Where is the best place to find auto loans? Auto loans are one of the most universally accepted parts of owning a car. Especially in today's market, not many people have the funds to buy a car outright. Most new cars are a minimum of $20,000, and most cost much more. Even if you're buying something used, you'll be looking at putting down some serious cash if you want something reliable.
Best Option
Securing an auto loan without breaking the bank or relying solely on your credit score is what Upstart is all about. Founded by former Google employees, Upstart takes a unique approach, considering your college degree, field of study, work history, and credit history years to assess your eligibility for a car loan.
Excellent choice for new borrowers
That makes Upstart an excellent option if you're a recent grad or just haven't built up much of a credit history yet. That's probably the "why" behind their numbers: over 2.7 million customers and $34 billion in loan originations.
Basic eligibility criteria
That being said, there are some criteria you'll have to meet in order to get an auto loan from one of Upstart's network of 100+ banks and credit unions. A FICO or Vantage score of at least 580 (or 620, depending on your state) is usually required, and applications with bankruptcies or delinquent accounts on their credit reports may not be eligible. You'll also need to be at least 18, have a minimum annual income of $12K, a personal bank account at a US financial institution, and "a full time job, job offer starting within 6 months, a regular part-time job, or another source of regular income".
Funds can be deposited as soon as next-day
The application process is swift, typically taking 5-10 minutes to enter basic details like your name, address, income, employment, and educational background. Importantly, this process doesn't impact your credit score since Upstart performs a "soft" credit check to verify your information. Minutes after applying, you may receive loan offers, and once you accept the terms, your funds could be in your bank account as soon as the next business day.
Available almost everywhere
Now, let's dive into some specifics. Upstart offers loans in 48 states, excluding West Virginia and Iowa, with amounts ranging from $1,000 to $50,000. However, your state regulations may affect the minimum and maximum loan limits. Loan terms are typically three or five years, and at the time of this evaluation the APRs were very competitive.
Read the details
When you're considering the loan offers you receive, watch out for origination fees, which can range from 0% to 8%, depending on your state of residence, as well as any late payment or check-bouncing fees. Fortunately, Upstart lenders welcome early loan repayments and extra payments.
Over 40,000 five-star reviews
Upstart maintains an excellent reputation, shown by an "A+" BBB rating and accreditation with minimal complaints. While there are some negative comments, most appear to result from borrowers not thoroughly reading the loan terms and conditions. With over 45,000 reviews from Upstart borrowers just on Trustpilot, the company enjoys a nearly flawless average rating of 4.9 out of 5 stars. Many clients return to Upstart time and again for their lending needs, and funds are deposited quickly upon accepting the loan terms. What's more, many complete the entire process using their smartphones.
Best choice for auto loans
Upstart is a trusted and reputable source for quickly-funded, competitive loans, making it our #1 choice for vehicle financing. Especially if you appreciate lenders that consider your educational and employment history when determining eligibility, Upstart will be your preferred provider of auto loans too.
Great
Credible is an auto loan site that promises to shop you around to the top lenders in the auto industry. This means you'll get a range of options even if you have a lower credit score than you'd like. Plus, with a quick and easy online questionnaire, you can check what amounts you're pre-qualified for without it affecting your credit score during the process. Credible is simple and includes a Best Rate Guarantee, meaning that if you close elsewhere with a better rate than you prequalify for on Credible, you'll be eligible for a $200 gift card.
Get an auto loan anywhere in the US
Since Credible is an online marketplace-style site for auto loans, you can look at a range of financial institutions rather than just one. For this reason, Credible's services are available across the US. However, keep in mind that Credible is not a direct lender, so you'll actually be securing your loan from one of its lending partners. This does increase the service area, but it may take you doing a little more research into the different lenders offered through the platform.
Loan process is quick
Credible's questionnaire is very detailed, but it's a quick set of forms that asks about how much money you want to borrow for your car, what you want to use the money for (Credible offers financing for all sorts of use-cases, so you'll need to specifically choose an auto loan), and your current employment situation. You'll need your Social Security Number in order to complete the questionnaire, so have that on hand. In general, our research showed that Credible generally offers up to $41,983 for new cars and around $26,000 for used auto loans, depending on which lender you're connected with.
