Auto loans lender reviews methodology
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What is the Bankrate Score for auto loans?
Bankrate considers 18 different factors when selecting top auto loans and calculating Bankrate Scores. Lenders are graded on each factor using a scale from 1 to 5, with 5 being the highest. These factors cover all aspects of the financing experience and fit four main categories: availability, affordability, customer experience and transparency.
Score visualization across Bankrate
- 4 - 5 stars is exceptional
- 3 - 4 stars is above average
- 2 - 3 stars is average
- 0 - 2 stars is below average
Bankrate scores are visualized differently across our website. These images display the variations you may see.
Bankrate score
Bankrate review score
How we calculate a Bankrate score
To determine Bankrate scores, our editorial team conducts an in-depth industry analysis and explores the current market and economic conditions. This helps us identify industry standards and define what a competitive auto loan looks like.
Next, we collect data on each lender we feature. Each lender is scored on a one-to-five scale in the four categories below. While Bankrate has partnerships with some lenders reviewed, those relationships do not influence scoring. All scores present are based on concrete data and expert analysis from the Bankrate editorial team.
Overall score
The Bankrate team calculates lender scores based on four categories. These four categories are weighted equally in determining the final score.
Availability score
Availability helps us understand how well a lender's product caters to different borrowers’ needs. This information also informs which type of driver might best fit with a specific lender.
Lenders score high for offering a wide range of loan amounts and types and not requiring car buyers to shop at specific dealerships, among other factors.
| Breakdown | |
|---|---|
| Minimum loan amount | 20% |
| Maximum loan amount | 20% |
| Loan types | 20% |
| State footprint | 20% |
| Dealership requirement | 10% |
| Repayment term options | 10% |
- Offering lease buyout or electric vehicle loans.
Affordability score
Borrowers care strongly about finding the most affordable loan available to them. There’s more to our affordability category than just the annual percentage rate (APR), though providing a competitive interest rate matters.
Lenders that enforce few fees and offer a rate discount for signing up for automatic payments will receive higher scores in this category.
| Breakdown | |
|---|---|
| Minimum APR | 25% |
| Maximum APR | 25% |
| Discount for autopay | 25% |
| Fees (origination, late payment, prepayment, etc.) | 25% |
- Flexible acceptance criteria.
Customer experience score
Borrowers deserve a frictionless process, from applying for a loan to paying it off. High-scoring lenders in the customer experience category help borrowers avoid common headaches. They might make it easy to access loan details online, offer extended customer services and provide an automatic payment option so borrowers don’t accidentally miss payments.
| Breakdown | |
|---|---|
| Online access | 50% |
| Customer support hours and options | 20% |
| How long offered rates are good for | 20% |
| Recurring/automatic payment option | 20% |
| App availability | 20% |
Transparency score
Transparency helps borrowers compare loan costs and know what to expect when working with a specific lender. For example, lenders that disclose their available rates and fees upfront — before you apply and undergo a hard credit check — score higher in this section.
| Breakdown | |
|---|---|
| Prequalification | 50% |
| Monthly Rate and fee availability fee | 50% |