Who is a DCU loan personal loan good for?

A DCU traditional personal loan may be a good option if you want to consolidate debt or finance a home renovation and are already a DCU member or qualify for membership. DCU’s lowest interest rates are competitive, but see if you qualify for its interest rate discount if you’re comparing potential rates from other lenders.

A DCU quick loan may make sense if you have little to no credit but need money for a financial emergency.

But remember: You must first qualify for DCU membership before you can take out a loan or open an account. If you don’t qualify, you’ll have to look elsewhere for a personal loan.

*Approval Odds are not a guarantee of approval. Credit Karma determines Approval Odds by comparing your credit profile to other Credit Karma members who were approved for the personal loan, or whether you meet certain criteria determined by the lender. Of course, there’s no such thing as a sure thing, but knowing your Approval Odds may help you narrow down your choices. For example, you may not be approved because you don’t meet the lender’s “ability to pay standard” after they verify your income and employment; or, you already have the maximum number of accounts with that specific lender.

How Credible works

If you’re looking to take out a new student loan or refinance a current one, it may be helpful to compare your options in one place. That’s what Credible aims to help you do.

It’s important to note that Credible is not a lender, bank or credit issuer — it works to connect you with a lender, or lenders, who may be a fit for your needs. The specific requirements and criteria to determine whether you’re eligible for a prequalified rate varies depending on the lender.

Who is a Credible student or refinance loan good for?

If you have hit your federal student loan limit and still need additional funding for school, Credible could be an option.

As with any other borrowing decision, it’s important to compare available lenders.

What you need to know about KeyBank auto loans

Headquartered in Cleveland, Ohio, KeyBank offers new, used and refinance auto loans. If you’re a current KeyBank customer and are able to lock in an auto loan discount, this may be an option worth considering.

Competitive starting APRs

Compared to other lenders, KeyBank offers competitive interest rates for those who qualify. While KeyBank doesn’t specify lending requirements, lenders typically offer their most-favorable rates to applicants with higher credit scores, long and successful credit histories, and low debt-to-income ratio.

Is a KeyBank auto loan the right fit for you?

A KeyBank auto loan is worth considering if you’re already a customer. For people who don’t like the hassle of dealing with multiple financial institutions, having your banking and auto accounts serviced by one bank could help streamline your money-management efforts. And you may also be able to take advantage of the automatic-payment discount.

It’s wise to find lenders who offer prequalification so you can check your estimated rates and terms beforehand. But if you want to shop around without affecting your credit scores, KeyBank isn’t for you. That’s because the lender conducts a hard credit inquiry, which can negatively affect your credit scores.

State Farm is currently not accepting auto loan applications. For another option, check out our reviews of Capital One Auto Finance and LightStream auto loans.

What you need to know about State Farm Bank auto loans

State Farm is primarily known for its insurance offerings, but the company also offers a variety of auto loan options through State Farm Bank that may be worth considering. Here are a few.

• New- or used-car loans
• Refinancing
• Lease buyout loan
• Private-party vehicle financing

Payoff Protector

If your car is financed through State Farm Bank, the loan is in good standing and your insurer declares a total loss, State Farm Bank will look at the final settlement amount you get, along with whatever you may owe on the car, and cover any remaining principal balance. State Farm Bank calls this feature “Payoff Protector.” Note that Payoff Protector is not an insurance product, and it won’t cover any past-due payments or related late fees.

Cars that State Farm Bank finances are covered by Payoff Protector, assuming they’re insured. Other benefits of Payoff Protector may include minimizing the need to roll over any unpaid loan balance into the cost of a replacement vehicle.

Applying with an agent

According to a State Farm representative, State Farm Bank requires all new applicants to apply by phone or in person if they’re not existing State Farm insurance or bank customers. That means calling into the State Farm Bank customer service line or connecting with a local agent in your area. If you want to apply online, you’ll have to have an existing State Farm Bank account or State Farm insurance policy.

Like many lenders, State Farm Bank also allows you to apply to get preapproved for a car loan to check if you can get an estimate of the loan amount and annual percentage rate, or APR, that you may qualify for. While you may be able to prequalify with some lenders without affecting your credit, State Farm Bank doesn’t indicate on its site whether applying for preapproval will result in a hard or soft inquiry on your credit.

A preapproval offer is good for 30 days from your approval date. Keep in mind that this offer isn’t a loan approval — you’ll still have to submit a final loan application.

Competitive interest rates

State Farm Bank offers competitive fixed interest rates on its auto loans. The bank determines your eligibility by reviewing a number of factors such as your credit and transaction history and your debt-to-income ratio.

To qualify for the most-favorable rates, though, you likely need to have solid credit.

A closer look at State Farm Bank auto loans

Here are some additional details to consider when comparing State Farm Bank with other auto lenders.