No on-site calculator
Unlike other auto loan sites in our review, Credible does not offer an online calculator tool to estimate your exact loan amount prior to completing the questionnaire. The site has a calculator tool for your borrowing power regarding home loans and mortgages, but you won't be able to find out how much you might get with your finances until you fill out the forms and get properly prequalified with your accurate personal information and SSN. This is a little less transparent than we've seen with other auto loan providers out there.
Start making payments within 1-2 months
For customers who get their auto loans through Credible, you can expect to begin making your first payment to the partner lender that you're connected with within 30 to 60 days, depending on your terms. You can make payments directly to the lender through the online portal on Credible. Generally, the loan terms are between 36 and 72 months (also depending on what your lender offers).
Easy and hassle-free
Credible currently holds an "A+" rating and accreditation from the Better Business Bureau. On top of that, this auto loan marketplace has an outstanding rating of 4.8 stars out of 5 on Trustpilot. According to recent reviews (which were within 2 days of our research date), Credible has an impressive application process, with a simple money transfer. Most customers had their auto loans fully approved with a partner lender in a few days, with access to the money to buy their dream car. All of the recent reviews use the words "easy" or "hassle-free" to describe their loan process with Credible.
The best one-stop shop for auto loans
Credible is a standout option both for its incredibly high scores on third-party review sites and for its one-stop-shop approach to loans. So, if you need another auto loan in the future or a mortgage, even, you can easily get everything taken care of at Credible. While we'd like to see an on-site calculator tool to give customers a basic idea of what their loan might look like prior to putting in their personal information, Credible remains a favorite with borrowers, earning it high marks in our review.
Great
Auto Credit Express is an auto loan site that helps you get connected with financing, no matter what your situation is. Unlike some other auto loan providers in our review, Auto Credit Express promises hassle-free financing even if you have bad or no credit or have filed for bankruptcy. You can begin the process online and get connected with one of Auto Credit Express' lending partners within 24 hours.
Match with over 4,000 dealerships
Auto Credit Express works with a network of over 4,000 car dealerships and lenders, making it easy to find your car no matter where your new wheels are being sold. Auto Credit Express offers services in the US and Canada, so you can rest assured that you won't get turned down. Auto Credit Express does not offer you a loan itself. Instead, you'll find a lender through the platform, but this is pretty standard with auto loan companies, which are rarely direct lenders.
Quick form, but be prepared for a credit check
To apply for an auto loan through Auto Credit Express, you'll have to fill out an online form. Auto Credit Express asks for personal information, including your name, email, phone, birthday, and Social Security Number. You'll also be asked to provide residential information, including the type of residence you live in and what your monthly payment is. Next, Auto Credit Express will ask about your employment, and you should be prepared to provide a phone number for your place of work. Finally, Auto Credit Express will ask about your plans to buy a new car: how much of a down payment can you afford, and whether or not you've had a car get repossessed within the last 12 months. After this, you will have to wait up to 24 hours to hear back from Auto Credit Express or one of its partner lenders. Auto Credit Express will conduct a credit report during the process.
No loan previews available
Oddly, Auto Credit Express doesn't ask what kind of car you want during the initial intake form. Instead, you'll have to wait and see what the partner lenders will offer you to complete the process. Make sure you have your Social Security Number ready, as that will help the lenders verify what you've said is true. You'll be contacted by a representative after you've found a lender for your auto loan to set up your visit to the dealership. As for loan amounts, you can use the Auto Credit Express online auto loan estimator to see how much you might get approved for. For our research, we created a test customer who has fair credit, a monthly income of $4,000, rent of $1,200, and a $100 monthly student loan payment. Auto Credit Express estimated this customer would be approved for up to $35,000.
Payment through the lender's portal
Auto Credit Express's payment process will depend on your individual lender. Most partner lenders for auto loans at Auto Credit Express will have their own online payment portal. Auto Credit Express may manage your loan, though, and allow you to pay back your loan through its website.
High praise for quick service and easy purchase
Auto Credit Express currently holds an impressive "A+" rating and accreditation from the Better Business Bureau. On top of that, this auto loan site has a 4.6-star average rating out of 5 on Trustpilot, with another 4,000 individual customer reviews to back up the score. Recent reviews show 5-star ratings as recently as a few hours prior to the time of our research. Customers say that Auto Credit Express approved them for more than they expected, and they were able to get their dream cars. Plus, customers said that once they were approved, the experience of buying a car was a breeze: no lengthy wait times at the dealership. Customers love the smooth process, and in some cases, even had the cars delivered.
