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Best Used Car Loans

PNC, Consumers CU, AUTOPAY, and other lenders offer competitive used car loans

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Financing your used car purchase with an auto loan lets you pay off the vehicle over time, rather than having to cover the full cost upfront. The best used car loans offer competitive APRs and flexible repayment terms, allowing you to borrow money without overspending on interest or fees. 

We’ve collected the best car loans available for car buyers, whether you’re looking to purchase a used car from a dealer or buy one from a private party.

Best Used Car Loans of 2023

Best for Simple Buying Experience : PNC Bank

PNC Bank logo

PNC Bank logo

  • APR Range: 6.24%–16.24% 
  • Loan Amounts: $5,000–$100,000 
  • Loan Terms: 12–84 months 
Pros & Cons
  • Can bring a check to dealerships

  • Large loan amounts

  • Option to buy from a private party, buy from a dealer, or buy out a lease 

  • Rate discount for automatic payments from a PNC checking account 

  • Higher minimum loan amount when buying from a dealer 

  • Must apply at PNC branch for private party loans

  • No option to prequalify for a loan

Why We Chose It

PNC Bank is worth exploring if you want a relatively simple car buying experience. If you qualify for its Check Ready loan, you can bring a check to any eligible franchised dealership and walk off the lot with a car the same day. You won’t need to know the make and model of the car you end up buying before qualifying for the loan—you’ll just need to know the loan amount you’d like, as part of the preapproval process.

Overall loan amounts range from $5,000 to $100,000, with APRs that vary by loan amount and location. You can choose loan terms of 12 to 84 months on a PNC used car loan. Opting for a shorter term will save you money in interest, while a longer term will give you more affordable monthly payments. If you set up automatic payments on your loan from a PNC checking account, you’ll score a 0.25% discount. 

Certain loan types may have different minimum and maximum amounts and terms; Check Ready loans, for example, have a minimum amount of $7,500.

Keep in mind that PNC Bank requires you to apply in person at a PNC branch for private party loans, which may or may not be convenient for you. If you’re purchasing a used car from an eligible dealer, you can apply for the loan online. 

Borrower Qualifications
  • Must be employed
  • Available to residents in all 50 U.S. states
  • Must be a U.S. citizen with a Social Security number
Vehicle Qualifications
  • Maximum loan-to-value ratio: 115%
  • Maximum vehicle age: 8 years old
  • Allows private-party used car purchases
  • Maximum accepted mileage: 80,000 to 100,000, depending on your credit
  • Check Ready loans can only be used to purchase used cars at a dealership that also sells new cars.

Best for High-Mileage Cars : Consumers Credit Union

  • APR Range: 5.24%–8.54%
  • Loan Amounts: $500–$350,000 
  • Loan Terms: 60–84 months 
Pros & Cons
  • No maximum car age or mileage 

  • High loan amounts 

  • Competitive APRs 

  • Does not disclose minimum credit score 

  • Credit union membership required

  • No private party auto loans

Why We Chose It

Consumers Credit Union offers some of the best used car loans for high-mileage cars, since it doesn’t have a maximum car age or mileage restriction. You can borrow an auto loan as low as $500 or as high as $350,000, depending on your credit and income. 

Consumers Credit Union gives you the option of submitting a joint application with a co-borrower or co-signer, which could help you qualify for a loan or access better rates if your credit is subpar. If you want to check your rates before committing, Consumers Credit Union gives you the option of prequalifying for a loan online. 

The credit union can fund your loan in just one day and will send the proceeds directly to the dealer or straight to you. When you borrow with Consumers, you have the option of changing your payment due date. Late payments, however, will rack up a $29 fee. 

Borrower Qualifications
  • Available to residents of all 50 states and Washington, D.C.
  • If approved, you must join the credit union by first joining the Consumers Cooperative Association for a $5 fee, and then depositing another $5 into a savings account.
Vehicle Qualifications
  • No mileage or age limits
  • Maximum loan-to-value ratio: 125%

Best for Low Used Auto Loan APR : AUTOPAY



  • APR Range: Starts at 2.99% 
  • Loan Amounts: $2,500–$100,000
  • Loan Terms: 24–96 months 
Pros & Cons
  • Competitive APRs and long loan terms  

  • Accepts credit scores starting at 500

  • No payments required for the first 45 days

  • Does not disclose maximum APR 

  • Doesn’t disclose lenders in its partner network

Why We Chose It

Online lender AUTOPAY made our list of the best used car lenders as it offers the lowest APR among used car loans we reviewed, with rates starting at just 2.99%. 

At the same time, AUTOPAY accepts borrowers with credit scores as low as 500 (according to customer support); borrowers with bad credit should expect to get a much higher APR. Keep in mind that this lender lets you apply with a co-borrower, which could help you get a better rate.

AUTOPAY provides used car loans that you can use to purchase a car from a dealer or a private party. It also lets you prequalify for a loan online, meaning you can check your rates with no impact on your credit score. 