• New-car loan terms range from 12 to 84 months. But if you decide to purchase a used car, you can only finance it for up to 72 months.
• Car loan amounts can range from $5,000 to $250,000, though all auto loan amounts depend on the car and your eligibility.
• State Farm Bank doesn’t finance vehicles with more than 150,000 miles or vehicles that are driven more than 50,000 miles annually.
• State Farm Bank charges a $100 prepayment penalty for any auto loan paid in full within the first 12 months.
• Payoff Protector is offered with every car loan from State Farm Bank.
• You must be 18 years or older, have proof of identity, reside in the U.S. and be listed as a registered owner on the title and registration of the vehicle to apply.
• State Farm auto loans are not available to residents of Massachusetts or Rhode Island.

Is a State Farm Bank auto loan a fit for you?

A State Farm Bank car loan is an option for someone looking to finance, or refinance, a variety of vehicle types, including cars, boats, recreational vehicles, trailers and motorcycles. The Payoff Protector feature could provide some peace of mind and possibly savings on gap insurance, depending on the level and cost of that coverage.

Existing State Farm customers don’t get any special perks if they get auto loans with State Farm Bank. But if you open a State Farm Bank credit card, you may be eligible for bonus points on your car insurance premiums, which could save you some money depending on your situation.

How to apply for a loan from State Farm Bank

If you already have a State Farm Bank account or State Farm insurance policy, you can log into your account online and apply. If not, you’ll either need to apply via phone or contact a local State Farm Bank agent, according to a State Farm representative.

Typically, if your car loan application is submitted during normal hours of operation, you should receive a decision within an hour. If you complete a full loan application, your application is valid for 60 days from your submission date.

From Christmas parties to special presents under the tree, the holidays can come with a lot of financial pressure.

If holiday spending fills you with more anxiety than cheer, you’re not alone. In fact, 49% of Americans feel the most stressed about their finances during the holiday season, according to a 2024 Intuit Credit Karma study.

Some traditional lenders market loans for the holidays specifically in anticipation of increased holiday spending on items like Christmas presents or food for a family dinner. But it’s important to keep in mind that a holiday loan can come with a hefty price tag in the form of high fees and APR.

Here are some of the important costs and risks to consider. We’ve also compiled some options that might help you hit your holiday goals without using a Christmas loan.

• What are Christmas loans?
• Where can I borrow money for Christmas?
• Downsides to consider about Christmas loans
• What to consider if you’re shopping for a Christmas loan
• Other holiday financing options

What are Christmas loans?

As you explore your holiday options, you may come across lenders specifically advertising “Christmas loans.” What they’re actually offering is a personal loan designed for people who need some extra money around Christmas or other winter holidays.

Just like other types of personal loans, a Christmas loan or holiday loan can be a secured or unsecured loan. Your terms and eligibility are determined by a variety of factors that vary by lender, including your credit and income. To qualify for the most-favorable terms and most-competitive interest rates, you need to have good credit.

Where can I borrow money for Christmas?

You may be able to borrow money from lenders, retailers and buy-now, pay-later apps. As you weigh your options, be sure to pay attention to fees and interest rates and avoid high-APR loans such as title loans and payday loans.

If you’re thinking about borrowing money for Christmas gifts, here are some options to consider.

• Affirm — This buy-now, pay-later — or BNPL — lender allows you to pay over time for online or in-store purchases by choosing Affirm at checkout or using a virtual card within the app. You can apply to prequalify through a soft credit inquiry that doesn’t affect your credit. Thousands of retailers offer payments through Affirm, and some have 0% APR offers.
• Earnin — Earnin offers online paycheck advances. This may allow you to access a maximum of $100 per day, or $500 per pay period ($250 for new members). The app gives you the option to leave a voluntary tip, but it doesn’t charge mandatory fees or interest.
• Chime — If you’re looking to stretch your holiday budget just a bit, a Chime checking account could be a good solution. When you set up direct deposit, you’ll be able to access your paycheck up to two days earlier than with some traditional bank accounts.
• Possible — Possible offers loans of up to $500 that you can access “instantly” and pay back over four installments, even if you have bad credit. Unlike many other BNPL options, this lender is not tied to any specific retailers. This could give you extra flexibility when shopping for Christmas gifts.

Downsides to consider about Christmas loans

As with most forms of credit, both you and your lender face some risks. Here are a few of the disadvantages to sort out before applying.

• Fees — Some lenders charge an origination fee or a prepayment penalty. These additional fees can add up.
• Impact on credit — If you make a late payment or default on your loan, it can negatively affect your credit scores. Pay close attention to the estimated repayment amount so that you know you can afford the payments.
• Your financial situation could get worse — If you can’t repay your Christmas loan because of high interest rates or short repayment terms, you could end up making your financial situation worse.
• Same as a payday loan? — Carefully check the terms of the loan you’re considering, especially if you’re looking to borrow $500 or less. The offer may actually be just like a payday loan, which can come with costs equivalent to a 400% APR. Given how much it could end up hurting financially, it’s the type of loan that’s best not to consider unless you’re facing a true emergency with no other options.