Highly competitive choice
Auto Credit Express is a standout site with helpful tools like calculators and online forms that make it easier than ever to get an auto loan. With rave reviews on Trustpilot and a perfect score with the BBB, Auto Credit Express stands out as a great site to grab your next auto loan. While we'd love to see a more detailed estimate based on your actual dream car, Auto Credit Express is still a highly competitive choice.
Great
OneMain Financial is an all-around financing option. It offers auto loans as well as personal loans to ensure that you have financial coverage for every part of your life. OneMain Financial lets you check for loan offers directly from its website, promising that the process won't affect your credit score. Plus, this provider has branch locations, so if you want to talk to someone about your auto loan options, you can easily get in contact over the phone or in person if there's a location near you.
Get an auto loan in 44 states
OneMain Financial has a slightly more limited service area when compared to other auto loan sites in our review. Currently, this auto loan provider only serves customers in 44 US states. You can't secure an auto loan through this site if you live in Arkansas, Connecticut, Delaware, Rhode Island, Vermont, or outlying US territories. For the states that are served by OneMain Financial, there are up to 72 local branches in some states, so if you like to do your auto loans in person, there are plenty of options for you.
Quick one-page form
OneMain Financial has one of the shortest forms to fill out to apply for an auto loan. It just covers your name, home, age, and Social Security Number. From there, you can jump right into getting your offers. It takes less than 5 minutes to fill out the form, and you're on your way to your brand new car. However, we would like to see a way to preview costs prior to putting in an SSN.
No loan calculator to preview
OneMain Financial does not have an online loan calculator for auto loans. Its only calculator tool is for personal loans, which has a much higher starting APR than you see for most auto loans. Since you can't see any amounts without putting in all of your sensitive information and there isn't a calculator to just play around with possible auto loan amounts, OneMain Financial is a little less transparent than some of its competitors.
Pay off your loans directly with OneMain Financial
OneMain Financial is another auto loan site that allows you to pay directly through its online portal. You can complete online payments, make payments through OneMain Financial's mobile app, or go into a local branch to hand them a check. OneMain Financial promises standard monthly payments, and you don't have to worry about researching or keeping track of third-party lenders. Everything is handled in-house.
Rave reviews for polite customer service
OneMain Financial holds an "A+" rating and accreditation from the Better Business Bureau alongside a 4.7-star average rating out of 5 on third-party review sites like Trustpilot. Recent reviews were posted within a few hours of the time of our research, showing that customers are actively using OneMain Financial for their auto loan needs. Customers praise the politeness of staff at in-person branches and over the phone, as well as quick and high-value loans. While there were a handful of reviews about customers feeling like OneMain Financial called them too often (especially on weekends or after work), most borrowers were extremely pleased with the easy auto loan process at this financial institution.
Best option if you want in-person help
OneMain Financial is a great choice if you're looking for a personal touch, as one of the few sites in our review that offers in-person officers to handle your auto loan process. With high praise for its customer service team, it's a great choice if you're not fond of handling everything on your own or over the internet. While we'd love to see more information for loan amounts prior to putting in your personal details, it remains a competitive (and fan favorite) site for borrowers to get a new car loan.
Very Good
Lending Tree is a loan site that specializes in auto loans. Promising rates as low as 5.03% APR before you even need to fill out a form, Lending Tree stands out for its transparency. Lending Tree offers different auto loans for different use cases: purchasing a new car, refinancing your existing car, or buying out your lease on a car you love, but don't own yet. The process here uses three quick steps, and is completed 100% online, so you just need to compare lenders and pick the best financial situation for your dream car.
Service for customers in all 50 states
Lending Tree's services are available to customers in all 50 US states. The company is actually an online marketplace, so you will be connected to direct lenders who operate in your area. In general, you fill out one form, and your request for an auto loan will be sent out to lenders in your area who are able and willing to help you out.
A few minutes to prequalification
Lending Tree's questionnaire just takes a few minutes. First, it will start off by asking you how long you want to have your car loan for (anywhere from just 1 year up to 7 years). You'll also be asked how much you plan to put down on your new vehicle, how much your new car is worth, and when you plan to buy (you can get your auto loan through Lending Tree as quickly as 48 hours). You'll provide details about the make and model of your new car, and some quick questions about whether or not you've ever filed for bankruptcy, your current estimated credit score, and some basic details about your employment. Finally, you'll be asked about your residence and housing costs, and you'll need your Social Security Number to be able to see your pre-qualification amounts.
