It is always exciting to have a brand new car. However, you could end up overpaying by thousands of dollars if you don’t find the right auto loan. Additionally, with a lot of lenders and brokers available out there, the selection process can be very tough. Here are 5 best car loan rates to help you narrow your choice.

#5. Carvana 

Carvana will be one of the best choices if you want to avoid bank and dealership altogether. You can even apply for the car loan through the company’s website. Then, pick up the car and it will be delivered to your house. The process is so simple and quick that you do not need to leave your home to apply for the loan. Also, it is possible for anyone who wants to get a loan for at least $10,000 per year since there is no minimum credit score available. 

#4. OpenRoad Lending

This auto loan provider will make it possible for applicants to refinance their existing loans. This will help you to save $100 per month at average on your auto payments. The application system will make it possible for you to get a complete detail over your decision related to the loan just within an hour. OpenRoad Lending provides a credit score of $500 with an income of $1,500 per month.

#3. CapitalOne

CapitalOne is one of the important players in the US auto loan industry. The company also provides refinance program that will make it possible for the clients to get a better auto loan term. The application process is simple and you only need a few minutes to complete the prequalifying online. Besides, the online process does not show on your credit score either. You can learn whether it is worth to apply a full application or not through the pre-qualification letter.

#2.  SpringboardAuto

This auto lender will allow you to buy from a private party or an auto dealer. In this way, you will be able to save a lot of money over dealerships. You can also pick up a refinancing option if you wish to have a better loan for the car you have already had. 

#1. Consumers Credit Union

To get the car loan from this Consumers Credit Union, you need to have a credit score of 640. The clients are also required to pay a fee of $5. You also need to keep at least at that amount in your saving account to get the membership qualifications. You will receive a loan rate for the car as low as 2.99% in return.