Borrower Qualifications
  • Minimum credit score of 500 or higher (according to customer support)
  • Available to residents of all 50 states and Washington, D.C.
Vehicle Qualifications
  • Maximum vehicle age: 10 years
  • Maximum mileage: 150,000 miles
  • Allows for private-party vehicle purchases

Best for High Loan-to-Value (LTV) Ratio : Chase Auto

Chase logo
  • APR Range: 6.74%–20.24% 
  • Loan Amounts: $4,000 and up 
  • Loan Terms: 12–84 months 
Pros & Cons
  • High maximum loan-to-value ratio (140%)

  • No down payment needed

  • Accepts joint applications 

  • May charge origination fee

  • No private party vehicle purchases 

Why We Chose It

Chase Auto may be a good choice if you’re looking for a large loan in comparison to the value of your vehicle, as it permits a loan-to-value ratio of up to 140%. This could be handy, as you often need to pay for more than the simple value of the car (you'll also have to cover taxes, title and license fees, etc.) Loans start at $4,000 for used vehicles, though Chase doesn’t disclose its maximum loan amount. 

It takes at least a day to process your loan application, and the loan may come with an origination fee of up to $195. Chase Auto gives you the option of prequalifying online with no impact on your credit. You can also choose to submit a joint application with a co-borrower.

Chase doesn’t finance private party auto purchases, and you must buy from a dealer in Chase’s partner network; the size and details of the partner network aren’t disclosed, but it is likely quite large.

Borrower Qualifications
  • Must be at least 18 years old 
  • Available to residents of all 50 states and Washington, D.C.
Vehicle Qualifications
  • Maximum vehicle age: 10 years
  • Maximum mileage: 120,000 miles
  • Maximum loan-to-value ratio: 140%
  • Doesn’t allow private party used car purchases
  • Some types of exotic cars aren’t eligible for financing
  • Must purchase the car from a Chase network dealership
Customer Reviews*
  • “My overall experience has been good. I don’t really have anything else to compare to, because this is the first loan I got. I didn’t actually go looking for it. My old car broke down, so I needed a new one, and instead of renting one, I thought I’d just buy one…. So I went to a dealer. and Chase was just sort of what they gave me. I didn’t really go through other options.”
  • “So there really wasn’t that much of an issue. It was easy, mostly because it was through the dealer.”
  • “[Managing my loan] is pretty easy since it’s just on autopay right now on Chase itself. I also use Chase as my main bank, so it’s easy. It’s on the app. I can see it under loans and lines of credit right there. And it’s on autopay. So I don’t really think about it. It’s really easy.”

*Customer reviews were collected from an independent Investopedia survey of 1,016 current, past, and prospective auto loan borrowers.

Best Credit Union : NASA FCU

NASA Federal Credit Union logo

NASA Federal Credit Union

  • APR Range: 4.89% and up 
  • Loan Amounts: $5,000–$125,000 
  • Loan Terms: 36–84 months 
Pros & Cons
  • No origination fee 

  • Accepts joint applications 

  • Transparent credit score requirement 

  • No private party vehicle purchases

  • Must become a member to borrow 

Why We Chose It

NASA Federal Credit Union (FCU) is one of the best credit unions for used car loans. It funds loans of $5,000 to $125,000 for used cars with no origination fees. Loans take a minimum of three days to process. 

Since the credit union doesn’t specify a maximum car age or mileage, it may be flexible if you want to purchase an older or high-mileage vehicle. You can prequalify for a NASA FCU auto loan online, but must become a member if you want to borrow. 

Membership is open to anyone—it’s free for NASA employees and retirees, employees or members of the credit union’s partner companies and associations, and relatives or household members of current NASA FCU members. If you don’t meet any of those requirements, NASA FCU will give you a complimentary one-year membership to the National Space Society, which will make you eligible for membership. 

Borrower Qualifications
  • Available to residents in 50 states
  • Must be a U.S. citizen and employed
  • Minimum credit score of 600 or higher (according to customer support)
Vehicle Qualifications
  • No mileage or age restrictions
  • Maximum loan-to-value ratio: 120%
  • Doesn’t allow private-party purchases

Best for Variety of Loan Terms : Credible

Credible logo
Credible logo.
  • APR Range: 4.60%–35.99% 
  • Loan Amounts: $600–$100,000
  • Loan Terms: 12–84 months 
Pros & Cons
  • Option to prequalify 

  • Lets you check rates with multiple lenders at once 

  • Private party purchases allowed 

  • Does not disclose minimum credit score 

  • Rates and fees vary by lender 

  • High maximum APR 

Why We Chose It

Credible is an online loan marketplace that makes it easy to compare the best used auto financing options from multiple lenders at once. Just provide a few basic pieces of information to prequalify, which won’t impact your credit. Keep in mind, though, that your offers will be limited to Credible’s 11 partners. 

Since Credible works with several lenders, there’s no standard loan requirement or fee structure across the board. This means you may see a wide variety of potential rates, loan terms, and loan amounts.

Examine the results of your prequalification carefully, because you may be given offers for unsecured personal loans, rather than auto-secured loans. Although unsecured personal loans don’t require collateral, they usually come with higher rates than auto loans.

