Get started online in minutes. Many lenders accept ITINs or alternative documents, making the process smooth for all buyers.
Some brands offer better financing deals for new cars, while others shine in the used market. Discover who leads in APRs, approval rates, and savings.
No paperwork delays. Upload documents, get real-time updates, and lock in your rateāall from your device.
Whether youāre a budget-conscious used car shopper or aiming for the latest model, weāll help match you with financing that delivers real value.
š” Thinking about financing your next car but not sure if you should go brand-new or slightly used? With vehicle prices still high in 2025, making the right financing move could save you thousands in interest and depreciation.
Letās break it all downāand spotlight which lenders are offering the best deals on both new and used auto loans this year.
š Why the Right Loan Makes a Huge Difference
Hereās the key: new cars typically qualify for lower interest rates, but used cars come with lower upfront costs. That means the loan you choose impacts your total cost, not just your monthly payment.
If youāre not careful, a ācheapā rate on a pricey new car might cost more over time than a slightly higher APR on a much cheaper used vehicle.
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š Top 3 New Car Loan Lenders in 2025
1. Capital One Auto Navigator
- APR from: 5.99%
- Minimum Credit Score: 630
- Why it stands out: Prequalify with no credit hit, massive online network, user-friendly experience
2. Bank of America
- APR from: 5.79%
- Minimum Credit Score: 660
- Why it stands out: Loyalty rate discounts, up to 72-month terms, strong reputation
3. Chase Auto
- APR from: 6.09%
- Minimum Credit Score: 650
- Why it stands out: Easy integration with Chase banking, trusted dealer partners
š Best Used Car Loan Providers This Year
1. Carvana
- APR from: 6.85%
- Minimum Credit Score: 600
- Why it stands out: Seamless online process, massive used inventory, same-day approvals
2. LightStream (a division of SunTrust)
- APR from: 7.24%
- Minimum Credit Score: 660
- Why it stands out: Great for private sales, no car type restrictions, fast funding
3. AutoPay
- APR from: 6.79%
- Minimum Credit Score: 620
- Why it stands out: Marketplace model that compares offers, flexible payment terms
š Quick Comparison: New vs. Used Auto Loans
| Feature | New Car Loan | Used Car Loan |
|---|---|---|
| Average APR (2025) | 5.5%ā6.5% | 6.5%ā8.5% |
| Loan Length | Up to 84 months | 36ā60 months |
| Vehicle Price | Higher | Lower |
| Depreciation Rate | Fast | Slower |
| Warranty Coverage | Full (new) | Limited or expired |
š§ Which Oneās Right for You?
Go New If You Want:
- The latest features and tech
- Manufacturer warranties and rebates
- Longer loan terms with lower APR
Go Used If Youāre After:
- Lower total cost of ownership
- Reduced monthly payments
- Less depreciation hit over time
ā Pros and Cons Recap
New Car Loan ā Pros
- Lower APR
- Longer loan terms
- Full warranty included
New Car Loan ā Cons
- Fast depreciation (lose 20%+ in year one)
- More expensive to insure
Used Car Loan ā Pros
- Lower vehicle price
- Slower depreciation
- Often cheaper to insure
Used Car Loan ā Cons
- Higher interest rates
- Limited or no warranty
- Shorter repayment periods
š Final Take: Whatās the Better Value in 2025?
Thereās no one-size-fits-all. If youāre chasing low monthly payments with minimal risk, a used car loan might be your best friend. But if peace of mind, new tech, and better APRs matter most, a new car loan could pay off in the long run.
š Pro Tip: Donāt just pick a carāpick the right lender. The best savings come from matching the right loan to your credit score, goals, and budget.
š Compare top auto loan offers now ā with no credit impact. Find your best rate before you buy.
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