Why You Can Trust Us
Investopedia was founded in 1999 and has been helping readers find the best used auto loans since 2023. Investopedia’s research and editorial teams conducted independent, unbiased research into the auto loan industry, collecting nearly 1,000 data points on 16 auto loan lenders. Each lender was evaluated on interest rates, loan terms, borrower and vehicle requirements, and customer satisfaction, among other factors. This information was used to objectively score and rank each lender to provide the best recommendations above.
Consider Military Lenders to Get Extra-Low Rates
Some banks and credit unions are only available to military members and those affiliated with them, like family. You’ll still need good credit to get those low rates, but if you’re eligible, you may find these lenders offer some of the best terms in the industry.
Some big names in military lending are USAA, Navy Federal Credit Union, and PenFed (but anyone can join PenFed). Investopedia’s research into auto lenders found their minimum APRs to be either as low as they come or nearly as low.
Membership requirements vary somewhat from one military-affiliate lender to the next, but you’re likely eligible to join if you fall into any of the following categories:
- Active duty, guard, reserve, or veteran military servicemember
- Officer candidate in ROTC
- Department of Defense civilian employee, contractor, or retiree
- Have family members who are either in the military or a member of the bank or credit union
How We Find the Best Auto Loans
Investopedia’s full-time research and editorial teams conducted independent, comprehensive research into auto lenders from November 2024 into February 2025. Sixteen popular auto loan lenders were included, and each one was evaluated on 63 criteria. Information was collected from lender websites, customer support, and media representatives. Each lender was scored and ranked objectively. Information not used for scoring was collected for background.
Evaluation criteria were broken down into the following categories and given the accompanying weights:
- Cost of Loans: 34.0%
- Loan Terms: 28.0%
- Borrowing Requirements: 22.0%
- Customer Satisfaction: 10.0%
- Additional Features: 6.0%
Invetopedia’s full-time compliance team maintains the accuracy of information on this page to ensure our recommendations remain the best choices for their respective categories.