Pro tip: When shopping for a Christmas loan or holiday loan, always be sure to compare the fees, interest rate ranges, loan amounts, monthly payments and borrower requirements for different lenders. Comparing lenders and different types of loans will help you find the best loan options available for you.

What to consider if you’re shopping for a Christmas loan

If you still think a Christmas loan might be your best option, here are a few things to consider.

• Prequalification — Some lenders let you prequalify for a loan by pulling a soft credit inquiry, which won’t affect your credit scores. Submitting several prequalification applications can help you narrow down your list of lenders and compare offers.
• Monthly payments and a fixed timeline — Christmas loans are installment loans. That means they’ll have monthly payments due over a specific amount of time. You’ll want to plan for this in your budget and be sure you can afford the payments.
• Interest rates — Depending on loan terms and how your credit looks, personal loans tend to have lower interest rates than credit card interest rates. Check the terms and math carefully to see if taking out a personal loan may save you more than a credit card would.
• Fast funding if approved — If you choose an online lender, generally the application and funding process is quick and easy. If you’re approved, you might even receive your loan the same business day, giving you more time to prep for the holidays.

Other holiday financing options

Ideally, planning ahead and budgeting for your holiday expenses is the best way to enjoy the season while avoiding a post-holiday financial hangover. But we know that’s often not realistic or possible — sometimes basic necessities cut into our holiday budgets.

But there may be options for you that are less risky and costly than a Christmas loan. Here are a few possibilities.

Buy-now, pay-later apps

Like Affirm, a number of newer apps have surfaced in recent years that offer to make buying now and paying later easier than ever. Typically, a buy-now, pay-later app lets you make purchases by paying a fraction of the total upfront and paying off the rest in installments — often with no interest as long as the payments are made on time.

If this sounds good to you, check out this roundup of the 5 best ‘buy-now, pay-later’ apps we compiled to help you learn more.

As with any form of lending, always check the terms of an app carefully to see if there are any fees, interest or other charges to be aware of.

Credit cards

When used strategically, a credit card may be worth considering. If you have a cash back credit card, you may be able to leverage points or special financing for holiday expenses.

You can also consider applying for a credit card that offers an intro 0% APR for your purchases. If you can get one with an intro period between 12 and 21 months during which interest won’t accrue on your purchases, that may give you enough time to repay your holiday expenses without interest adding to the cost. You’d just have to pay off your balance before the introductory period expires.

Remember that it’s a good idea to only buy what you can comfortably afford to pay back during an no-interest intro period, no matter how big your credit limit might be.

If you think it’s worth looking into a credit card option, here’s a place to start for …

• Credit cards for fair or average scores
• 0% interest credit cards
• Cards for building or rebuilding credit

Cash advances

With a cash advance, you’re essentially using your available credit on your card to take out a loan for cash in hand. Credit card companies typically charge a cash advance fee (often between 3% and 5%, with minimums of $5 to $10) and a different APR for the distributed cash amount (often higher than the APR for regular purchases).

With that higher cost in mind, unless you really need or want actual cash, you should consider another option.

Next steps

Creating a realistic holiday budget can be great a way to view your regular expenses and holiday expenses in one place and track your spending. Consider reading our guide for even more tips to help you manage your holiday debt, including creative gift-giving ideas.

*Approval Odds are not a guarantee of approval. Credit Karma determines Approval Odds by comparing your credit profile to other Credit Karma members who were approved for the personal loan, or whether you meet certain criteria determined by the lender. Of course, there’s no such thing as a sure thing, but knowing your Approval Odds may help you narrow down your choices. For example, you may not be approved because you don’t meet the lender’s “ability to pay standard” after they verify your income and employment; or, you already have the maximum number of accounts with that specific lender.

What you need to know about Bank of the West auto loans

Bank of the West is an affiliate of European bank BNP Paribas that offers wealth-management services and personal and business banking products — like credit cards, personal loans and home equity lines of credit — along the West Coast and across the Southwest, Midwest and Rocky Mountain states. If you’re thinking about getting a Bank of the West auto loan, here are some features that stand out.

Is a Bank of the West auto loan right for you?

A Bank of the West auto loan may be a good fit if you’re an existing customer who plans to finance an eligible electric vehicle. It could also be ideal if you recently moved to the U.S. and are struggling to get auto financing because you haven’t built a U.S. credit history yet.

But if you’re in the early stages of car shopping and want to shop around and compare loan estimates, Bank of the West may not be right for you. According to a bank representative, the lender doesn’t offer the ability to see if you prequalify for an auto loan, and you’ll need information about the car you want to finance when you apply.