Borrower Qualifications
  • Available to residents in 50 states
  • Specific requirements vary by partner lender
Vehicle Qualifications
  • Allows for private-party used car purchases
  • Specific requirements vary by partner lender

Final Verdict

If you’re on the hunt for a used car loan, you have a variety of options at your fingertips. PNC Bank tops our list of the best used car loans for the easy shopping experience offered through its Check Ready service, an option that’s not available with all lenders. 

However, online lender AUTOPAY may be the superior option for a low APR, and Consumers Credit Union doesn’t set a maximum for car age or mileage. If you’re searching for a car loan, it’s also worth checking your rates through the Credible marketplace, since you can compare multiple offers at once with no impact on your credit. 

Before borrowing money, it’s always a good idea to shop around for the best used car loan rates. That way, you can find an offer with the lowest costs of borrowing and repayment terms that work with your budget. 

How to Choose the Best Used Car Loan

What Is a Used or Pre-Owned Car?

A used or pre-owned car is a car that has had at least one owner in the past. Used car prices can vary depending on the condition of the car, as well as its year, make, and model. 

Lenders often offer financing options for used cars, but some set limits on how old the car can be or how many miles it can have. Some lenders, for instance, don’t offer loans for cars that are more than eight years old, while others let you finance a car up to 10 years old. If a lender has a mileage restriction, it may max out at 80,000 to 120,000 miles. 

You can find used car loans from traditional banks, online lenders, credit unions, and loan marketplaces. Banks often offer large loan amounts, while online lenders usually process your loan quickly, and credit unions tend to have flexible borrowing criteria and good rates.

If your current banking institution offers auto loans, it may be worth checking if it offers any special discounts to existing customers. 

Comparing Used Car Loans

When comparing used car loans, here are a few features to look for: 

  • Loan amounts: Each lender sets its own minimum and maximum loan amounts for used car loans, so make sure the lender will provide the amount you need (including taxes and fees on top of the car price—look for the loan-to-value (LTV) ratio). 
  • APRs: Finding a loan with the lowest APR you can get will save you money over the life of your loan. 
  • Fees: Along similar lines, keep an eye out for any fees that could add to your costs of borrowing, such as origination fees and prepayment fees. 
  • Repayment terms: Find out how long you have to pay the loan back, as your term directly impacts your monthly payment and the amount of interest you’ll pay. 
  • Vehicle requirements: Check to see if the lender sets limits on car age or mileage to make sure your target car will qualify. 
  • Credit and income criteria: Ask the lender if it looks for a minimum credit score or income to qualify for a loan. Prequalifying online, if available, can help you get a sense of whether you’ll qualify and what your rates will be. 
  • Option to add a co-borrower or co-signer: If your credit isn’t good enough to qualify on your own, look for a lender that allows co-borrowers or co-signers (many do).

Alternatives to Used Car Loans

Used car loans will cost you a fair bit of money in the long run, since you’ll have to pay interest on the amount you borrow. Here are some alternatives to used car loans that could help keep costs down: 

  • Use your savings: If you have enough money to purchase your car outright, you won’t have to pay the interest and fees associated with borrowing money. Even if you can’t buy the entire car with savings, increasing your down payment can help reduce your loan amount. At the same time, be careful not to drain your emergency savings, since you could end up in a tough spot if you run into unexpected expenses. Consider opening a high-yield savings account to prepare to buy a car.
  • Trade in your vehicle: If you currently have a car, consider trading it in with a dealer or selling it privately to recoup some of its value. Then, use the amount you get as a down payment on your next car. 
  • Lease a car: Leasing a car, rather than purchasing one, is another option worth exploring. Leasing requires a loan as well, but the monthly payments are usually relatively low. You might have a limit on how many miles you can drive per year. Once your lease agreement is up, you have the option of purchasing your car or leasing a newer model. Learn more about leasing vs. buying a vehicle in this guide
  • Enlist a co-signer or co-borrower: Adding a trusted applicant to your loan could help you access better interest rates, which would reduce your long-term loan costs. 

Frequently Asked Questions

  • How Do You Get a Good Rate on a Used Car Loan?

    The best rates on used car loans typically go to borrowers with the strongest credit scores. If you don’t need to buy your used car right away, consider taking some time to improve your credit before you apply.

  • Is It Better to Get an Auto Loan From Your Bank or the Dealership?

    You can often find better rates when you get an auto loan directly from your bank rather than pursuing financing through the dealership. It’s worth comparing offers from multiple sources to find a loan with the best rate. 

  • Should You Put Money Down on a Used Car Loan?

    Putting a down payment on a used car will help you build equity in your vehicle. The more money you can put down upfront, the smaller the loan you can borrow, and the less interest you’ll have to pay as a result. Plus, you can hopefully avoid having an upside-down loan, which involves owing more on your car than the vehicle is worth. 


Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of auto loan lenders. To rate providers, we collected hundreds of data points across more than 20 auto loan lenders, including interest rates, fees, loan amounts, borrower requirements, and vehicle requirements, to ensure that our reviews help users make informed decisions for their borrowing needs.

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