Test customer approved for $30,000
Lending Tree does offer a loan calculator on the website, where you can get a ballpark idea of your loan amount prior to filling out the complete forms. To get accurate numbers at all auto loan sites with calculators, we created a test customer trying to buy a new car with a value of $35,000, a down payment of $5,000, and a trade-in value of $2,000. Our test customer has fair credit and is looking for a standard 72-month term. Our test customer was able to get a $30,000 loan with a $506.91 monthly payment.
Pay directly to your lender
Lending Tree does not take your payment directly when it comes to paying off your loan. Instead, you'll pay the specific lender that Lending Tree connected you with. This means you'll set up a payment portal on your auto loan lender's website and complete things like auto payments, online bill pay, or set up a plan to mail a check each month with your direct lender. This is a requirement, so make sure that you keep on top of your lender's information and pay them directly to keep from accidentally defaulting on your loan.
Some recent reviews show mixed feelings
Lending Tree has an outstanding rating at the Better Business Bureau. It currently holds an "A+" rating and accreditation there. It's also highly popular on other verified third-party review sites, like Trustpilot. Lending Tree has a 4.5-star average rating out of 5 from Trustpilot, with tons of reviews within days of the time of our research (showing that customers are actively using Lending Tree). However, there is one negative to keep in mind: some customers claimed that using LendingTree did actually impact their credit scores. Be aware that Lending Tree's actual credit check is a "soft pull," which doesn't impact your credit, but the individual lenders may do a full credit inquiry once you're finished with the initial request process. So, this could be where the credit issues are coming from. In general, most customers found Lending Tree easy to use and had no problems. But with quite a few one-star reviews near the time of our research, we are slightly more cautious about Lending Tree than some of its competitors.
Helpful tools and quick sign-up
Lending Tree is overall a trustworthy platform for finding auto loans, but with some increasing 1-star reviews, it doesn't quite make it to the top picks. It still stands out for a quick questionnaire, a helpful calculator tool on the website, and service across the US, though, so you may still want to take a look. Plus, it still holds a high rating average on Trustpilot and the BBB. For these reasons, Lending Tree gets a highly competitive score in our review.
Good
SoFi is a financial technology company that stands out as a digital bank. You can do everything you could do with a normal bank, including checking and savings accounts, credit cards, investing, and things like auto loans or mortgages. It is a financial one-stop shop. For those of you already banking with SoFi, this may be one of the best options for securing an auto loan. With promises of low rates and no fees required, you can grab a loan quickly from SoFi with no risk to your credit score. Plus, SoFi is a direct lender, so there's no back and forth with offers from other institutions.
Loans in all 50 states and US territories
SoFi offers loans in general across the entire US. You can get a personal loan (which can be used as an auto loan) in all 50 states and the District of Columbia, Puerto Rico, the Virgin Islands, American Samoa, Guam, and other US territories. This is one of the widest service areas for an auto loan provider in our review, making it simple for most people to get a loan quickly and fully online.
Detailed questionnaire for your loan quote
SoFi's auto loan process is actually labeled as a personal loan. It starts with a quick sign-up, and then you can tell SoFi how much money you'd like to borrow. On the second page, you can list what the loan will actually be used for ("other" or "major purchase" are the closest options for an auto loan, for now). You'll be asked for your personal information, including your birthdate, your citizenship status, your home address, whether you rent or own, and how much you make and spend in a month. You will also be asked if you want to add a co-borrower to your auto loan. Before you move forward, SoFi will ask you to click that you understand it will do a "soft credit check" and that you will not use your funds for education or to invest in real estate or business. Be prepared to enter your SSN at the end to get your offer.
Loan amounts from $1,000 to $100,000
SoFi's personal loans (the way you'd secure an auto loan with this borrower) generally range from $1,000 to $100,000, depending on your situation. If you apply with a co-borrower, you can get a much better deal. However, since SoFi is offering a personal loan rather than a direct auto loan, you might find higher APRs with SoFi than with other auto-focused lenders.
Pay off your loan directly with SoFi
SoFi's loans are all offered directly by SoFi as the lender, which means you can make all of your payments directly through the institution where you secured your auto loan. There's no back and forth with external lending partners, and you can easily make payments through the SoFi website or the mobile app. Most autopays through SoFi are monthly, so you can maintain regular payments with no effort.
