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Used Car Loan Rates 72 Months

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Best For Used Cars: Chase Auto



Chase Auto offers the security of a stable financial institution with competitive rates, high loan amounts, and a concierge car-buying program that makes it easy to get the best rates and financing options for a used car.

  • Pre-qualify with a soft credit pull

  • Car-buying and car-management services

  • 0.25% discount for Chase Private Clients

  • Must finance from a Chase network dealer

  • New application needed when switching dealers

Chase Auto is the car financing arm of J.P. Morgan Chase & Co., the largest bank by assets in the U.S., and allows users to shop for, finance, and manage their vehicle all from one account.

Although Chase Auto doesnt list rates online, it has a calculator that will allow you to get an idea of your potential rate. Chase also offers generous loan amounts ranging from $4,000 to $600,000 and 12 to 84 months flexible repayment terms.

Chase Auto doesnt require you to make a down payment for a loan, though putting money down can reduce the total amount you need to borrow and your monthly payments. You can also get a 0.25% interest rate discount as a Chase Private Client, which requires you to have a minimum average daily balance of $150,000 in qualifying personal, business, and investment accounts or a Chase Platinum Business Checking account.

Best Auto Loan Rates: Compare Top Lenders

As mentioned, one of the simplest ways to find the best auto loan rates is to shop around. Do this before you get in the room with a loan officer at a car dealership. You can get as many offers as you want, as long as you make sure they only require a soft credit check.

When youre ready to move forward with an offer, you can go through the full loan application process with the financial institution that gives you the best auto loan rates overall. Below you can start comparing the best auto loan rates available.

Before You Hit The Road

  • Apply Online- Gather the info youll need for your application – think monthly income statements and current debt payments. The auto loan application process can be as quick as 20 minutes.
  • Get prequalified- Most qualified applicants get a same-day loan decision, if not within minutes after applying. That speedy preapproval is then valid for 60 days.
  • Find your ride- Havent found your new wheels just yet? For those not working with a dealer or private seller, search the PSECU Member Showroom by for current vehicles listed for sale.
  • Get the funds- An AutoDraft is a blank check for your preapproved amount, valid at any authorized dealership. An AutoCheck, however, is made out to a specific individual seller for the exact amount of purchase. If you havent requested either document within 60 days of your loan preapproval, youll have to reapply.
  • Close the deal- Take your AutoDraft or AutoCheck to your local dealership. When you finalize the sale after finding the right car for you, youll fill out information on the AutoDraft, including the term of payment. The dealer will take care of the rest.
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    Best Overall: Penfed Credit Union

    PenFed Credit Union

    • As low as 4.44%
    • Minimum loan amount: $500

    PenFed Credit Union provides some of the best rates available. It also has flexible loan amounts and a number of auto loan options for members. Even though membership is required, a disadvantage for some, PenFed makes the requirements to join fairly straightforward.

    • Offers new, used, and refinance loans

    • Loan amounts from $500 to $100,000

    • Provides rate discounts for using its car buying service

    • Borrow up to 125% on new and used vehicles

    • High minimum loan amount for longer terms

    • Excellent credit history required for lowest rates

    • Membership in the credit union is required

    Our top pick for auto loan rates, PenFed Credit Union, offers some of the lowest rates available.

    At PenFed, rates for 36-month refinance loans start as low as 4.44%. Deep discounts are available for members who use the credit union’s car buying service, with rates starting as low as 6.04% annual percentage rate for a new car and 5.24% APR for a used vehicle.

    You’ll have to become a member of the credit union, but the requirements to join are fairly easy to meet. Car loans from PenFed start as low as $500 and move up to $150,000, a wide range that beats out many of the lenders we surveyed.

    How Do You Get Prequalified For An Auto Loan

    Navy Federal Car Loan Calculator

    You can get prequalified for an auto loan online and without ever leaving your home. All you have to do is select one of the lenders on this list and choose its online option to get prequalified or apply for a loan. Many lenders let you get prequalified for an auto loan without a hard inquiry on your credit report.

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    Best For Refinance: Autopay

    • As low as 1.99%
    • Minimum loan amount: $2,500

    AUTOPAY offers several different refinance options, competitive rates, and has flexible credit requirements. Borrowers can easily compare offers from different lenders on AUTOPAY’s site and choose the best deal.

    • Considers all credit profiles

    • Excellent credit required for the best rates

    While AUTOPAY’s rates start at 1.99%, only those with excellent credit will qualify. According to AUTOPAY, they can, on average, cut your rate in half on a refinance.

    AUTOPAY offers more refinance options than many lenders. In addition to traditional auto refinancing, borrowers can choose cash-back refinancing and lease payoff refinancing.

    AUTOPAY is a marketplace that makes it easy to shop around for the best deal. It caters to individuals who are rebuilding credit or improving their credit.

