s cost you put down when you buy it.
  • Prior to choosing an auto loan, be sure to compare quotes from different lenders. Some lenders might give more weight to some factors than others, like your credit score. Do the math and consider your loan’s lifetime costs as a whole, not just the APR.

    How To Apply for an Auto Loan

    Depending on the lender, there are a few minor differences in how you apply for an auto loan, but the procedure is generally the same. Here’s a step-by-step guide to applying for an auto loan:

  • Make sure you’re eligible: Most lenders require you to be at least 18 years old and have a valid Social Security number or tax identification number.
  • Check your credit score: Lenders have different minimum credit requirements. Check your score first to see which lenders are likely to offer you the best auto loan rates and get an idea of what you might pay.
  • Get preapproved: Some lenders give you the option to get preapproved for an auto loan. Usually, you can do this through a lender’s website. This will help you understand what you can afford before you start shopping for vehicles. It will also give you a negotiating point at the dealership.
  • Find your new vehicle: Once you know your budget, you can start shopping. These days, even physical dealerships have an online presence to help you research quickly and easily.
  • Listen to the dealership financing offer: Dealerships have special relationships with lending institutions and may be able to offer rates that beat what you can find on your own. Let them know what your preapproved rate is and see if they can beat it.
  • Compare offers: Look at your preapprovals and the loan offer from the dealership. You can sometimes use online tools to generate quick quotes from other lenders. Make sure to look for hidden fees and other fine print.
  • Choose the best offer for you: Consider all aspects of your loan offers — not just APR — and find the offer that best fits your financial situation. Work with the dealership to get all your paperwork in order. When it’s ready, sign for your loan.
  • Make monthly payments on time: If you fail to make your regular monthly payments, you could face steep penalties or the lender could even repossess your car. Setting up automatic payments can help ensure you never miss a payment or pay late.
  • Featured Auto Loan Providers

    The best auto loan rates are available from a variety of banks, credit unions, online lenders, and dealers. Additionally, there are a variety of factors that can affect your interest rates as well as strategies you can use to obtain the lowest rates. To find the best auto loan for you, we urge you to shop around and weigh your options.

    The following questions and their associated answers regarding the best auto loan rates:

    Best Car Loan Rates: FAQ

    The following questions and their associated answers regarding the best auto loan rates:

    Our research shows that PenFed Credit Union typically provides auto loan rates that are affordable, with APRs beginning at 4. 44% for borrowers with excellent credit. Loan terms last up to 84 months.

    Based on our research, an APR of 3. 69% is the average for a 72-month car loan. Typically, a 36-month car loan is required to qualify for the best auto loan rates.

    Yes, a 2. 9% interest rate is good for a car. A borrower with excellent credit can get a loan with an average APR of 2 according to the Experian State of the Automotive Finance Market Q4 2021 report. 47%.

    You must have an excellent credit score of 740 or higher to be eligible for the lowest auto loan rates.

    According to our research, the best months to purchase a car are October, November, and December, when costs are at their lowest and dealerships are attempting to move stock.

    Because customers depend on us to deliver unbiased and correct information, we developed a thorough rating system to produce our rankings of the top auto loan providers. To rate the businesses on a variety of ranking factors, we gathered information on dozens of loan providers. The outcome was an overall rating for each provider, with the top companies receiving the most points.

    Here are the factors our ratings take into account:

  • Reputation (30% of total score): Our research team considered ratings from industry experts and each lender’s years in business when giving this score.
  • Availability (20% of total score): Companies that cover a variety of circumstances are more likely to meet borrowers’ needs.
  • Loan Details (15% of total score): We considered the types of loans, term lengths and loan amounts that are available from each lender to determine this score.
  • Rates (25% of total score): Auto loan providers with low APRs scored highest in this category. Available discounts were also taken into account.
  • Customer Experience (10% of total score): This score is based on customer satisfaction ratings and transparency. We also considered the responsiveness and helpfulness of each lender’s customer service team.
  • *Data accurate at time of publication. More on auto loans

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    Can you do 84 months on a car loan?

    Benefits of an 84-Month Car Loan In 2022, the cost of cars and SUVs will rise by about $7,200. Even if you pay more than you anticipated, an 84-month loan can help you reach your monthly payment goal because it allows you to spread out the cost over a longer period of time and produce smaller monthly payments.

    Is 84-month 0% financing a good idea?

    Typically, it’s best to steer clear of 84-month auto loans. They are more expensive, increase your risk of going into debt, and put additional strain on your monthly budget if you experience significant repair issues while making payments.

    What credit score do you need to get a 84-month car loan?

    There is no minimum credit score required to qualify for an auto loan. If your credit score is higher than 660, you are probably eligible for an auto loan with interest rates below 10% APR. You may still be eligible for a car loan even if you have poor credit or no credit, but you should anticipate paying more.

    What is a good interest rate for a car 2022?

    The average auto loan interest rate is 5. 16% for new cars and 9. Experian’s State of the Automotive Finance Market report for the third quarter of 2022 states that the percentage for used cars is 34%. You’ll have the best chance of obtaining a rate for new cars below 4% with a credit score of at least 780.