Pros

• Competitive interest rates
• Fast application process
• FICO scores of 575 or above considered

Cons

• Vehicle restrictions
• Loans not available for residents of Alaska or Hawaii
• $8,000 minimum loan amount for new cars

What to know about MyAutoLoan auto loans

MyAutoLoan is an online car loan marketplace operated by Horizon Digital Finance LLC. With MyAutoLoan, you’re matched with lenders based on your financial profile using an evaluation method it calls “Preferred Placement.”

The process involves completing an online application and providing personal information such as your Social Security number and sources of income. From there, MyAutoLoan aims to match up to four lenders to your profile.

If you’re thinking about applying with MyAutoLoan, here are some things to consider.

Range of car loan options

MyAutoLoans’ car loan offerings include the following:

• New-car loan
• Used-car loan
• Refinance loan
• Lease buyout financing
• Private party loan

A range of credit profiles considered

MyAutoLoan requires applicants to have FICO credit scores of 575 or higher in order to qualify. The higher your credit scores, the easier it may be to qualify for the best interest rates and loan terms.

If you have some issues with your credit history, you may want to consider applying with a co-signer who has a solid credit history. Applying with a co-signer who has better credit may help improve your chances of getting approved, and with more-favorable terms.

When shopping for an auto loan, it’s important to compare different lenders before making your final decision. Keep in mind that lenders outside of the MyAutoLoan network may offer better interest rates and terms.

Fast application process

Once you complete MyAutoLoan’s online application, the site runs a soft credit inquiry to match you with up to four lenders. This doesn’t affect your credit scores — but once you select a lender, it can run a hard credit inquiry as part of processing and finalizing the terms of your loan offer. This could hurt your scores a bit temporarily.

If you’re approved and satisfied with the lender’s offer, you could receive a check within 24 hours of signing the agreement.

After you receive your check you can take it to the dealership or seller of your choice or use it to refinance your current auto loan.

A closer look at MyAutoLoan auto loans

Here are some more details to know when comparing MyAutoLoan with other auto lenders.

• Loan terms of up to 72 months depending on the lender.
• The minimum loan amount you can borrow is $8,000 ($5,000 for a refinance loan).
• MyAutoLoan auto loans aren’t available in Alaska or Hawaii.
• All applicants and co-applicants must be at least 18 years old or of minimum age in their state of residence.
• You must make at least $21,000 per year ($18,000 for a refinance loan) to prequalify.
• Depending on the lender, you may need to make a car down payment.
• You can’t have open bankruptcies.
• All vehicles must be 10 years old or newer.
• Vehicles must have 125,000 miles or less.

Is a MyAutoLoan car loan right for you?

A car loan from MyAutoLoan might be a good option if you’re looking for the freedom and flexibility to select the dealership or private seller you want. If you’re approved with MyAutoLoan, you receive a check or certificate and can use it to buy the vehicle you want or refinance your current auto loan. Additionally, if you want to take the hassle out of comparing preliminary auto loan offers, MyAutoLoan provides multiple offers in one place.

But a word of caution: Any lender that MyAutoLoan shares your personal information with may reach out to you directly. If you don’t want to be bothered by other lenders or credit sources, you may want to explore other auto financing options.

Additionally, MyAutoLoan will only consider a minimum loan amount of $8,000 ($5,000 for a refinance loan) or more. If you’re looking for a smaller loan amount, you’ll have to find another lender.

How to apply for an auto loan from MyAutoLoan

To apply with MyAutoLoan, note that you must be at least 18 years old, live in a state where the company does business, and have a FICO score of 575 or greater. 

If you qualify, you should receive up to four offers within minutes. You can then select a lender and complete its application process.

Before you apply for an auto loan with MyAutoLoan, it’s a good idea to check your credit and compare other loan offers. Understanding your credit can help set expectations — in general, lower credit scores will result in higher interest rates. And shopping around can help you find the best loan rate and terms for your needs. Read our article on how to get a car loan to learn more about the process.

Not sure if MyAutoLoan is right for you? Consider these alternatives.

Maybe you’re looking for a smaller loan amount or you want to consider lenders outside of MyAutoLoan’s network. If so, you may want to consider this alternative.

• Capital One Auto Finance: This lender is an option for people who want to see an estimated loan offer without a hard credit inquiry.

Updated October 26, 2021

This date may not reflect recent changes in individual terms.

Editorial Note: Intuit Credit Karma receives compensation from third-party advertisers, but that doesn’t affect our editors’ opinions. Our third-party advertisers don’t review, approve or endorse our editorial content. Information about financial products not offered on Credit Karma is collected independently. Our content is accurate to the best of our knowledge when posted.

