Below are Wallet Wisely's top auto loans (March 2023)
Lender |
APR |
Loan Amounts |
Minimum Credit Score |
Term |
|
|---|---|---|---|---|---|
|
Lending Tree |
2.96%+ |
Up to $300,000 |
650 |
12 - 84 Months |
 |
|
MyAutoLoan |
4.75%+ |
Up to $100,000 |
575 |
12 - 84 Months |
|
How to get Pre-approved for an auto loan
Pre-approval
This is what a lender has reviewed your credit report to determine a loan amount and rate.
This is a hard credit pull. (Credit companies treat multiple credit pulls during a 14-day period for a car loan is treated as 1 pull)
You are essentially treated as a cash buyer at a dealer since they don’t need to negotiate a loan.
Pre-qualification
This is when a lender has done what’s called a soft pull on your credit and shares that this is ‘likely’ but not guaranteed.
This is a soft credit pull. There is no impact on your score but it also means they will need to do a hard pull in order to determine a true loan offer.
The auto dealer will ask to do a hard pull in order to make a loan offer on the vehicle.
Where to get preapproved for a car loan
You can apply to get pre-approved over the phone or in person at a bank or credit union. If you already have a relationship with a bank or credit union, it’s a good idea to apply there.
Look to get pre-approval from two or three lenders so you can pick the best interest rate, and submit all your applications within 14 days. Even though preapproval requires a hard credit pull, if multiple lenders request your report within a short time, they count as one credit inquiry. It’s a good idea to check your reports again afterward to ensure there aren’t any errors.
What you need to get preapproved for a car loan
Applying for preapproval can be similar to filling out an application for a car loan, and some financial institutions may require more information than others.
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