    If You Want To Save A Few $100 Or Even $1000’s On Your Next Auto Loan And See Why We Can Save You Potentially Days Of Time And Frustration With Our Magical Rate Finder Read On We Share Some Critical Info That Makes Our Service Uniquely Helpful To You Where No Other Site Bank Or Lender Can

    Big WARNING #1 Beware of Misleading Loan Rates from Other Banks & Lenders!

    Here’s the short of it: Our rates may look higher than the lender website, but that is because our rates are closer to what you will actually get. That’s because most lender websites advertise rates based on the perfect borrower

    Realize that all advertised rates on bank and lender websites only apply to customers in the highest credit score bracket or other factors which may not apply to you. That’s because its often too difficult for them to show charts with all possible rates. But they are a bit sneaky is showing the best possible rate, instead of the average rate. There are few exceptions to this.

    So if you are shopping on our site, and enter your credit score to anything below Best , then you will see the monthly loan car payment and interest rates increase, because we are showing you more accurate rates than the typical bank/lender website.

    So, what if you apply on your bank website? read the fine print , and you will see things like the following. This is copied straight from Wells Fargo’s website:

    5% of approved applicants qualified for this rate based on data from 07/01/2017 09/30/2017. Your actual APR will depend upon your credit transaction, your credit history and will be determined when a credit decision is made.

    Want Accurate Rates? Have at Least an Approximate Idea of Your Credit Score
    How Can This Save Me Hours and Days of Loan Shopping?

    Short loan length:


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    How To Get The Best Auto Loan Rates

    There are a few different ways to save money and find the best auto loan rates. Below, well outline some simple ways to reduce your interest rate for a new car, a used vehicle, or a lease buyout.

    Remember that you may pay a higher APR if youre looking to purchase a used car or if youre hoping to buy a vehicle from a private party. And before you go searching for the best auto loans, make sure that repayment is possible based on your current financial situation.

    What Is The Disadvantage Of A Longer 60 Or 72

    72 month auto loan calculator

    The biggest disadvantage for a 72-month car loan would be that the interest rates are much higher for these longer loans. It may be in your best interest to keep your monthly payments low, but that does not mean you are saving money. The longer the loan, the more you will lose to interest.

    What are the pros and cons of a 72-month auto loan?

    Here are the financial pros and cons of taking on a 72-month car loan or an 84-month car note.

    • Pro: Getting lower monthly payments.
    • Pro: Achieving greater financial flexibility.
    • Con: Paying additional interest.
    • Con: Having negative equity or being upside down in the car loan.
    • Con: Buying more car than you can afford.

    What credit score do you need to get 0% financing on a car?

    And if youre hoping to score a 0% APR car loan, youll likely need a very good or exceptional FICO® Score , which means a score of 740 or above. Before you start shopping for a new vehicle, take some time to check your credit score to see where you stand.

    Is 72 month financing a good idea?

    A 72-month car loan can make sense in some cases, but it typically only applies if you have good credit. When you have bad credit, a 72-month auto loan can sound appealing due to the lower monthly payment, but, in reality, youre probably going to pay more than you bargained for.

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    Car Loans For Bad Credit

    Whether youre just starting out and have no credit history, or have simply made some credit mistakes along the way, its still possible to get an auto loan. Many lenders provide car loans for bad credit. If youd like to improve your chances of being approved or possibly get a lower rate now, consider adding a cosigner, making a large down payment or both.

    A no-haggle, online experience could be extremely stress relieving. Read our full Carvana review.

    WHERE IT MAY FALL SHORTYou cannot use a loan offer you got through Carvana to purchase a vehicle from any other seller.

    Best Auto Loan Rate: Conclusion

    You can find the best auto loan rates through various banks, credit unions, online lenders, and dealers. There are also many factors that affect your interest rates and different methods for you to get the lowest rates possible. We encourage you to shop around and compare your options to find the best auto loan for you.

    Below are some frequently asked questions and answers about the best auto loan rates:

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    Pros And Cons Of A 72 Month Car Loan

    If you are in the market for a car the 72 month car loan is a popular choice, but you need to be sure its right for you. Below you can compare the advantages and disadvantages of a 72 month car loan.


    • The longer the loan term, the smaller your monthly payments will be.

    • Lower monthly payments mean more financial flexibility.


    • Longer-term loans typically have higher interest rates than shorter-term car loans.

    • You can end up owing more on the car than it is worth due to .

    • On a new car, the warranty will likely expire long before the loan is paid off adding car maintenance to your transportation bills.

    Raise Your Credit Score

    What Is the Average Car Payment?

    You can do a few things to get a lower interest rate. For example, you can raise your credit score over a few months to a year if you work hard at it. Even 20 or 30 points can move you up a bracket and make a big difference in your auto loan options. You can also make a larger down payment to reduce your APR.