Written by: Ashley Chorpenning

Pros

• Range of loan options
• Relationship discount for having an M&T bank account
• Borrow as little as $2,000

Cons

• Limited availability
• No ability to apply for prequalification (according to a customer service rep)
• Must select a car before applying online
• Potential for fees

What you need to know about M&T Bank auto loans

M&T is a regional bank that offers banking, lending, insurance and investment products, including credit cards and personal loans. Founded in Buffalo, New York, in 1856, M&T serves people in Washington, D.C., and eight states along the East Coast.

If you’re considering applying for an M&T Bank auto loan, here are some features that stand out.

Range of car loan options

M&T Bank offers several auto loan options to meet a range of auto finance goals.

• New-car loan from a dealership
• Used-car loan from a dealership
• Private party loan
• Refinance loan

Competitive loan rates and customer rate discounts

M&T Bank’s starting annual percentage rate, or APR, is competitive with what some other banks offer. But to qualify for the lender’s lowest available APR, you must …

• Choose a loan term of 63 months or less
• Plan to buy a vehicle with a model year of 2018 or newer
• Have or open an M&T MyChoice Premium or Power Checking account
• Enroll in automatic payments from any M&T checking account
• Meet the bank’s credit standards — M&T notes on its website that your APR is based on your credit profile, but doesn’t specify what credit scores you need to qualify for the lowest APR
• Have a good deposit relationship with the bank

Must select your car before applying online

According to a customer service representative, if you want to apply for a new- or used-car loan through the M&T Bank website, you must select a vehicle first. As part of the online application, you’ll need to provide the car’s year, make, model, mileage and vehicle identification number, or VIN.

A closer look at M&T auto loans

Here are some more details that will help you compare M&T Bank with other auto lenders.

• M&T Bank auto loans are available only to residents of Connecticut, Delaware, the District of Columbia, Maryland, New Jersey, New York, Pennsylvania, Virginia and West Virginia.
• M&T offers loan terms of up to 84 months — but remember that while a longer loan term may mean lower monthly payments, you’ll end up paying more interest on the loan.
• You must be 18 years or older and a legal U.S. resident to apply.
• M&T Bank offers auto loans in amounts as low as $2,000.
• The bank allows joint applicants. Keep in mind that your joint applicant will be held just as responsible as you are for paying back the loan.
• Whether the bank charges fees, like a loan origination fee or prepayment penalty, isn’t clear from its website.

Is an M&T auto loan right for you?

If you live within the bank’s service area, are an existing customer and qualify for its low starting APR, an M&T Bank auto loan might be a good option. This way you can keep your banking and borrowing under one roof.

M&T Bank could also be ideal if you only need to borrow a small amount. Some auto loan lenders have higher minimum amounts — typically $4,000 or more.

But if you plan to pay off your car loan early, you might want to steer clear of M&T if an auto loan from the lender comes with a prepayment penalty.

M&T Bank may also not be your best bet if you want to shop around and compare loan offers before settling on a lender. The bank doesn’t allow you to apply for prequalification online to see what rate and terms you might qualify for. And if you don’t know what car you want when you apply, you may not find a loan option with M&T.

How to apply for a loan from M&T Bank

To apply for an auto loan with M&T Bank, you must be at least 18 years old and you must be a U.S. resident. You’ll likely need to have your vehicle already picked out as well. 

You can apply for an auto loan online, over the phone or at one of the bank’s branches.

Before you apply for an auto loan with M&T Bank,  it’s a good idea to check your credit and compare other loan offers. Understanding your credit can help set expectations — in general, lower credit scores will result in higher interest rates. And shopping around can help you find the best loan rate and terms for your needs. Read our article on how to get a car loan to learn more about the process.

Not sure if M&T Bank is right for you? Consider these alternatives.

If you don’t live in an area M&T Bank serves, or you aren’t sure if an M&T auto loan is right for you, here are some other lenders to consider.

• Capital One Auto: Capital One could be an ideal option for someone who wants the ability to apply for prequalification and see an estimated loan offer without a hard credit inquiry.
• Bank of America auto loan: Bank of America might be a good option if you don’t want to pay a prepayment penalty.

Updated August 30, 2021

This date may not reflect recent changes in individual terms.

Editorial Note: Intuit Credit Karma receives compensation from third-party advertisers, but that doesn’t affect our editors’ opinions. Our third-party advertisers don’t review, approve or endorse our editorial content. Information about financial products not offered on Credit Karma is collected independently. Our content is accurate to the best of our knowledge when posted.

Written by: Ashley Chorpenning

Pros

• Range of financing options
• Special financing incentives for college students and recent grads
• Red Carpet Lease offers flexible terms

Cons

• Can only be used to finance Ford and Lincoln vehicles
• Late-payment fees

What you need to know about Ford Credit auto loans

The Ford Motor Credit Company — also known as Ford Credit — is the financial-services division of Ford Motor Company.

If you’re thinking about financing your next Ford or Lincoln with a Ford Credit auto loan, here are some key features that stand out.

