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The Best Auto Loans for 2021 – Where To Find The Best Rates

The Best Auto Loans for 2021 – Where To Find The Best Rates

If you’re shopping for a new car, you’re probably browsing model reviews online, going on test drives, and consulting the resident car guy or gal in your friend group.

The not-so-fun part is ensuring you get the best deal on insurance, negotiate the best price with dealers, and find the best rate for an auto loan. Not to fear; I’ve got you covered.

In this article, I’m going to help you find the best auto loan. Because the average auto loan is now over $31,000 , finding the best lender for your specific situation could mean saving thousands over the loan’s lifetime.


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Monevo is a loan aggregator that works with 30 lenders to make sure you have great options at your disposal.

With a quick and easy form that won’t affect your credit score, you can get an idea of who can offer you what for terms, and then you’ll apply directly through the lender (at that point, you’ll likely undergo a hard credit pull).

Best of all, Monevo is completely free to use (they charge the lenders, not you), so there’s no harm in starting your search with Monevo. Their lenders offer rates between 2.49% – % APR , with the lower rates being reserved for those with excellent credit. Luckily with loan amounts ranging from $1,000 $100,000, there’s a loan that will work for pretty much everyone.

Credit unions

Credit unions typically have low fees, excellent service, and of course, amazing deals on auto loans. What enables them to be so generous?

Simply put, credit unions are not-for-profit organizations that don’t have to pay big executive salaries. That’s because they’re member-owned and operated. If you bank with a credit union, you become a part-owner.

While it may be easy to join a credit union, getting one of their sweet, low-interest auto loans is a bit tougher. Because they’re member-run and want to protect collective assets, credit unions generally require a credit of 640+ to apply for loans as low as 1.99%.

Still, it’s absolutely worth investigating your local credit union to see if you qualify for a online no credit check payday loans Texas good auto loan rate. Note, however, that applying for an auto loan through a credit union often involves a hard credit pull.

Low interest rates

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Naturally, the first thing you look for is a low interest rate. A variance of just a few percentage points could add up to thousands in savings.

However, just because a vendor offers a low interest rate doesn’t mean it’s always the best fit. Look at term limits, minimum credit thresholds, membership requirements, and other fine print that could affect your qualification for a loan.


Next, look at convenience. Your time is valuable, so we place weight on which lenders have smooth and streamlined processes, with fewer hoops to jump through for a quote.

Credit pull

Last but certainly not least, consider which lenders make hard versus soft pulls on your credit. Because hard pulls impact your credit score, consider soliciting quotes from hard pull vendors all at once so they collectively count as a single pull, minimizing impact.


While shopping for and securing an auto loan isn’t the most fun part of car buying, it can contribute to the most fun part. The only thing more satisfying than triumphantly driving home in your new car is driving home knowing that you’re going to save thousands on your auto loan because you took the time to research.

That being said, the best way to save on your auto loan is to buy a cheaper car, or perhaps not even purchase a car in the first place.


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