Competitive loans and easy browsing
SoFi currently holds an "A+" rating as a financial institution, and it has a competitive 4.2-star average rating out of 5 from Trustpilot, too. Most customers who used SoFi had a solid experience with quick sign-up, fast access to funds within 24 hours when borrowing loans, and a very user-friendly app and website. Reviews that mention loans specifically (though not auto loans) were posted within a few hours of the time of our research, meaning that SoFi is regularly serving customers who need to borrow. Most of the reviews stated that the loans are quick and easy, and decisions are made faster than at other financial institutions.
Good for general finances
SoFi is a great choice for securing an auto loan, especially if you're already banking or using other financial services through SoFi. The only downside is that SoFi doesn't offer specific auto loans, which can lead to slightly higher APRs than other financial institutions that focus on auto loans over personal loans. While this doesn't keep SoFi from being competitive in other areas, it doesn't quite rank as high for auto loans specifically as it could. For these reasons, SoFi earns an above-average rating overall.
Average
MyAutoLoan is an all-in-one auto loan site that offers loans to help you with a new or used car. You can also refinance an existing car. At the time of our review, MyAutoLoan was offering refinancing rates as low as 4.09% APR. MyAutoLoan's online application promises up to 4 loan offers to choose from. Since MyAutoLoan is not a direct lender, your financing will be secured with one of their lending partners. You'll get your online certificate or check for your loan amount within 24 hours.
Service anywhere in the US
Like many auto loan sites in our review, MyAutoLoan has a nationwide service area. So, no matter where you are in the US, you'll be able to use MyAutoLoan's services. The restrictions for eligibility are based on the recent feedback from lenders in your area, so you'll only be connected to lenders who fit your needs (including your locale).
Quick loan questionnaire
MyAutoLoan's questionnaire is simple. First, it covers the "loan basics" like whether you'll be applying alone or with another individual, and what type of auto loan you'd like to secure. You'll also be asked for your address, how long you've lived there, and how much your housing costs per month. You'll also be asked about your new car and the make, model, and trim of your trade-in (if you have one). Also, be sure to have your social security number ready, as you'll need it to complete the process before you see your prequalification quote.
Online calculator isn't particularly helpful
MyAutoLoan doesn't have a loan calculator quite the same as some of its competitors. The calculator tool just lets you see how much your expected loan will be based on your ideal monthly payment and APR. However, this isn't a prequalification for a loan and doesn't take into account any of your personal finances or credit. So, it's mostly just for fun to see if you can get a loan in the amount you want at a reasonable monthly payment.
Manage your payments through MyAutoLoan
MyAutoLoan is one of the few auto loan marketplaces that lets you make payments directly through its portal. So, instead of keeping track of partner lenders and who actually holds your loan, you can easily make payments toward your car from MyAutoLoan's website. There is an option to set up a wire transfer to the direct lender if you prefer, though.
Some recent concerns about fees
MyAutoLoan currently holds an impressive "A+" rating from the Better Business Bureau. However, it isn't quite as strong on verified third-party review sites as some of the auto loan providers we've seen in our review. Currently, MyAutoLoan holds a 3.8-star average rating on Trustpilot. Recent reviews praised how easy it is to manage and repay auto loans through MyAutoLoan. But, there were a range of 1-star reviews in recent months suggesting that MyAutoLoan has some issues with its website, including glitches and minimum payment fields that didn't work properly and didn't allow customers to continue with their loan applications. Others said there were extra fees (like administrative fees) that were more costly than at other auto loan sites. Overall, there could be a few improvements in the overall user experience at MyAutoLoan.
Mid-tier overall
MyAutoLoan is a decent site overall, but with recent complaints about usability issues and higher fees than other sites, the administrative end of this lending platform is a bit of a downside. While you can get 4 offers from different loan providers, MyAutoLoan doesn't really stand out from the pack in a substantial way. For this reason, this auto loan site earns a middle-tier rating in our review.
Fair
SuperMoney is an online platform that is designed to help you compare different loan offers side by side. The company promises to shop you out to the best lenders for personalized auto loan offers. You might see rates as low as 4.99% APR. SuperMoney is also widely known among finance bloggers and news outlets. It's been featured in articles from places like USA Today, Yahoo Finance, Forbes, HuffPost, MSN, and Business Insider. Plus, SuperMoney offers other types of loans, too. So if you need more help outside of auto loans, you can take out a personal loan or refinance your student loans all at the same place.
