1. Best Overall: Auto Credit Express
If you want to shop for multiple loan providers at once, check out Auto Credit Express. It’s not a lender itself, but it can pre-qualify you for loans with multiple lenders. That way, you can shop the entire market in one place without filling out a million online forms.
Who It’s Best For
- ✔ Anyone who wants low interest rates
- ✔ Anyone who lives in the U.S. or Canada
- ✔ Anyone with poor credit but proof of income, eligibility, and so on
- ✔Anyone who has filed for bankruptcy
Who It’s Not Best For
- ✘ Someone with bad credit and a monthly income of less than $1,500 to $2,000 from a single source
- ✘ Non-residents of the U.S. or Canada
- ✘ Someone with bad credit who has only been at their current job for less than six months
- ✘ Someone with good credit, as they can find lower APRs elsewhere
Good for Bad Credit
If you have bad credit, expect to find higher APRs. You’ll be considered less trustworthy than someone with good credit. Some loan providers have minimum credit scores and won’t cover you at all if you don’t reach their threshold. Auto Credit Express is ideal for someone with bad credit. While APRs, loan amounts, and terms will vary by lender, you can find an auto loan from Auto Credit Express if you can prove the following:
- At least half a year at your current job
- At least three years of work history
- No large gaps in your employment
- Monthly income of at least $1,500 to $2,000 from a single source
- A working landline or cell phone contract in your name
- 6-8 personal references, including their phone numbers, names, and addresses
Auto Credit Express also has options for people with no credit and people who have filed for bankruptcy.
Auto Credit Express has accreditation and an A+ rating from the is accredited by the Better Business Bureau (BBB). The company’s rating is partly based on the following factors.
- Advertising issues: Auto Credit Express is truthful in its advertising and uses the BBB name correctly.
- Amount of time in business: Auto Credit Express’s 23 years in business speak to its reliability.
- Complaint history with the BBB: The company has only had 10 closed customer complaints in the past three years, and two closed in the last year. This is a low number compared to other loan aggregation companies.
- Failure to honor BBB commitments: The BBB does not list any mediations or arbitrations that it has failed to settle with Auto Credit Express.
If you’re an active member of the military, reservist, veteran, or family member of any of those, you could receive special military financing and discounts. You’ll see lower APRs and down payments, better loan terms, and more approvals.1 While you’re at it, check out the best auto insurance for those connected to the military.
2. Best Interest Rates: LendingTree
Like Auto Credit Express, LendingTree is an auto loan aggregation service that lets you view multiple offers from different lenders at once. LendingTree is better for those with good credit, as it offers the lowest interest rates of any service we’ve seen, with APRs starting at 0.99 percent. Not everyone will qualify for this super-low APR, but if you have a great credit score, LendingTree is a fantastic option.
Who It’s Best For
- ✔ Someone who wants to compare rates from multiple providers at once
- ✔ Someone who wants an APR as low as 0.99 percent
- ✔ Someone who wants an LTV ratio up to 125 percent
- ✔ Someone who wants excellent customer service
Who It’s Not Best For
- ✘ Someone who wants a 24/7 call center
LendingTree has the lowest minimum APR we’ve seen from any loan provider or loan aggregator, at only 0.99 percent. This is a solid option for someone who has great credit, is gainfully employed, and has a high income. If that’s not you, keep in mind that LendingTree doesn’t have a minimum credit score requirement and can connect you with a provider that will accept your score or lack of score.
Variety of Term Lengths
Since LendingTree lets you shop multiple lenders at once, you’ll be able to find loan terms from 12 to 84 months, or one to seven years. Of course, the longer your loan term, the smaller your monthly payment will be. However, a longer term length will result in more interest payments, so if you’re in a good spot financially, we recommend getting a short-term loan with a low APR.
Wide Range of Loan Amounts
Your loan amount will depend on your provider, but you can get up to $4 million from LendingTree, which is more than enough for the majority of American drivers. Another way to look at a loan amount is the loan-to-value (LTV) ratio. LendingTree has providers that offer up to 125 percent of your vehicle’s value. That means that if you total your car, you’ll receive 25 percent more than its current value to pay for a new car. This is helpful because your car’s value will have depreciated from when you first purchased it.