Best Car Financing Options in California

Bank of America: Best for Buyouts
Bank of America hosts a variety of auto financing options at competitive rates, including discounts of up to 0.5% for existing customers. For example, you can get financing for a used car at 2.89% and new vehicles at 2.59%. In addition, if you are leasing your vehicle, BOA can buy out at competitive rates.

BOA offers auto loans between $7,500 and $150,000 for periods between 12 to 75 months. I(t is a well-known financier with a transparent record. However, BOA only finances vehicles less than ten years old with mileage, not exceeding125,000 miles. Furthermore, BOA does not finance vehicles of less than $6,000.

PenFed Credit Union: best overall
PenFed offers the lowest rates with flexible loan amounts and various options. PenFed credit union is membership-based with flexible entry requirements. Its APR is 0.99% for new vehicles and 1.99% for used cars.
The loan has a 36 to 84 months repayment period, and loan amounts range between $500 and $100,000. PenFed finances up to 110% of the value of the car for both old and new vehicles. You can get a refinancing loan at 1.79% and get discounts if you use their car buying service.

Consumers Credit Union (CCU): Best Credit Union for loans
Entry requirements for membership are relatively straightforward, and it offers loans at an APR of 2.24%. CCU has no minimum and maximum loan amounts up to 84 months. Their approval criteria include a good credit score and compliance with vehicle requirements.
Discounts of up to 0.5% are available if you use their autopay

LightStream: Best for Good Credit Scores and online lending
LightStream provides online car financing to clients with excellent credit scores. You can apply for loans within the range of $5,000 to 100,000. You can get auto loans for terms of between 24 to 84 months. The APR for a new car financing is 2.49% and used car financing at 9.24%.
Its lease buyout ranges between 3.49% and 10.24%. There are no restrictions on the mileage and type of vehicle, but the lender restricts its loans to those with excellent credit scores.

Capital One: Best for Bad Credit Scores
Capital one caters to borrowers with credit scores as low as 500. Capital one offers loans beginning from $7,500 for used vehicles repayable between 24 months to a maximum of 84 months. New cars have an APR of 2.99%.

Chase Auto: Best for Used Cars
With minimum loans of $4,000 and a maximum repayment period of 72 months, Chase Auto presents easy financing for used cars and provides car buying and management options. You can apply for car loans between $4000 and $ 600,000 with no downpayment requirements.
As an existing Chase client, you qualify for discounts of 0.25%. Eligibility for their loans is through its Auto Preferred Program. You must purchase a car from their network if you want to finance.