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When it comes to buying a car in California, securing the best auto loan rates and financing options is crucial to getting the most value for your money. With so many choices available, from banks to credit unions to online lenders, it can be overwhelming to find the right financing solution. Fortunately, California offers some of the most competitive rates and flexible financing options in the country. In this guide, we’ll explore the Top 14 Best Auto Loan Rates and Financing in California, helping you navigate your options and find the best deal for your needs.
1. LightStream (A Division of SunTrust Bank)
Known for offering some of the best rates for new and used car loans, LightStream is a top choice for those with excellent credit. Their auto loan rates are competitive, and they offer flexible terms ranging from 24 to 84 months. What sets LightStream apart is their quick approval process and no fees.
Key Features:
- Competitive rates for new and used vehicles
- No fees or prepayment penalties
- Fast approval and funding
2. PenFed Credit Union
PenFed offers some of the lowest auto loan rates in California, especially for its members. With a variety of loan options and competitive interest rates, they’re an excellent choice for anyone looking to refinance or purchase a new or used car. You don’t have to be a military member to join, but membership does offer additional benefits.
Key Features:
- Competitive rates on both new and used car loans.
- No fees for loan origination
- Quick online application process
3. Chase Auto Loans
Chase is one of the largest banks in the U.S. and offers auto loan financing with competitive rates and a range of term options. If you already bank with Chase, you can benefit from streamlined financing and special discounts for existing customers. Chase offers both new and used car loans, as well as options for refinancing.
Key Features:
- Competitive rates for new and used cars
- Discounted rates for existing Chase customers
- Flexible loan terms and easy online application process
4. Wells Fargo Auto Loans
With a well-established reputation, Wells Fargo offers a variety of auto loan products with flexible terms and competitive rates. They provide financing for both new and used cars and their customer service is highly rated. Wells Fargo also lets you check your rate online without impacting your credit score.
Key Features:
- Competitive rates for new and used vehicles
- Flexible loan terms up to 72 months
- Prequalification without affecting your credit score.
5. Bank of America Auto Loans
Bank of America offers highly competitive auto loan rates and financing options for both new and used vehicles. They also provide an easy online application process, and if you’re an existing Bank of America customer, you may be eligible for additional discounts.
Key Features:
- Competitive rates for new and used auto loans.
- Discounted rates for existing customers
- Prequalification with no hard inquiry on your credit
6. Capital One Auto Loans
Capital One is known for its convenient auto loan process, including a user-friendly online prequalification tool that helps you check your rate without a hard inquiry. They offer competitive rates on new and used car loans, as well as flexible terms and no down payment options in some cases.
Key Features:
- Fast prequalification with no hard inquiry
- Competitive rates on new and used cars
- Flexible loan terms and online application process
7. USAA Auto Loans
If you’re eligible, USAA offers some of the best rates for auto loans in California. They provide highly competitive rates for new and used cars, and their loan process is straightforward. USAA is especially known for its excellent customer service and offers additional savings for active-duty military personnel and veterans.
Key Features:
- Low rates for new and used cars
- Exclusive benefits for military families
- Quick approval and flexible loan terms
8. Autopay
Autopay offers a wide range of auto loan products, including new and used car loans, as well as refinancing options. They specialize in providing quick approval and personalized service, with some of the best rates available. Autopay also allows you to apply online and receive financing within a matter of days.
Key Features:
- Competitive rates for new and used vehicles
- Fast and easy online application
- Loan refinancing options with flexible terms
9. OnDeck
For those interested in used car loans or refinancing, OnDeck offers fast, flexible auto financing. They offer competitive rates and are known for their quick turnaround times, helping you get the loan you need quickly and efficiently. OnDeck specializes in providing financing for all types of borrowers, including those with less-than-perfect credit.
Key Features:
- Fast approval and funding
- Competitive rates on used car loans
- Flexible loan terms
10. Synchrony Bank
Synchrony Bank offers auto loan financing through select dealerships, making it a great option for those looking to purchase a car through dealer financing. With flexible terms and competitive interest rates, Synchrony provides easy access to financing at the dealership of your choice.
Key Features:
- Low rates for dealer-financed auto loans
- Flexible loan terms
- Easy application process at participating dealerships
11. RoadLoans
RoadLoans, a subsidiary of Santander Bank, offers auto loans with competitive rates for both new and used vehicles. Known for their straightforward online application process, they provide loans with flexible repayment terms and fast approval. RoadLoans also offers financing options for borrowers with less-than-ideal credit.
Key Features:
- Competitive rates for new and used cars
- Flexible repayment terms
- Quick online application process
12. Credit Union Direct Lending (CUDL)
CUDL offers a network of credit unions across California that provide auto loan financing. With competitive rates, flexible terms, and the option to finance through a local credit union, CUDL is a great option for borrowers who prefer working with credit unions. The CUDL network has a wide range of options for both new and used car loans.
Key Features:
- Competitive rates from local credit unions
- Flexible loan terms and repayment options
- Network of credit unions across California
13. LendingClub Auto Loans
LendingClub offers car loan financing through its online marketplace, connecting borrowers with competitive rates from various lenders. Whether you’re looking for a new or used car loan or seeking refinancing options, LendingClub’s platform allows you to compare rates and choose the best option for your needs.
Key Features:
- Easy-to-use online platform for loan comparison
- Competitive rates for new and used vehicles
- Loan refinancing options available
14. Carvana Financing
For those interested in buying a car from an online retailer, Carvana offers convenient auto loan financing for vehicles purchased directly through their website. Carvana provides competitive rates, a simple online application process, and the convenience of purchasing a vehicle from the comfort of your home.
Key Features:
- Financing for cars purchased through Carvana
- Simple online application and approval process
- Wide selection of cars available for purchase
Conclusion
Finding the best auto loan rates and financing in California requires carefully comparing lenders, rates, and loan terms. Whether you’re looking for a new or used car, or seeking to refinance your current loan, the options listed above offer competitive rates and flexible terms to help you secure the best deal. Be sure to shop around, check your credit score, and explore the various discounts and benefits these top auto loan providers offer. With the right financing, you can drive away in your dream car while staying within your budget. Happy car shopping!
