If you're looking for car loans in the USA in 2024, here are some top options across various categories:
### Best Overall Auto Loan Lenders
1. **PenFed Credit Union**:
- Offers rates as low as 5.24% for new cars if purchased through their car-buying service, and up to 125% financing of the car's value.
- Loan terms range from 36 to 84 months.
- Membership is required, but it's open to everyone with a $5 deposit in a savings account【14†source】.
2. **Chase Bank**:
- Provides competitive rates, with an interest rate discount available for Chase Private Clients.
- No down payment required, though making one can lower your interest rate.
- Offers an online loan calculator for rate estimates【14†source】.
3. **LightStream (a division of SunTrust Bank)**:
- Ideal for private-party loans, offering rates as low as 7.74% APR with automatic payments.
- No restrictions on vehicle age, make, or mileage.
- Loan terms from 24 to 144 months【14†source】.
### Best for Used Car Loans
1. **Chase Bank**:
- Competitive rates for used car loans, with estimated APRs as low as 9.04% depending on your credit and vehicle.
- Benefits include potential rate discounts and no required down payment【14†source】.
2. **U.S. Bank**:
- Offers rates starting at 7.66% for loans on cars less than a year old with a loan amount of at least $35,000.
- Loan terms range from 12 to 72 months, but they do charge a prepayment penalty if paid off within the first year【14†source】.
### Best for Private-Party Loans
1. **LightStream**:
- Known for no restrictions on the car's age or mileage and offers competitive rates for private sales.
- Provides terms from 24 to 144 months【14†source】.
2. **PNC Bank**:
- Rates as low as 8.84% for private-party loans with automatic payments from a PNC checking account.
- Loan terms range from 12 to 84 months, with restrictions on financing cars older than 2016【14†source】.
### Additional Considerations
- **Interest Rates and Terms**: Your APR will depend on your credit score, loan term, and whether the vehicle is new or used. Rates generally range from 5.24% for top-tier credit (superprime) to over 14% for subprime borrowers【13†source】【14†source】.
- **Preapproval and Pre-qualification**: These can help you understand potential loan terms and rates before committing, providing more leverage when negotiating with dealers【13†source】.
### Key Advice
- **Shop Around**: Compare multiple lenders to find the best rate and terms that suit your financial situation.
- **Consider Loan Terms**: Shorter terms (36-60 months) can save on interest but result in higher monthly payments, whereas longer terms (72-84 months) may reduce payments but increase total interest paid over time【13†source】.
For more detailed comparisons and reviews of various lenders, you can visit [NerdWallet](https://www.nerdwallet.com) and [Credit Karma](https://www.creditkarma.com)【13†source】【14†source】.