Service across the US
SuperMoney is not a direct lender, so you will be shopped around by SuperMoney to companies that do offer auto loans directly. These lenders each have their own service area, so you'll only see those that offer auto loans where you're located. This helps keep the process simple, so you don't need to seek out lenders that provide auto loans, and can trust that you are eligible for the offers you receive without extra research.
Questionnaire includes vehicle details
SuperMoney starts off by asking you about the type of auto loan that you need. You can secure an auto loan to purchase from a dealer, purchase from a private seller, refinance your existing vehicle, or buy out a lease. You'll also be asked if you have a car in mind, and you'll need to fill out the details, including year, make, model, trim, and mileage. If you have the VIN, that is an optional item to add. You'll need to estimate your current credit score and report your annual income. Finally, you'll fill out your personal information, including your Social Security Number, to see your offers for auto loans.
Offers loans up to $100,000
SuperMoney offers auto loans up to $100,000; however, there is no calculator on SuperMoney's website to help you preview what you might expect in terms of prequalification. You'll need to fill out the entire application to see the actual amounts for your dream car.
Pay for your loans through the specific lender
SuperMoney is only the middleman for the beginning part of the process. To complete your payment, you'll need to contact your direct lender (so, the company that SuperMoney connects you with, and you actually sign an agreement with). SuperMoney does not handle payments, so you'll be sending your auto loan payments directly to the actual lender. Make sure you keep on top of that when it comes time to pay back your loan.
Some reports of high APRs
SuperMoney currently has a "B+" rating from the Better Business Bureau, which is a little lower than many of SuperMoney's auto loan competitors. It has a competitive rating on Trustpilot, though, with a 4.6-star average out of 5. In general, customers who left reviews said that SuperMoney was a quick service and made it easy to get auto loans. However, there were some complaints about very high interest rates with SuperMoney. Recent reviews had a mix of happy feedback for the quick loans and frustration for the higher costs of repayment.
More costly than competitors
Subpar
Upgrade is a US financial technology company that provides all sorts of financial services, like banking, credit cards, savings accounts, and auto loans. Upgrade got started in 2017, and it is currently based in San Francisco, CA. Upgrade says that its mission is to help you find affordable loans with monthly payments that won't break the bank. With more than 7 million customers, Upgrade has a great track record for providing loans, and it has earned a best in class award from Nerdwallet as a top financial institution.
Service in all 50 states
Upgrade is a full-service auto loan provider that operates nationwide through its lending partners, Cross River Bank and Blue Ridge Bank. Through its current financial backing, Upgrade can offer you an auto loan in any of the 50 US states and Washington, D.C. This is competitive with most of the companies in our review.
No way to start the application
Upgrade's auto loan application starts by creating an account. However, we instantly ran into a snag. Upgrade requires that you put in an email and verify it prior to being able to complete the application. Normally, this wouldn't be an issue, but after putting in four different emails, we never got the confirmation (in spam or in any other folder) to create our account to test the company out. The link is only active for 10 minutes, and even after resending emails multiple times, and checking new email inboxes, we never received the code to finish signing up. We also tried it on different browsers, but nothing changed. For now, it seems like it's not possible to access Upgrade's auto loan application.
Loan amounts average around $40,000 for a new car
Upgrade generally offers auto loans between $1,000 and $50,000. On average, it offers around $40,000 for new cars. However, there is no calculator on the website to help you preview what the total loan offer might be for the car you're hoping to buy. Without any way to get through the application, either, there's not much you can do to see numbers from Upgrade.
Make payments directly to Upgrade
If you do manage to secure an auto loan from Upgrade, you'll be able to pay directly through the Upgrade platform. You won't need to worry about Upgrade's partner lenders - the entire process will be handled through Upgrade's website or the mobile app, and you can easily set up autopay to get your auto loan paid off in no time. If you prefer to pay with a check, Upgrade will also accept that.
Praise for ease of use
Upgrade currently holds an "A+" rating and accreditation from the Better Business Bureau. On top of that, it has a solid reputation on third-party review sites like Trustpilot. Upgrade's ratings on Trustpilot show a 4.4-star average out of 5. In general, customers loved their experience with Upgrade. Customers who secured auto loans through Upgrade said the process was quick, and the application was easy to complete (nobody mentioned the same error we ran into, so it's possible the site was down or having server issues at the time of our review). Most customers who secured a loan through Upgrade got their funds within 24 hours.
