Best Auto Loan Rates 2024

If keeping your interest rate as low as possible is a priority, PenFed Credit Union’s auto loan should be at the top of your stack of applications. With loan terms ranging from 36 to 84 months and starting as low as 4.49%, it’s possible to keep your monthly payment manageable. Minimum loan amounts vary depending on how long your term is, and you can finance a new or used vehicle through PenFed.

Pros

• Low interest rates
• Low loan minimums for shorter terms
• Finance up to 110% of purchase price

Cons

• Must join the credit union to qualify
• No minimum credit score disclosed
• Charges late payment fees

• Apply completely online
• Discounted car prices available if you buy through PenFed
• Available nationwide
• Funding in one day or less
• Refinancing available

Originally founded to serve members of the U.S. Navy, Navy Federal Credit Union has since expanded its membership to include all branches of the military. You or a family member will need military ties to become a member and finalize your loan, but once you’re a member, you can access a wide range of loan options for your next vehicle. Finance used cars for up to 72 months and new cars for up to 96 months, with interest rates starting as low as 4.54%.

Pros

• Low interest rate and minimum loan amount
• Military discounts available
• Low credit score requirement of 650

Cons

• Must join the credit union to qualify
• No direct deposit funding
• Charges late payment fees

• Available nationwide
• Funding time not disclosed
• Car-buying center access provides buyers with guidance and resources
• Refinancing available

Once known only for its car insurance, USAA now offers a wide variety of financial services, including low-interest auto loans. If you have connections to the U.S. military, you may be eligible for membership and USAA’s great auto loan rates. You can finance or refinance a vehicle from $5,000 to $500,000 over 12–84 months, and you’ll earn a 0.25% rate discount if you set up autopay.

Pros

• 0.25% rate discount with autopay
• Fast approval and quick funding turnaround
• Can use the loan to have a car outfitted for someone with a disability

Cons

• Membership reserved for U.S. military veterans, active service members and their spouses and children
• Charges late payment fees
• High minimum loan amount

• Minimum credit score not disclosed, but USAA says borrowers with poor or fair credit may be eligible
• Approval within five minutes, funding within 24 hours
• Available nationwide
• Refinancing available
• USAA has some poor TrustPilot reviews, so these are worth considering before you sign up

Consumers Credit Union auto loans stand out in several important ways. Aside from their low interest rate (which you can make even lower with an autopay discount), you can any amount above $7,500 — as long as you qualify. They make a great short-term choice, too, as Consumers offers terms of less than 12 months.

Pros

• Wide range of loan terms available
• No cap on potential loan amounts
• Same-day funding available

Cons

• Must join the credit union to qualify
• Charges late payment fees
• No rate discounts available for using Consumers’ car-buying service

• Low minimum credit score of 620
• Autopay discount
• You can prequalify with no credit impact
• Available nationwide

Digital Federal Credit Union didn’t top the list for the lowest possible interest rate, but you can easily get there if you stack up the available discounts. Members can access a 0.50% discount with plus or relationship benefits and automatic payments, along with another 0.25% off for purchasing an energy-efficient vehicle. Plus, you won’t have to make any payments for the first 60 days after you close on your loan.

Pros

• No payments for the first 60 days
• Loyalty, autopay, and energy-efficiency discounts available
• Fund up to $500,000 vehicle purchase

Cons

• Must join the credit union to qualify
• More limited term options than other lenders
• Slower funding — two to three days by check

• Available nationwide
• No credit score requirements disclosed
• Access customer service seven days a week

If you prefer an online experience, Alliant Credit Union is fully digital — and one of the largest credit unions in the U.S. Qualified borrowers can finance up to $1 million for their car of choice for up to 84 months. Alliant’s car-buying service can also help you find the best deals, and when you buy through Alliant and set up autopay, you’ll knock 0.50% off your interest rate.

Pros

• Large loans available — up to $1 million
• Rate discounts of up to 0.50%
• Lown minimum credit score

Cons

• Must join the credit union to qualify
• Slower funding than other lenders — two days via check
• Higher minimum loan amount

• Save 0.50% on your rate if you use autopay and buy through
• Alliant’s car-buying service
• Available nationwide
• Refinancing available
• You can get your loan check faster, but you’ll pay $18 for FedEx Overnight Shipping or $22 for FedEx First Overnight Shipping
• No physical branches available
• Apply and set up your loan fully online