3.50%
12 to 84 months
Up to $100,000
600
Auto loan lenders usually have rules about the cars they will finance. Vehicle age is typically one of them, and many won’t take cars that are older than 10 years. Southeast Financial Credit Union (SFCU) has no restrictions on model year or odometer readings.
SFCU also offers super-cheap rates, but there’s a catch — its lowest rates only apply if you can pay off your loan in just 12 months. Short-term car loans are great for saving interest, but monthly payments tend to be high since you have less time to pay off your car.
You have to become a member of SFCU before you can get a preapproved car loan. Luckily, you can apply for your loan and become a member online, in one step.
You must have a credit score of at least 600 to qualify for an auto loan. You also need to join the credit union before you can borrow.
All SFCU members must open a savings account with a deposit of at least $5. To become a member, you must meet one of the requirements below:
4.09%
12 to 96 months
Starting at $250
Not specified
Navy Federal Credit Union (NFCU) only serves people with military connections, so it offers military-specific benefits that other lenders don’t.
For instance, active and retired military members may qualify for a 0.25% annual percentage rate (APR) discount. And if you decide to bank there, you can get your military pay a day early with direct deposit.
Not everyone can join NFCU because of its strict membership requirements. You also can’t get preapproved if you’re buying a car from a person, not a dealership.
Navy Federal Credit Union doesn’t specify its minimum credit score requirements. To become a member, though, you’ll need to fall into one of the following criteria:
4.49%
12 to 84 months
Starting at $250
620
It can be hard to get auto loan preapproval when you have fair credit (or a FICO Score between 580 and 669). With Consumers Credit Union (CCU), you could qualify as long as your score is 620+.
CCU also lets eligible borrowers skip up to two payments a year. Interest will still accrue, but you won’t have to pay an extra fee to skip (like you do with SFCU).
Like with any credit union auto loan, you have to join before you can borrow. Membership is open to everyone.
To get an auto loan with CCU, you must meet the requirements below:
5.59% (with autopay)
12 to 72 months
Starting at $7,500
Not specified
PNC’s preapproved car loan works a little differently. It’s called a Check Ready loan and instead of getting preapproved, you’ll be getting your auto loan in advance. There will be no additional underwriting or applications at the dealer, so what you see is what you get.
Unfortunately, PNC is only available in 27 states, plus the District of Columbia. (see eligibility requirements below). You can also only use your preapproved loan with eligible dealerships (no private parties).
To get a car loan from PNC, you have to meet the following criteria:
5.89%
24 to 84 months
Starting at $4,000
500
Capital One does preapprovals, but by invitation only. But you can prequalify through its car-shopping tool, Auto Navigator. Auto Navigator lets you compare cars for sale on Capital One’s network, including personalized monthly payments based on a soft credit hit.
Since Auto Navigator uses prequalification and not preapproval, the rates it shows you are a little less concrete. Still, it’s a great launching point when creating your car-buying budget.
You could be eligible for a car loan through Capital One as long as you have a credit score of at least 500. You can prequalify on Capital One’s website to get an idea of where you stand.
Capital One also has vehicle eligibility requirements. To be eligible for financing, the car must:
Some older models may still be eligible as long as they have fewer than 150,000 miles on the odometer, but you will need to speak with your dealer or Capital One for more information.
— Carol Pope, Senior writer and licensed insurance agent
Answer basic questions about who you are and how much money you need. We’ll take care of the rest. It’s free, simple and secure.
We’ll send you offers from up to five trusted lenders. Compare your offers side by side to see which one will save you the most money.
Pick a lender and finalize your loan quickly. You could see money in your account within 24 hours, depending on the lender you choose.
Yes, your credit score will probably go down a little after preapproval because they require a hard credit hit. Most people see a drop of less than five points. To minimize damage, get all your preapprovals done within 14 days. If you do, only one hard credit hit will count against you thanks to FICO’s rate shopping window.
No, preapproved doesn’t mean you get the loan. It means that you have a good chance of getting the loan, but nothing is guaranteed until you formally apply.
No, you don’t always need a down payment for a preapproved car loan. If the lender doesn’t require a down payment to buy a car, it won’t require one for preapproval.
Skipping your down payment might seem like a good idea now, but it usually means higher rates, harder approvals and maybe even an upside-down car loan.