A range of loan options

Ford Credit offers a variety of auto loan options.

• Standard purchase for new vehicles
• Standard purchase for used and certified pre-owned vehicles
• Flex Buy loan on new vehicles — Features a payment plan with a lower payment for the first few years and a higher payment in the final years
• Red Carpet Lease — Includes benefits such as a range of mileage and lease term options
• Lease buyout loans
• Commercial financing

Incentives and discounts

As part of its “Ford Drives U” campaign, Ford Credit offers a $500 bonus for current college students and recent graduates who buy or lease an eligible new 2020 or 2021 Ford or Lincoln vehicle.

Keep in mind that incentives may vary by dealer and are subject to expire or change. And before you buy or lease a Ford or Lincoln vehicle, make sure to check with your local dealer to see if you qualify for any incentives and offers to ensure you’re maximizing the money you’re putting toward a vehicle.

Red Carpet Lease provides flexibility

When deciding between leasing or buying a new Ford vehicle, you might find that the lender’s Red Carpet Lease option has a few unique benefits worth considering. One advantage of the Red Carpet Lease is its Advanced Payment Program, which gives you the option of making your monthly lease payments as a lump sum. And making a lump sum payment is generally less expensive than the total monthly payments amount.

The Red Carpet Lease also comes with a guaranteed asset protection, or gap, benefit. Gap coverage can help you avoid unnecessary expenses if your car is stolen or damaged beyond repair by covering the difference between the insurance payout and outstanding lease balance.

Note that even though the lender offers gap protection on its leased vehicles, it may not be the best gap coverage out there. When selecting gap protection, shop around and get different quotes to find the most cost-effective solution for your needs.

Only for Ford and Lincoln vehicles

Though Ford Credit offers financing for personal and commercial use, you can only lease or buy vehicles from Ford or Lincoln dealerships.

And while financing with Ford Credit may be a good option if you’re in the market for a Ford or Lincoln vehicle, consider exploring other options before making a decision. Limiting your search to one dealership also limits your access to competitive interest rates and terms that you might get from other lenders.

A closer look at Ford Credit auto loans

Here are some of the finer details to know when comparing Ford Credit auto loans with other lenders.

• Standard loan terms range from 36 months to 84 months, while the lender’s Flex Buy loan term is 66 months (with two different payment schedules).
• The Ford Credit Flex Buy program features a 66-month contract with two payment schedules. Generally, the first 36 months of your contract will have a lower fixed monthly payment than you’d get with a traditional 60-month loan. But be careful: Your monthly payments during the second schedule will be higher than your first 36 months of the contract. If you don’t prepare for this monthly payment increase, you may find yourself facing financial hardship. If you end up struggling to make on-time payments or you default on your loan, your credit could be negatively impacted — and you risk losing your car (repossession).
• If you’re facing a financial burden, Ford Credit may give you the option to defer a payment until a later date. Before an extension request is granted, Ford Credit will review your account for eligibility.
• If your loan payment is deemed late, a fee may apply, based on the state laws where your loan agreement originated.
• If you qualify for a Ford Credit auto loan, you have the option to purchase extended service plans, like the Ford Protect Premium Maintenance Plan, which covers all scheduled maintenance. This could be ideal if you’re in a position to buy a plan — you won’t have to worry about routine maintenance costs for the length of the plan.

Is a Ford Credit auto loan right for you?

A Ford Credit auto loan or lease might be a good fit if you’re searching for a Ford or Lincoln vehicle. Among its wide range of financing options, you may be able to find a loan or lease to match your needs.

For example, if you need a high-mileage lease, Ford Credit’s Red Carpet Lease may be a good option. Or if your monthly payment budget is low now, but you anticipate you’ll be able to afford a higher car payment in a few years, the Flex Buy program may fit your needs.

Ford Credit may also be ideal if you’re a college student or recent graduate who’s eligible for the company’s incentive program.

How to apply for an auto loan from Ford Motor Credit Company

You can apply for a Ford Credit auto loan or lease online or by visiting your local Ford or Lincoln dealership.

Once you submit your application online, the lender says you’ll receive a decision right away.

Before you apply for an auto loan with Ford Credit, it’s a good idea to check your credit and compare other loan offers. Understanding your credit can help set expectations — in general, lower credit scores will result in higher interest rates. And shopping around can help you find the best loan rate and terms for your needs. Read our article on how to get a car loan to learn more about the process.

Not sure if Ford Credit is right for you? Consider these alternatives.

If you’re not sure whether a Ford Credit auto loan is right for you, here are some other options to consider.

• Bank of America auto loan: This lender is an option for those who are Bank of America Preferred Rewards clients and qualify for an interest rate discount.
• LightStream auto loans: LightStream may be ideal for someone who doesn’t want to be limited to shopping for a Ford vehicle — or who wants to buy an older Ford vehicle.

