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Best Car Loans in Phoenix, AZ

Aug. 26, 2019, 5:03 p.m.

Whether you need a vehicle to get to and from work or you’re ready to purchase your dream sports car, an auto loan is often necessary. Because multiple companies offer car loans with different terms, the application process can be overwhelming. Our partners at ConsumerAffairs researched the best car loans in Phoenix to get the car you want in your driveway.

Everyone deserves to make thoughtful, informed purchase decisions. The local guides provided on this website are free for consumers. ABC15 may receive compensation from our partners. Learn more.

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#1
RECOMMENDED
LightStream

Loans for practically anything!

#1 MOST POPULAR
LightStream
LightStream
Features
  • Deposits funds directly to your account
  • Loans from $5,000 - $100,000
  • Visit website for customer service
  • Available in Phoenix
Read More
Location
Services available in
Phoenix, AZ
No phone available
#2
Auto Approve
Auto Approve
Features
  • Individual loan consultants
  • Online loan calculator
  • Apply online
  • Available in Phoenix
Read More
Location
Services available in
Phoenix, AZ
(844) 946-7334
#3
LendingTree
LendingTree
Features
  • Read lender reviews from other consumers
  • Compare rates from multiple lenders
  • Available in Phoenix
  • Compare prices & coverage
Read More
Location
Services available in
Phoenix, AZ
(800) 555-8733
#4
myAutoloan.com
myAutoloan.com
Features
  • Online payment available
  • Find your perfect lender
  • Available in Phoenix
  • Interest rate calculator online
Read More
Location
Services available in
Phoenix, AZ
(214) 540-3350
#5
Capital One
Capital One
Features
  • Check your loan status online
  • Available in Phoenix
  • Over 12,000 eligible dealers
  • Auto loan calculators available
Read More
Location
Services available in
Phoenix, AZ
(800) 689-1789
Arizona Federal Credit Union
Arizona Federal Credit Union
Features
  • M-F: 9am - 6pm
  • Sat: 9am - 2pm
  • Closed Sun
  • arizonafederal.org
Location
1945 E. Camelback Rd.
Phoenix, AZ 85016
(602) 683-1000
AZ Fast Loans
AZ Fast Loans
Features
  • M-F: 8am - 9pm
  • Sat: 8am - 8pm
  • Sun: 10am - 6pm
  • azfastloans.com
Location
8380 W. Bell Rd.
Phoenix, AZ 85382
(623) 223-7641
OneAZ Credit Union
OneAZ Credit Union
Features
  • M&F: 9am - 6pm
  • T-Th: 9am - 5pm
  • Closed Sat and Sun
  • oneazcu.com
Location
1812 W. Monroe St.
Phoenix, AZ 85007
(844) 663-2928
SunWest FCU
SunWest FCU
Features
  • M-Th: 8:30am - 5:30pm
  • F: 8:30am - 6pm
  • Sat: 9am - 1pm
  • Closed Sun
  • mysunwest.com
Location
11839 N. 28th Dr.
Phoenix, AZ 85029
(602) 866-1100
Credit Union West
Credit Union West
Features
  • M-Th: 9am - 5pm
  • F: 9am - 6pm
  • Closed Sat and Sun
  • cuwest.org
Location
350 E. Dunlap Ave.
Phoenix, AZ 85020
(602) 631-3200

How to get an auto loan in Phoenix

Phoenix skyline

Car loans are easy to find in Phoenix through banks, credit unions, car dealerships and online lenders. Your eligibility and financing terms are determined by several factors, including your credit score, your income and the cost of the vehicle you are purchasing.

Getting pre-approved for a loan has multiple benefits, including:

  • Setting a budget
  • Understanding what terms lenders are willing to offer
  • Creating a better negotiating position with the dealer
  • Saving time and hassle at the dealership

Comparing car loans in Phoenix

Lenders primarily base the rates and terms of your car loan on your credit score. The average credit score for Phoenix residents purchasing a new vehicle is around 714, and the average score for people buying a used vehicle is 655. Phoenix residents with excellent credit typically receive loans with an annual percentage rate (APR) between 2 and 3 percent, while those with poor credit receive loans with APRs between 10 and 18 percent.

Lenders may also require specific documentation, including:

  • Proof of income: Lenders generally have you prove your income through pay stubs or W-2 tax forms.
  • Proof of insurance: Before taking out a loan for an auto purchase, many lenders require you to have insurance that covers the vehicle.
  • Proof of identity: This is often done by providing a signed photo ID.

While the APR affects the total cost of your loan, pay attention to loan terms as well. Loans with longer terms have a lower monthly payment but cost more overall. Typical car loan terms in Phoenix range from 24 months to 72 months or longer.

Borrowers in Phoenix with poor credit may need to put down a more substantial down payment. Paying more upfront reduces the total amount of your loan, resulting in lower monthly payments or a reduced loan term.

Buying a car comes with additional costs, so check for fees when comparing loans and make sure you leave enough money for:

  • Sales tax
  • Loan fees, including origination fees and documentation fees
  • Dealer fees
  • Title and registration fees
  • Insurance

Take advantage of the loan calculators offered by many online banks and lenders to work out your monthly payment. Always shop around to find the best car loan rate at comfortable terms. Good research leads to a good buying experience.

LightStream

LightStream

LightStream is a division of SunTrust Bank. The company deposits the full loan amount into your bank account once approved, allowing you to negotiate and purchase your vehicle as a cash buyer. LightStream also guarantees to beat qualified offers from competitors. Phoenix customers appreciate the quick online application.

Auto Approve

Auto Approve

Auto Approve specializes in car loan refinancing and helps reduce your monthly payments by finding loans with lower interest rates. You can get a quote in minutes on the company’s website. Reviews from Phoenix recommend the company for its friendly customer service and quick communication.

LendingTree

LendingTree

LendingTree is a free online service that helps consumers compare car loans from multiple lenders. The company’s website also boasts several free resources, such as loan calculators, auto insurance rates and lender reviews. Customers from Phoenix appreciate the user-friendly interface, but some people report lenders pulling credit reports without authorization.

Sponsored Ad

myAutoloan.com

myAutoloan.com

myAutoloan.com lets you quickly review up to four different car loan offers from participating lenders. This company can help you obtain a car loan for both new and used vehicles, and it refinances existing car loans. Phoenix customers say service was quick and that they were pleased with the terms and rates of their loans.

Capital One

Capital One

Capital One pre-qualifies customers for a car loan in just minutes without affecting their credit score. The bank offers loans for new and used vehicles. You can also quickly view inventory from more than 12,000 participating dealers that will work with your pre-approval. Reviews from Phoenix customers recommend the company for its useful online tools.

Our partners independently research and analyze the companies mentioned in our guides and work with subject matter experts to add valuable information that helps consumers make smart purchase decisions. Our partners will not include companies on these guides that do not meet specific quality standards. The compensation we receive from our partners may impact how and where companies appear on our site, including the order in which they appear.

Our partners independently research companies, and use editorial discretion to award companies with special recognition (i.e. Best Value) based on their staff’s judgement or subject matter expert’s judgement. Our partners do this to help you identify companies that will meet your specific buying needs, and do not receive compensation for these designations.