If you want a speedy car-buying process, one of the easiest things you can do before you shop is get prequalified for an auto loan. Prequalification lets you provide some personal information to receive a personalized estimate of how much you may be able to borrow and the loan terms you may qualify for — typically without affecting your credit score. This can make it easier to compare your options and choose the best deal before formally applying.
We've rounded up some of the best auto loan lenders that offer quick prequalification. Read on to find the lender that's right for you, and read our methodology below.
Auto loan lenders with easy prequalification
Offers in this section are from affiliate partners and selected based on a combination of engagement, product relevance, compensation, and consistent availability.
CarShield offers seven warranties, including bumper-to-bumper, powertrain, electrical systems, motorcycles and EVs. Contracts are administered by American Auto Shield.
Six tiers of coverage with no mileage restrictions. Benefits include coverage for tire and windshield (from road hazards), key fob replacement, roadside assistance and 30-day cancellation policy. Advantage plan covers maintenance, which is typically excluded.
Best big-bank option: Capital One
Who's this for? Capital One is a large household name in the banking industry. It offers online services and thousands of brick-and-mortar locations across the country.
Standout benefits: Interested borrowers can use Capital One's Auto Navigator to browse new and used cars available for purchase from participating dealerships. Auto Navigator provides prequalification within just a few seconds.
- Lends to borrowers with bad credit
- No early payoff fees
- Prequalification available
- The Auto Navigator tool lets you get prequalified in minutes for financing for a new or used car (should be used before you go to a dealer)
- Only available for vehicles from participating dealers
- You must apply at the dealer to get the final loan terms
Best for flexible credit requirements: Carvana
Who's this for? Carvana doesn't have a minimum credit score requirement and welcomes all credit profiles. So if you have less than ideal credit, this is still a lender who may be able to accommodate you.
Standout benefits: Borrowers can get a preapproval decision in just two minutes.
- Open to borrowers with bad credit
- No prepayoff penalty
- Prequalification available
- Allows co-signers
- Offers an online application experience, which is ideal if you don't want to have to go to the dealer yourself
- Preapproval offers are valid for up to 45 days
- Financing only available for cars sold through Carvana
- Not available in all states
Best for online and in-person shopping: CarMax
Who's this for? CarMax lets customers shop inventory both online and in person at one of its locations.
Standout benefits: CarMax can provide prequalification with personalized financing terms within just five minutes with no impact to your credit score.
- Open to borrowers with bad credit
- No early payoff fees
- Prequalification available
- 100% online application process available
- Low minimum loan amount
- Allows co-borrowers
- Specializes in lending for used cars
- Financing is only available for cars sold at CarMax
- Not available in all states
- Prices are non-negotiable
Best for a rate discount: CCU
Who's this for? CCU offers a 0.50% interest rate discount for customers who purchase their new vehicle through the lender's Consumers Car Buying Service. Every discount goes a long way in saving on the cost of getting a car loan.
Standout benefits: You can become a member of CCU simply by paying a one-time $5 fee and making a $5 deposit into a Membership Share/Savings Account.
Consumers Credit Union Auto Loan
APR
Starting at 3.99%
Loan type
New and used cars, auto refinancing, RVs, boats, classic cars, powersports vehicles
Loan amounts
Up to $100,00
Terms
1 to 90 months
Minimum credit score
Not disclosed
Fees
No origination fee. $30 late fee after 10-day grace period
Availability
Financing available nationwide. Membership in CCU requires a one-time $5 fee to the Consumers Cooperative Association and a $5 deposit into a savings account.
Terms apply.
Pros
- Low rates for qualified borrowers
- Custom terms between 1 and 90 months available
- No restrictions on car age or mileage
- Financing up to 125% of the vehicle value
- Qualified buyers can push first payment back up to 60 days
Cons
- You must bundle automatic payments and use car-buying service to unlock the lowest rates
- No prequalification with a soft credit check.
FAQs
What credit score do you need for a car loan?
To get the most favorable financing terms when buying a car, you'll need a credit score of at least 670, which is considered "good" credit. However, exact requirements vary by lender so it's not impossible to get approved for a car loan even with bad credit.
What's a good rate on a car loan?
Auto loan rates are influenced by the benchmark rate set by the Federal Reserve. Having a high credit score and healthy finances will help give you the best chance at qualifying for a low rate.
Where can you get a car loan?
There are three common ways of financing a car: dealer financing, traditional banks and online lenders. Dealer financing is where the dealer acts as the middleman to help you secure a loan for your purchase. Traditional banks and credit unions also offer car loans directly, and this is a good way to continue a relationship with an institution you're already banking with. Online lenders can include neo banks and online marketplaces that match you to lenders that fit your needs.
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Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every auto loan list is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of loan products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
Our methodology
To determine the best auto loans with easy prequalification, CNBC Select analyzed more than a dozen car loan providers, including banks, dealerships and online marketplaces.
When narrowing down and ranking the best car loans, we focused on the following features:
- Loan sizes: The above lenders provide a variety of loan sizes. Each lender advertises its respective payment limits and loan sizes.
- Loan terms: Each lender on our list provides multiple financing options to support a variety of budgets and timelines.
- Credit requirements: Lenders with flexible credit requirements were weighed more heavily.
- Prequalification: Each lender allows borrowers to apply for prequalification, which allows you to get estimated loan terms without hurting your credit score.
- Online user experience: The lenders on our list make it easy to complete all or most of the preapproval and application process online.
We also considered CNBC Select audience data when available, such as general demographics and engagement with our content and tools.
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