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Which bank has the best car loan rates?

Nicholas Hinrichsen - Published: December 1, 2023

Are you looking for which banks have the best car loan rates? The answer may be a little more complicated - but there's still some good general advice.
In general - to get the best auto loan rates you're going to need to have great credit (720+). There are still great options for those with lower credit scores, but these rates tend to be higher and a little harder to find the right lender. In general here's how to think about getting the best rate:

Your local credit union likely has a very competitive rate, and often rewards for loyalty. If not, there's a series of national credit unions (like PenFed, Navy Federal) that also give great loan rates.

If these lenders are NOT an option, often large affiliate buying groups offer great rates. USAA is a great example lender here who offers rates as low as 2.59% right now.

Lastly, for-profit banks can also offer competitive rates for lenders. Some examples are Bank of America, Ally Financial, and Capital One as large examples. These lenders are typically more expensive than credit unions or affiliate lenders, but can still offer good rates.undefined

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