As of September 2026, there are certain lenders who provide credit rates for new cars that are lower than 5%; nevertheless, in order to obtain the best prices, you will typically need to have good credit, shorter periods, membership eligibility, or other requirements. [Source: AutoLoanRate.com]
Top 20 Lenders to Check for a New-Car Loan
| # | Lender | Why Check Them |
|---|---|---|
| 1 | Navy Federal Credit Union | Extremely competitive rates; military/family eligibility |
| 2 | Bank of America | Competitive rates and nationwide availability |
| 3 | PenFed Credit Union | Frequently among the lowest-rate credit unions |
| 4 | Capital One Auto Finance | Convenient prequalification and dealer network |
| 5 | USAA | Excellent option for eligible military members |
| 6 | Ally Bank | Major auto-finance lender with broad dealer presence |
| 7 | U.S. Bank | Competitive rates and traditional bank option |
| 8 | Chase Auto | Large national auto lender with dealer financing |
| 9 | Wells Fargo Auto | Major national auto-finance provider |
| 10 | LightStream | Online lender; attractive for strong-credit borrowers |
| 11 | Consumers Credit Union | Credit-union option with broad membership availability |
| 12 | Truist | National bank with auto-loan products |
| 13 | PNC Bank | Strong option in many markets |
| 14 | TD Bank | Major auto-finance lender |
| 15 | BECU | Credit-union option with competitive auto financing |
| 16 | SchoolsFirst FCU | Known for competitive member loan rates |
| 17 | Digital Federal Credit Union (DCU) | Often competitive for well-qualified borrowers |
| 18 | NASA Federal Credit Union | Credit-union option worth comparing |
| 19 | American Airlines Federal Credit Union | Competitive credit-union financing for eligible members |
| 20 | Local/community credit unions | Can sometimes beat major banks on APR |
Current rate tracking puts Navy Federal around 3.89% starting APR for a 36-month new-car loan, Bank of America around 4.94%, Capital One around 5.39%, PenFed around 5.49%, and USAA around 5.49% for advertised starting rates. (AutoLoanRate.com)
One important tip
Contrary to popular belief, the outside lender might offer a worse interest rate. Automobile manufacturers may offer discounted annual percentage rates (APRs) through specialized financing programs, making manufacturer financing superior to that of banks and credit unions in certain situations. Additionally, Consumer Reports recommends obtaining preapproval for financing and comparing it for financing and contrasting the offer with an offer from a dealer or captive financing. (As reported by customers)
For a new Hyundai, I would have a customer compare:
1. Hyundai Motor Finance promotional APR
2. Navy Federal
3. Bank of America
4. PenFed
5. Capital One
6. USAA (if eligible)
7. Their local credit union
That gives the customer a very good starting point for finding the lowest available financing.
Important: These aren’t guaranteed rates. Your customer’s APR can change substantially based on credit score, term, down payment, vehicle, income/debt profile, lender relationship and current promotions. The national average for a 60-month new-car loan is currently around 7.04%, so a well-qualified buyer getting a rate around 4–5% can be in a significantly better position. (bankrate.com)