| Starting APR | Loan terms | Loan amounts | Minimum credit score | Best for… | |
|---|---|---|---|---|---|
 | 4.50% | 12 to 84 months | Not specified | Not specified | Short-term loans |
 | 4.54% | 36 to 96 months | Not specified | Not specified | Military connections |
 | 6.85% | 36 to 72 months | From $5,000 | Not specified | One-stop shop |
 | 7.49% (with autopay) | 24 to 84 months | $5,000 to $100,000 | Not specified | Fast funding |
 | 5.99% | 48 to 72 months | From $7,500 | Not specified | Those who prefer a bank |
| Starting APR | 4.50% |
| Loan terms | 12 to 84 months |
| Loan amounts | From $12,000 |
| Minimum credit score | Not specified |
| Pros | Cons |
|---|---|
No restrictions on model year Can qualify for terms as short as 12 months Can apply to skip up to two monthly payments a year | Must become a credit union member Doesn’t disclose credit requirements Bank branches limited to a handful of locations in TN |
Unfortunately, Southeast Financial doesn’t provide a lot of information about the credit requirements you’ll need to get preapproved. You’ll also need to become a member of the credit union in order to close on your loan, which adds another step to the process.
| Starting APR | 4.54% |
| Loan terms | 36 to 96 months |
| Loan amounts | Not specified |
| Minimum credit score | Not specified |
| Pros | Cons |
|---|---|
Preapproved offer is good for 90 days APR discounts for active-duty and retired military members Offers car-buying service | Doesn’t specify borrowing limits Exclusive to borrowers with military ties Preapprovals not available for private-party purchases |
While Navy Federal Credit Union offers competitive auto loans, they are only available to borrowers with military ties, and preapprovals can only be used for dealership purchases. It also doesn’t specify available loan amounts on its website, making it hard to compare with other lenders.
| Starting APR | 6.85% |
| Loan terms | 36 to 72 months |
| Loan amounts | From $5,000 |
| Minimum credit score | Not specified |
| Pros | Cons |
|---|---|
Convenient online financing and car shopping Get preapproved for a car loan without affecting credit Preapproval valid for 30 days Financing available for people with bad credit | Financing offer only valid for Carvana cars Higher starting APR than other options on this list Can only purchase used cars through Carvana |
Carvana’s preapproved auto loans aren’t a good option for new car buyers, since Carvana only has used cars in its inventory.
| Starting APR | 7.49% (with autopay) |
| Loan terms | 24 to 84 months |
| Loan amounts | $5,000 to $100,000 |
| Minimum credit score | Not specified |
| Pros | Cons |
|---|---|
Fast loan decisions and funding Autopay discount No model age or mileage restrictions | Relatively high starting APR Only for borrowers with good or excellent credit Lowest rates only for borrowers with excellent credit |
LightStream likely isn’t for you if you have poor or fair credit, since they only approve applications from borrowers with good credit. Even if your credit score is in the “good” range, know you’ll likely pay a much higher interest rate than the starting rate, which is reserved for borrowers with excellent credit.
| Starting APR | 5.99% |
| Loan terms | 48 to 72 months |
| Loan amounts | From $7,500 |
| Minimum credit score | Not specified |
| Pros | Cons |
|---|---|
Offers loans in all 50 states Offers a variety of auto loan types Preapproval as quickly as 60 seconds | Loans not available for purchases at independent dealerships Rate discounts only available to Preferred Rewards members Minimum loan amount is high |
While there are rate discounts available, they are exclusive to Preferred Rewards members and the bar for qualification is high. Auto loans are also not available at independent dealerships except for CarMax, Enterprise and Carvana.
Getting preapproved for a car loan can temporarily damage your credit score, since lenders typically perform a hard credit pull. If you get preapproved with multiple auto lenders, FICO and VantageScore will only count it as one inquiry as long as you do it within a 14-day window.
Yes — many lenders offer borrowers the option to get preapproved car loans online. Easy online applications can streamline the car-buying process, but you’ll need to have a good credit score to qualify for a preapproved car loan.
The amount of time it takes to get preapproved for a car loan depends on the lender. It can take anywhere from a few seconds to a few days for lenders to deliver their decisions.
Yes, you can be denied for a preapproved car loan. Although some lenders offer auto loans for bad credit, your application is more likely to be rejected if your credit score is low. If this is the case, consider using a cosigner for your car loan and taking steps to improve your credit score.