How Much Can You Borrow for a Car Loan?

Figuring out how much money you can borrow for a car loan depends on a lot of factors. Keep reading to see what those factors are, as well as the best auto loan companies out there.
 

How Much Can You Borrow for a Car Loan?

There are a lot of things that can affect how much you can borrow for a car loan, as mentioned above. Some of these include:

• The amount of money you make in a year

Your yearly income will definitely affect how much you can borrow for a car loan.
 

• The amount of money you spend

The amount of money you spend is another important factor. This is because your spending habits can say a lot about you. Auto loan companies will look at how much you spend and how often to know how responsible you are with a big amount of money.
 

• Your credit score

Your credit score is another major thing that auto loan companies will look at. Most companies have a minimum credit score that is needed to even qualify for a loan in the first place. So, the better your credit score is, the better the benefits are that you can get.

In other words, if you have a higher credit score, you will be able to get a larger sum of money for a car loan. You will also get lower interest rates and smaller payment amounts.
 

• The auto loan company that you choose to hire

Auto loan companies can help you qualify for the best loans. They also can make sure you get a high loan amount for your car.

Some auto loan companies do not care about bad or low credit scores. Some companies also may have a lower minimum credit score requirement.

Are you interested in finding the best auto loan company to help you get a good car loan? If you would like to know what the best auto loan companies of 2022 are, then keep reading!
 

Best Auto Loan Companies

Here is a list of our top recommendations for the best auto loan companies. We have fully reviewed all of the items on this list, so we suggest you read them before making any choices. That way, you can compare prices and services and figure out what is best for you and your needs.
 

Jovia Financial Credit Union

Jovia Financial Credit Union is at the top of our list! This company can offer customers an auto loan when they have found a suitable car for them. In addition to saving you money, here are some of the main benefits they offer:

• 100% financing
• No pre-payment penalties
• NCUA insured

Here are a few other things you can get with Jovia Financial Credit Union:

• APR rates that are as low as 2.39%
• Loan terms that can reach up to 96 months
• Auto loans will be available for ten-year-old cars and newer
• Very low monthly payments compared to other companies
• Quick application online
• Jovia also offers financing with a full maximum Loan to Value (LTV)
• And more.

They also have many customer support options, including:

• Phone support
• Email
• Knowledge base
• FAQs
• Social media
• In-person
   

Navy Federal Credit Union

Navy Federal Credit Union is second on our list. They have many features to make sure that you are covered.

Here are some of the main benefits that they offer:

• 90-day preapproval period
• Allow co-applicants
• Many discounts for active-duty or retired military members
• They also offer to finance leisure vehicles
   

Here are the main things that you will get with Navy Federal Credit Union:

• Minimum starting APR (Annual Percentage Rate) is 2.29%
• You can get $200 when you refinance your car with Navy Federal
• Customer support is very fast, responsive and available on many communication channels
• Easy and quick application online
• More than 20,000 cars to pick from
   

If you are purchasing a used car, then you will have the option to choose the following:

• Price
• Mileage
• Make and model
• Body style
• Color
• Price rating
• Popular features
• Condition and history
• Transmission
   

We recommend them because of all of these services they offer and more. Navy Federal is an auto loan lender with many financing solutions for their customers. You have the choice to choose from a range of 20,000 used or new cars. You can choose these based on how much money you make, as well as some other factors.
 

Carvana

Carvana is third on our list. This is one of the leading auto loan companies in the US. They have many financing options, as well as flexible solutions for you, no matter what your credit score is.

The benefits of Carvana are as follows:

• They do not need a minimum credit score
• Carvana prequalification does not affect your credit score
• Prequalification is valid for 45 days, which gives the borrower a lot of time to decide
• Used cars are in excellent condition and meet Carvana’s very high standards
• Cars can be delivered as soon as the next day
• GAP warranty
• Many customer support options
• Carvana will let you choose from 20,000 different cars
• And more
   

A few quick stats on Carvana:

• Minimum starting APR (Annual Percentage Rate) is 3.90%
• Pre-qualification is valid for 45 Days
• Average approval time is 18 days
• Max loan term is 72 months
• Max loan amount is $85,000
   

Carvana is one of the top auto loan companies in the US. It offers many financing options for people to choose from. They also have many benefits and solutions! Carvana can meet everyone’s needs, especially since they do not care about credit scores.