Updated April 10, 2023

This date may not reflect recent changes in individual terms.

Editorial Note: Intuit Credit Karma receives compensation from third-party advertisers, but that doesn’t affect our editors’ opinions. Our third-party advertisers don’t review, approve or endorse our editorial content. Information about financial products not offered on Credit Karma is collected independently. Our content is accurate to the best of our knowledge when posted.

Written by: Ashley Chorpenning

Pros

• Prequalification available
• No origination fee or prepayment penalty

Cons

• Must have a current loan with at least 24 months of remaining payments
• Vehicle age, use and mileage restrictions apply
• Not available in all 50 states

What you need to know about LendingClub auto refinancing

If you’re looking to reduce your current monthly car payment or lower the interest rate on your auto loan, LendingClub auto refinancing could be worth considering. But if you’re shopping for a new or used car and want to take out a loan, you’ll need to look for financing elsewhere. Though LendingClub does offer personal loans and auto refinancing loans, it doesn’t offer traditional car loans.

Here are some key features of a LendingClub auto refinancing loan that you’ll want to consider.

No origination fee or prepayment penalty

Some lenders charge an origination fee that covers the cost of processing your loan application and paying out the funds, but LendingClub doesn’t charge this fee.

LendingClub doesn’t charge a prepayment penalty either — this means you can repay all or part of your loan early without being charged to do so. And paying off your loan sooner can mean saving money on interest.

When shopping for auto refinancing, make sure to asses all fees that could make your loan more expensive overall.

Vehicle age and mileage restrictions

To qualify for auto refinancing with LendingClub, you must have a current auto loan with a balance between $4,000 and $55,000. You also need to have at least 24 months of remaining payments on your car loan.

LendingClub will only consider refinancing of vehicles that are 10 years old or newer and that have fewer than 120,000 miles. You also won’t be able to refinance any recreational vehicles, motorcycles or commercial vehicles.

And some makes/models don’t qualify, including: Hummer, Pontiac, Saab, Saturn, Daewoo, Isuzu, Suzuki, Nissan Leaf and Oldsmobile.

Offer within minutes if you qualify

LendingClub offers applicants the ability to apply for prequalification, which won’t affect your credit scores. Once you provide some basic personal information, you can receive multiple auto refinancing offers within minutes — if you’re eligible. Although getting prequalified doesn’t mean you’re approved for a loan, it does help you understand whether you’re likely to be approved and the loan terms you might qualify for.

If you formally apply for a loan after selecting an offer, the entire application process can take up to 15 business days to complete. That said, even if you’re approved for a loan from LendingClub, continue to make payments on your existing loan until your original lender confirms that your auto loan has been repaid, or else you might face late penalties.

A closer look at LendingClub auto refinancing

If you’re considering applying for LendingClub auto refinancing, here are some other details to know.

• Co-borrowers are allowed — LendingClub allows you to add a co-borrower to an application. In some cases, a co-borrower could help you qualify for better terms.
• State restrictions — Auto refinancing isn’t available to borrowers in every state. Make sure to check if it’s available in your state before taking the time to apply.
• Loan amount — The payoff amount on your current auto loan needs to be between $4,000 and $55,000.
• Existing loan — For your current auto loan to qualify for refinancing, it must have at least 24 months of remaining payments. Your car must be registered in the state you live in, and all payments on your current loan must have been made on time. Additionally, all loans must have been initiated at least one month earlier. Also, if you live in California, you can’t make changes to your title if your registration expires within 60 days from the date you apply. 
• Competitive starting interest rates — While LendingClub doesn’t provide specific lending requirements, the lender says it offers the most favorable rates to applicants with excellent credit.

Is LendingClub auto refinancing right for you?

If you have an eligible auto loan and are looking for a lower interest rate or a lower monthly payment, LendingClub auto refinancing could be a good fit. But to qualify for the best terms, LendingClub says applicants must have excellent credit.

Even if you’re not ready to make a final decision on refinancing, you can apply for prequalification to check your estimated rate and terms beforehand to see if it makes sense to move forward. LendingClub’s simple process to apply for prequalification could allow you to explore its auto refinancing offers without affecting your credit scores.

But if you need more lending options, like a lease buyout loan or new car financing, you’ll have to find another lender.

How to apply for LendingClub auto refinancing

To apply for prequalification for a LendingClub auto refinance loan, you must be at least 18 years old.

Before you apply for prequalification with LendingClub, it’s a good idea to check your credit and compare other loan offers. If your credit has improved, refinancing could result in a lower interest rate. But if your credit has stayed the same or gotten worse, getting a lower interest rate could be difficult.

Shopping around can help you find the best loan rate and terms for your needs. Read our article on how to refinance a car loan to learn more about the process.

Not sure if LendingClub auto refinancing is right for you? Consider these alternatives.

