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Which bank is the best for car loans?
I’m looking to take out a car loan, but I want to find the best possible terms before I sign anything. Which bank is the overall best for car loans?
Joshua Levy · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Searching for the best possible terms when getting a car loan is a smart idea! The definition of a good
car loan
will largely depend on your needs. For instance, some banks won’t approve a loan for used cars, so while they may give excellent terms, it won’t be relevant to people searching for used vehicles.That said, most experts agree that the best bank for car loans in 2021 is Bank of America. While they won’t let you buy cars older than ten years and require a minimum loan amount of $7,500, they offer:
- Flexible terms: You can set a repayment term for anywhere from 12-72-months.
- Low APRs: If you have excellent credit, you may be eligible for APRs as low as 2.19%.
- Transparency: They clearly outline their rates and terms on their website.
- Reliability: As a well-known financial institution, you can trust that everything is legitimate.
Of course, Bank of America may not be an option if you’d like to buy an older car. In that case, you may be better off applying for a loan with Chase—which has a minimum loan amount of $4,000 and no restrictions on the type of car you buy.
No matter which bank you choose, you’ll still need a new insurance policy before you hit the road. Luckily, you can find the coverage you need and save money with
Jerry
!A licensed broker, the Jerry app can help you compare personalized quotes from over 50 top providers like Progressive and Nationwide for free. That way, you can be sure you’re getting the best rate before you settle for a new plan!
View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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