The Forbes Advisor Philosophy
Forbes Advisor strives to make financial decisions easy for our readers. As such, we carefully review all auto loan products to assist prospective borrowers in finding the best loans for their unique situations and needs.
We may earn a commission from partner links on Forbes Advisor, but our auto loan rankings are objective, unbiased and honest, with no scoring influence from advertising partners.
This methodology is only applicable to Forbes Advisor Auto Loans content.
How Forbes Advisor Rates Auto Loan Lenders
Our evaluation process starts with a 100-point system focusing on five key categories prospective borrowers consider when shopping for an auto loan. We then rank lenders on a scale of one to five, with five being the highest possible score.
Loan Costs
|   | Loan costs we review To evaluate borrowing costs from a lender, we review minimum and maximum annual percentage rates (APRs), origination fees, late fees, prepayment penalties and discounts.   Source: Forbes Advisor staff research |
| Why it’s important to consumers: Fees and rates play into a borrower’s monthly payment amount and overall loan costs. Borrowers looking for affordable loan options may prefer lower rates and fees. |
Loan Details
   | Loan details we review In our review process, we focus on disclosed loan amounts and repayment terms to determine which loans offer consumers the most support and flexibility.       Source: Forbes Advisor staff research |
 | Why it’s important to consumers: Borrowers value a variety of loan amounts and repayment terms when determining a loan’s appeal. Flexible loan options allow borrowers to adjust payments to fit their budgets. |
Eligibility and Accessibility
  | Eligibility and accessibility factors we review Eligibility and accessibility factors we review Our team reviews auto loan eligibility requirements, including minimum credit scores and co-signer availability. We also assess a loan’s geographical availability to determine its accessibility to borrowers. .   Source: Forbes Advisor staff research |
| Why it’s important to consumers: Eligibility requirements and accessibility affect a borrower’s ability to get an auto loan. |
Customer Experience
  | Customer experience factors we review Customer experience factors we review To understand a lender’s customer experience, we evaluate borrower benefits, customer support availability and mobile loan features.   Source: Forbes Advisor staff research |
| Why it’s important to consumers: Borrower benefits, customer support and other tools help provide borrowers with a seamless experience. |
Application Process
|   | Application processes we review Application processes we review When evaluating a lender’s application process, we consider if it offers prequalifcation and/or an online application. Our team also reviews how quickly a borrower may receive their funds.   Source: Forbes Advisor staff research |
| Why it’s important to consumers: Borrowers often value streamlined applications and fast funding so they can access funds as soon as the same day. |
Star Ratings Methodology for Best Auto Loan Lists
Our recommendations are tailored by methodologies that we adjust based on what’s important to most borrowers within each individual list of auto loans. As such, you may notice that lenders have different star ratings across various articles.
Best Auto Loan Rates
While evaluating the best auto loan rates, we consider loan amounts, repayment terms, APR ranges, discounts and loan fees. We select the best overall lenders based on their weight in these categories:
- Loan cost. 30%
- Eligibility and accessibility. 25%
- Loan details. 20%
- Customer experience. 15%
- Application process. 10%
Best Auto Loan Refinance Rates
For the best auto refinance rates,we focus on lenders that offer the best loan terms, loan costs, repayment terms, APRs and rate discounts. We also award points for funding speed and vehicle mileage limits. We choose the best lenders based on their weight in these categories:
- Loan cost. 30%
- Eligibility and accessibility. 25%
- Loan details. 20%
- Customer experience. 15%
- Application process. 10%
Best Auto Loan Refinance Lenders
Our team selects the best auto refinance lendersbased on several criteria, including loan fees, terms, APRs and available discounts. We also evaluate lenders for maximum accepted vehicle mileage, online availability and other support tools. We choose the best lenders based on their weight in these categories:
- Loan cost. 30%
- Eligibility and accessibility. 25%
- Loan details. 20%
- Customer experience. 15%
- Application process. 10%
Forbes Advisor Auto Loans Editorial Team
| Forbes Advisor Business Loans Editorial Team | ||||
|---|---|---|---|---|
| Jordan Tarver Forbes Advisor Editor |  | Jordan Tarver has spent seven years covering mortgage, personal loan and business loan content for leading financial publications such as Forbes Advisor. He blends knowledge from his bachelor’s degree in business finance, his experience as a top performer in the mortgage industry and his entrepreneurial success to simplify complex financial topics. Jordan aims to make mortgages and loans understandable. | ||
| What inspires Jordan: When I’m working on a story, I always think of the person on the other side of the screen. What information or guidance would be most helpful if I were in their position? That inspires me to provide the best answers to people’s questions. | ||||
| Colin Beresford Forbes Advisor Editor |
| Colin Beresford is the deputy editor for personal and business loans at Forbes Advisor where he seeks to help readers make the best possible decisions with their money. He has covered financial topics for nearly half a decade for various publications, including Bloomberg, The Associated Press, NerdWallet, Car and Driver magazine, among many others. | ||
| What inspires Colin: What we do with our money can have long-lasting consequences—one wrong choice can follow us for years, especially when it comes to debt. I want to help readers make the best possible decisions with their money, whether giving them the right information or helping them find the right loan. I’m inspired by making sure those readers are making smart financial decisions. | ||||
| Kennedy Edgerton Forbes Advisor Editor |
| Kennedy Edgerton is an updates editor on the Mortgages & Loans team, leveraging his passion for writing and personal finance to produce stimulating content that empowers readers to enhance their lives through advised decision-making. Kennedy is a graduate of Morehouse College with a degree in Cinema, Television and Emerging Media Studies. | ||
| What inspires Kennedy: Money and personal finance play a significant role in our lives. As a writer and storyteller, I feel empowered to inform readers about the best practices for applying for auto purchase or refinance loans. Auto loan payments can be costly, and vehicles are depreciating assets. As such, making the best decision when shopping for auto financing is important. | ||||
Why You Can Trust Our Auto Loans Team
Our mission is to offer readers objective ratings and information. With over 20 years of cumulative experience, our team uses data-driven methodologies to review various financial products and companies. Our content undergoes thorough editing and fact-checking during the research process and before final publication.