If you’re looking to refinance your auto loan, LendingClub auto refinancing offers competitive starting interest rates and a simple process to apply for prequalification. But if your vehicle or auto loan doesn’t meet LendingClub’s refinancing requirements or you want to explore other options, here are a couple of alternatives to consider.

• OpenRoad Lending auto refinancing: This lender could be a good option for someone whose vehicle has mileage that’s a bit higher.
• RateGenius auto refinance loan: RateGenius could be ideal if you want to compare rates.

Updated January 29, 2025

This date may not reflect recent changes in individual terms.

Editorial Note: Intuit Credit Karma receives compensation from third-party advertisers, but that doesn’t affect our editors’ opinions. Our third-party advertisers don’t review, approve or endorse our editorial content. Information about financial products not offered on Credit Karma is collected independently. Our content is accurate to the best of our knowledge when posted.

Written by: Ashley Chorpenning

Pros

• Flexible payment options
• No application fee or prepayment penalty
• Accepts joint applicants

Cons

• People with credit scores lower than 650 may have a tough time getting approved
• Starting APRs are high
• Only available in the Midwest

What you need to know about Huntington Bank car loans

Huntington Bank — originally The Huntington National Bank — is a full-service bank offering checking accounts, savings accounts, credit cards, home equity loans and more. Based in Columbus, Ohio, the bank serves seven states across the Midwest. If you’re considering applying for a Huntington Bank auto loan, here are some features that stand out.

Basic car loan options

Huntington Bank offers the following loan options:

• New-car loans
• Used-car loans

Flexible payment schedules

Huntington Bank offers weekly, monthly or bi-weekly payment schedules for paying back your loan. You have 60 days to make your first payment, and you can also choose your payment date.

If you find you need to skip a payment due to a financial emergency, you can make it up later with the lender’s Pass-A-Payment feature.

Solid credit preferred

While Huntington Bank doesn’t specify lending requirements on its website, the company’s annual SEC report for 2020 showed that the majority of its auto loan customers have credit scores of 650 or higher.

Starting APRs are high

Huntington Bank’s starting annual percentage rates, or APRs, on car loans are higher than what some other banks offer.

Your loan rate is based in part on your ZIP code. For a loan in Columbus, Ohio, the starting APR for a 2020 model is roughly 1 to 2 percentage points higher than the starting APRs of some other lenders. If your credit is in top form and you can qualify for a low APR, you may be able to find a better rate elsewhere.

A closer look at Huntington Bank car loans

Here are some other things to know about Huntington Bank auto loans.

• Huntington Bank auto loans are only available to residents of Illinois, Indiana, Kentucky, Michigan, Ohio, Pennsylvania and West Virginia.
• The bank doesn’t charge an application fee or prepayment penalty.
• You must borrow a minimum of $5,000.
• You can submit a joint application with your spouse.
• Loan terms range from 36 months to 66 months.

Is a Huntington Bank car loan right for you?

A Huntington Bank auto loan could be a good solution if you want the option of paying it back early without a penalty and if you want a say in your payment schedule. Selecting a weekly, monthly or bi-weekly payment option could help you line up your payments with your paycheck schedule. And if you plan to wipe out the debt as soon as possible, you don’t have to worry about being penalized for it.

But if a low interest rate is your top priority and you have good or excellent credit to help you qualify for one, you may want to look at another bank that offers lower rates.

How to apply for a loan from Huntington Bank

You can apply for a Huntington Bank auto loan on its website. You’ll want to have your personal information ready as well as your employment and housing information.

If you’ve applied during normal business hours, you should get an instant message and email to let you know if you’ve been tentatively approved or denied, or if the bank needs additional time to review your application. If you apply before 7 a.m. or after 10 p.m. Eastern time, you’ll receive the email during business hours.

Not sure if Huntington Bank is right for you? Consider these alternatives.

• Autopay auto loan: An auto loan through Autopay’s lender network could be an option if you have less-than-perfect credit.
• U.S. Bank auto loan: A U.S. Bank auto loan could be good for someone who wants a competitive rate and qualifies for the bank’s low starting APR.

What you need to know about CarMax Auto Finance loans

CarMax operates more than 200 used-car stores across the country. As a large used-car retailer in the U.S., CarMax Auto Finance offers auto loans to people who purchase a used car from a CarMax location.

Is a CarMax auto loan the right fit for you?

If you don’t enjoy negotiating with dealerships over your rates and terms, getting an auto loan from CarMax might be an attractive lending option for you.

But before you decide to formally apply for an auto loan with CarMax Auto Finance, it’s a good idea to check your credit and compare other loan offers. Understanding your credit can help set expectations — in general, lower credit scores will result in higher interest rates. And shopping around can help you find the best loan rate and terms for your needs. Read our article on how to get a car loan to learn more.