Best Used Car Loans of 2024 (2024)

Best Used Car Loans

Best Used Car Loans

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.

• Must be employed
• Available to residents in all 50 U.S. states
• Must be a U.S. citizen with a Social Security number

• 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.

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.

• 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.

• No mileage or age limits
• Maximum loan-to-value ratio: 125%

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.

• Minimum credit score of 500 or higher (according to customer support)
• Available to residents of all 50 states and Washington, D.C.

• Maximum vehicle age: 10 years
• Maximum mileage: 150,000 miles
• Allows for private-party vehicle purchases

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.

• Must be at least 18 years old
• Available to residents of all 50 states and Washington, D.C.

• 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

• “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.

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.

• 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)

• No mileage or age restrictions
• Maximum loan-to-value ratio: 120%
• Doesn’t allow private-party purchases

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.

• Available to residents in 50 states
• Specific requirements vary by partner lender

• Allows for private-party used car purchases
• Specific requirements vary by partner lender