Technical issues during our research
While Upgrade generally has a solid reputation, our issues with being able to set up an account left it behind the pack for our review. While this could be a temporary problem or a server issue, the fact remains that across different email providers and web browsers, we were unable to even get to the loan application page for auto loans. For this reason, Upgrade gets dinged in our review due to the lack of usability, but keep it in mind for your own research, as Upgrade may resolve the issue by the time you're ready to buy your new car, and it does receive positive feedback for its quick loan turnaround.
Weak
Carvana is a well-known site where you can buy cars from the comfort of your home and have them delivered directly to you. On top of helping you find your new dream car, Carvana offers extra car-related services like car insurance and, of course, auto loans. If you're looking to finance your next vehicle, Carvana offers assistance for all credit types. According to the site's data, it offers a 99% approval rate with low down payments on vehicles.
Loans are only for Carvana's vehicles
Carvana's auto loans are available for customers across the United States. However, unlike some other sites in our review, the services do not extend to outlying countries like Canada. Further, Carvana doesn't offer a network of dealerships like other auto loan sites. Instead, Carvana's loans are only available for vehicles within its own inventory. While this does include cars from a variety of dealerships and individual sellers, you won't be able to pick a dealership first.
Get your pre-qualification offer in 2 minutes
Carvana's pre-qualification questionnaire for auto loans only takes about 2 minutes. You'll need to add some personal information like your name, age, and home address. Carvana will also ask about your employment status, and then you'll be directed to make an account. You'll have a quick credit check through Experian, and then move on with your pre-qualification. The process is very quick.
Calculator offered $30,000+
Carvana offers an in-house calculator for its auto loans to give you an idea of what you might qualify for before going through the process of a credit check. You'll need to put in your vehicle price, how much you plan to put down, your current credit score, and the loan term you'd prefer. For our test customer, we put down a car value of $35,000, a down payment plan of $5,000, and a trade-in value of $2,000. Our test customer has fair credit and is looking for a standard 72-month term. For our customer, Carvana estimated that "she" would qualify for a $30,450 loan.
Make your loan work for you
Carvana makes it easy to pay off your loan. Before you sign, you'll customize your down payment and monthly payments, so you can decide exactly how much you want to pay for your new car. Then, you can set up an autopay for your auto loan and easily manage payments from your Carvana portal. There's no question about who will be handling your loan, which offers some ease of mind.
Concerning reviews about recent quality
Carvana, despite its wide use and popularity online, is not rated by the Better Business Bureau. Further, Carvana is listed as having had government action against it for marketplace misconduct in January 2025. The company entered into a settlement with the state of Connecticut to pay $1 million in restitution. But, outside of that, customers who are actually using the platform give it an average of 4.3 stars out of 5 on third-party review sites like Trustpilot. Then again, recent reviews within a few days of our research are all 1-star reviews. Customers are frustrated with every part of the company, from the buying cars part (with issues where warranty wasn't honored, and inspections of cars weren't accurate) to complaints that used cars from Carvana are faulty and incur more mechanic costs for the customer than the car is worth. Some customers who went through Carvana for an auto loan said the process was good, but it took forever to actually get the car delivered, so they were paying on a loan with no car in the driveway.
Not worth the hassle or potential repairs
Carvana used to be a heavy-hitter for buying cars online. These days, though, customers are frustrated with lackluster car inspections and difficulties actually getting their new vehicles delivered. Considering that the loan process is more limited (only allowing you to buy a Carvana car) and that the concerning practices regarding those cars seem to be increasing, it might be a better bet to go with a more generalized auto loan site instead. On top of that, the recent government action is somewhat concerning. For these reasons, Carvana earns the lowest ranking on our list of auto loan providers.
Continued from above...
Auto loans are one of the most universally accepted parts of owning a car. Especially in today's market, not many people have the funds to buy a car outright. Most new cars are a minimum of $20,000, and most cost much more. Even if you're buying something used, you'll be looking at putting down some serious cash if you want something reliable.
That's where auto loans come in. Instead of handing over your hard-earned money when you take the car home, you sign up for an auto loan that helps you spread the payments out over time. Many customers will jump right in and take a loan through the dealership or their bank. But there are other, sometimes much less costly options to consider, too.
