Our team found that AutoPay, PenFed Credit Union, myAutoloan, and Digital Federal Credit Union currently offer the best private-party auto loans. The following sections feature key details about our top private-party auto loan lenders. Keep in mind that the lowest annual percentage rates (APRs) displayed here are reserved for borrowers with excellent credit.
AutoPay: Best Overall Auto Loan
Starting APR: 5.69%
Loan amounts: $2,500 to $100,000
Loan terms: 24 to 96 months
Availability: 50 states
Minimum credit score: 560
AutoPay offers competitive rates and a low minimum credit score to make buying a car from a private party easier. We give AutoPay our Best Overall Auto Loan award for these reasons and because it doesn’t have application fees or penalties for prepaying loans. AutoPay also allows borrowers to take out short-term loans that can be paid off quickly.
PenFed Credit Union: Best Credit Union Loan
Starting APR: 4.74%
Loan amounts: $500 to $150,000
Loan terms: 36 to 84 months
Availability: 50 states
Minimum credit score: 650
PenFed Credit Union offers competitive rates for both new and used vehicles. You have to be a member to get access to special deals like cash-back promotions, but joining PenFed is easy. The credit union does have a slightly higher minimum credit score for car loans than other lenders at 650, but it also features a low minimum loan amount.
PenFed receives strong customer feedback on sites like Trustpilot, with positive reviews focusing on its smooth application process.
myAutoloan
Starting APR: 6.99%
Loan amounts: $8,000 to $100,000
Loan terms: 12 to 84 months
Availability: 48 contiguous states
Minimum credit score: 575
Private party auto loans from myAutoloan start at 6.99% APR, with a fast and free application process. The company allows you to compare up to four loan offers in just a few minutes and has a low credit score requirement that allows you to find bad credit car loans. We like the flexibility in both loan amounts and terms myAutoloan features.
Read more in our full myAutoloan review.
Digital Federal Credit Union
Starting APR: 5.99%
Loan amounts: $2,500 to $500,000
Loan terms: Up to 84 months
Availability: 50 states
Minimum credit score: 600
Digital Federal Credit Union features more flexible loan amounts and terms than many lenders, and it’s easy to join. The company also provides 24-hour customer service, special programs for first-time car buyers, rate discounts for electronic payments and instant loan approval for many borrowers. Positive customer reviews for the credit union mention its simple and fast application process.
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