    Recommended Reading: How To Calculate Pmi On Fha Loan

    Why Would You Take Out A 72

    Whether purchasing new or used, if you have the option for a 72-month auto loan, you might want to consider it. A longer auto loan means you can expect lower monthly payments, freeing up more of your monthly budget. Spreading your loan out over a longer period makes it more affordable. It gives you the flexibility to make the minimum auto loan payment based on your 72-month loan. If you can afford it, you can make extra payments or pay more toward the principal each month without being locked into a higher payment. Consider this new car purchase example:

    • $28,000 at 3.9% for 48 months: $631 monthly payment
    • $28,000 at 3.9% for 72 months: $437 monthly payment

    As you can see, extending the length of your loan by two years can save you almost $200 per month. Its important to note, however, that extending your loan length and making only the minimum monthly payments would result in you paying more overall for the vehicle than if you chose a shorter loan length. The total overall cost in this example would be:

    • 48-month auto loan: $30,286
    • 72-month auto loan: $31,449

    Youll pay almost $1,000 more overall to extend the length of your loan out to 72 months instead of 48 months.

    Consider An Extended Warranty

    On a related note, if you purchase an extended auto warranty through a dealership, the cost can often be rolled into your monthly car payment. However, that will increase your loan amount and the total interest you pay. It can be a better idea to purchase a standalone vehicle service contract a bit later on if you want to save money and keep your car protected.

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    How Do I Refinance My Car Loan

    Refinancing a car loan is essentially just taking out a new car loan so the steps for applying are mostly the same. You will need your driver’s license, Social Security number and proof of income, as well as details about your car. If approved, you will use the funds from your new loan to pay off your old car loan, then begin making monthly payments with your new interest rate and terms.

    What To Know Before Applying For An Auto Loan

    Is it smart to do a 72-month car loan?

    When looking for a car loan, it is best to shop around with a few lenders before making your decision. Each lender has its own methodology when reviewing your application for a loan and setting your interest rate and terms.

    Generally, your credit score will have the biggest effect on the rates offered. The higher your credit score, the lower APR you will receive. Having a higher credit score may also allow you to take out a larger loan or access a broader selection of repayment terms, but there are still ways to finance a car with bad credit. Choosing a longer repayment term will lower your monthly payments, although you will also pay more interest overall.

    If you find a few lenders that you like, see if they offer preapproval going through this process will let you see which rates you qualify for without affecting your credit score.

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    Myautoloancom: Best Used Car Loan Rates

    • New Car Loan Starting APR: 2.24%
    • Used Car Loan Starting APR: 2.49% is an internet-based lender that has been around since 2003, and it currently has new car loan offers with rates of just 2.24%. The company has a 4.3 out of 5.0-star rating from over 800 customers on Trustpilot and an A+ rating with accreditation from the Better Business Bureau .

    Borrowers need a minimum credit score of 575 to qualify. This is a lower credit score requirement than many other top lenders, making myAutoloan a good option for people with lower scores who need to secure a car loan.

    One thing that makes myAutoloan different from most companies is that its an online marketplace where you can see rates from multiple lenders at once. Its always a good idea to do some comparison shopping to find the best auto loan rates, and you can save some time with myAutoloan. Be aware that you need to borrow at least $8,000 when using myAutoloan. Pros and Cons

    The following table lists out some of the pros and cons of choosing Pros
    Extremely easy to compare rates Not available in Hawaii or Alaska

    Its rarely difficult to find some of the best auto loans from myAutoloan, as the site works as an online marketplace. Its not the place to get a minor car loan, though, as youll need to finance at least an $8,000 loan to be eligible.

    For more details on, head to the companys website.

    Compare Auto Loan Rates In September 2022

    • Auto Loan Rates
    • Wide range of repayment options


    • Good to excellent credit required
    • No prequalification offered

    Who this lender is best for: Lightstream is best for those looking to finance their vehicle as soon as possible and prefer a fully online experience.

    Impact on financial wellness: You will undergo a hard credit check following application submission you cannot prequalify to check your rates ahead of applying.

    Time to receive funds: Funds become available as soon as the day you apply.

    Fees: Lightstream has no fees.

    Additional requirements: While credit requirements are not disclosed, the most competitive rates will only be offered to those with excellent credit.

    Special features: Repayment terms ranging from 24 to 84 months and the ability to borrow as much as $100,000.

    • Discount for members only
    • High minimum loan amount

    Who this lender is best for: Best if you intend to finance your vehicle via a dealership rather than fully alone. To receive the most competitive rates, it is also best for those that hold an account with Bank of America.

    Impact on financial wellness: Following the application, you can expect a hard credit check.

    Time to receive funds: Funds will become available as soon as the same business day.

    Fees: You can expect to pay title and state fees in some states

    Additional requirements: Bank of America requires that the car you’re financing be no more than 10 years old, with no more than 125,000 miles and valued at no less than $6,000.

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