So what exactly is an auto loan? Basically, it's money that's lent to you by a third party to help you purchase your next car. You use the money you borrowed to buy the car off the lot, and then pay back the loan over time (usually over a number of years) in monthly payments. Your car is the collateral for the loan, so if you stop making payments, your lender can take the car back (since it's technically their money that owns it until you pay it off). Things like your credit score and your job security can be factors in securing the best loan with the lowest interest rate.
Most people generally go with the obvious choice: through the dealership (especially if they're offering 0% financing or other deals in the first year), or through their trusted banking institution. However, there are tons of lenders that will give you money for an auto loan. And since these guys aren't actually trying to sell you the car (usually), you won't have to worry about feeling pressured in the moment, and can take the time to pick out the best loan for your situation.
In today's day and age, you can easily apply for auto loans directly online. You don't even need to be at the dealership. It's faster than ever, and you can do it from the comfort of your home. Generally, you'll need your driver's license, information about your job and income. Because the loan process will likely include a credit check, have your Social Security Number ready when you apply for an auto loan online. During the process, make sure to watch the interest rates. Those are the most important parts as they'll determine how much more you'll pay over time. Make sure you shop around and compare offers to make sure you get the best deal for your finances and credit.
If you're ready to get that new set of wheels, we get the feeling. Nothing's better than that new car smell when you drive it off the lot. To make sure you get the best deal on your auto loan, here are some factors to consider that can help you pick the best lender:
Whether you're grabbing a new eco-car, a shiny Toyota, or one of those pretty red Mazdas that are so popular these days, your new car is only a few clicks away. To make sure you have the best chance of finding a lender that will get you back on the road with your new car, Top Consumer Reviews has researched and ranked the best auto loan providers available today. Enjoy your new set of wheels!
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What You Should Know Before Getting An Auto Loan
Buying a new vehicle can either be an exciting experience, or one that stresses you to the max. For some people, it can even be a combination of the two. Sometimes people get caught up in the excitement of buying another vehicle, and find themselves being talked into more than they can reasonably afford. And once the deal is done, it's hard to undo it.
Rushing into buying a new or used vehicle is never a good idea. Unlike other investments, such as real estate, vehicles are a very poor investment. They begin to depreciate in value the minute they are driven off the dealer's lot, and continue to lose value for every year of ownership. However, for most people, vehicles are a necessity in order to get to work and other places they need to go. If you are lucky enough to live in an area with stellar public transportation, a vehicle is something you likely can do without. But for anyone living outside the reach of decent public modes of transport, a vehicle is a necessary evil.
Before buying any vehicle, whether new or used, shoppers should consider a few things.
First and foremost is to determine affordability. How much vehicle can you reasonably afford to own without going broke in the process? As a general rule, buyers should not spend more than 20 percent of their monthly income after taxes on a vehicle. If you are spending more than that, you risk overextending yourself financially and running the risk of ruining your credit report.
To estimate how much of a monthly payment you can afford, be sure to look at more than the purchase price of the vehicle. You must also factor in the interest rate, maintenance fees and insurance for the vehicle. All of these things should be considered under the 20-percent umbrella rule.
Consumers also should do some hefty research on the best way to secure financing if they are unable to cover the full cost of the vehicle's purchase price in cash. One of the best places to look for an auto loan is through online auto loan companies. Some of these businesses have access to a large number of loan companies and can automatically compare their auto loan rates, delivering only the best ones to you.
Some websites also provide a valuable tool when researching loans and interest rates. Consumers are able to use prediction software to plug in their local zip code and generate a list of the going interest rates in their area. Some online calculators also will take all of the factors involved in owning a vehicle - purchase price, insurance, maintenance and financing - and generate a monthly cost for you. It's always good to make use of these kinds of resources to be certain you're not overextending yourself financially.
Another place to look for an auto loan is with your own financial institution. Having a solid financial history with a bank can help to secure a good deal. With longstanding customers, a bank may be able to negotiate a fair interest rate for you, and certainly better than what you could find through the car dealer.
Securing a loan through the auto dealer is usually not the best idea. It usually is the most expensive option when it comes to financing. While auto dealers may have a variety of financial institutions to tap in order to get a variety of interest rates and offers, they also are permitted to add up to a 3-percent fee on to the total in order to compensate themselves for securing the loan. So as a general rule, auto dealers should be the last place you look for a loan.
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