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Best Car Loans in Bakersfield, CA

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

A car loan is usually necessary to purchase a new or used vehicle. Several factors determine auto loan eligibility, including your credit history and income. Our partners at ConsumerAffairs researched the best car loans in Bakersfield to make your car purchase simple and stress-free.

Everyone deserves to make thoughtful, informed purchase decisions. The local guides provided on this website are free for consumers. 23 ABC 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
  • Funds deposited directly to your account
  • Loans from $5,000 - $100,000
  • Visit website for customer service
  • Available in Bakersfield
Read More
Location
Services available in
Bakersfield, CA
No phone available
#2
Auto Approve
Auto Approve
Features
  • Individual loan consultants
  • Online loan calculator
  • Apply online
  • Available in Bakersfield
Read More
Location
Services available in
Bakersfield, CA
(844) 946-7334
#3
LendingTree
LendingTree
Features
  • Read lender reviews from other consumers
  • Compare rates from multiple lenders
  • Available in Bakersfield
  • Compare prices & coverage
Read More
Location
Services available in
Bakersfield, CA
(800) 555-8733
#4
myAutoloan.com
myAutoloan.com
Features
  • Online payment available
  • Find your perfect lender
  • Available in Bakersfield
  • Interest rate calculator online
Read More
Location
Services available in
Bakersfield, CA
(214) 540-3350
#5
Capital One
Capital One
Features
  • Check your loan status online
  • Available in Bakersfield
  • Over 12,000 eligible dealers
  • Auto loan calculators available
Read More
Location
Services available in
Bakersfield, CA
(800) 689-1789
Bakersfield City Employees Federal Credit Union
Bakersfield City Employees Federal Credit Union
Features
  • M-F: 9am - 5:30pm
  • Closed Sat and Sun
  • bakcityefcu.org/ASP/Products/products.asp
Location
2817 16th St.
Bakersfield, CA 93301
(661) 861-6151
Bank of the West
Bank of the West
Features
  • M-F: 9am - 5pm
  • Closed Sat and Sun
  • bankofthewest.com
Location
5201 California Ave.
Bakersfield, CA 93309
(661)-327-5345
Kern Schools Federal Credit Union
Kern Schools Federal Credit Union
Features
  • M-Th: 9am - 5pm
  • F: 9am - 6pm
  • Sat: 9am - 1pm
  • Closed Sun
  • ksfcu.org/apply-for-a-loan/auto-loan
Location
3300 Buena Vista Rd., Ste. J
Bakersfield, CA 93311
(661) 833-7900
Strata Credit Union
Strata Credit Union
Features
  • M-F: 9am - 5:30pm
  • Closed Sat and Sun
  • stratacu.org/auto-and-electric-car-loans
Location
1717 Truxtun Ave.
Bakersfield, CA 93301
(661) 327-9461
BBVA Compass
BBVA Compass
Features
  • M-Th: 9am - 5pm
  • F: 9am - 6pm
  • Closed Sat and Sun
  • bbvacompass.com/loans.html
Location
8500 Stockdale Hwy.
Bakersfield, CA 93311
(661) 837-9846

How to get an auto loan in Bakersfield

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Shopping for a car in Bakersfield can be exciting at first, but the actual buying process — especially if you have to arrange for a car loan — can be time-consuming and frustrating. While it’s tempting to immediately start looking for a new car, getting pre-approved for an auto loan lets you:

  • Know your budget before shopping for cars
  • Compare rates from several loan offers
  • Understand the rates you’re likely to receive
  • Potentially negotiate a lower rate from the dealer
  • Save time by having cash deposited in your bank before shopping

Many options exist when shopping for an auto loan. Banks, credit unions, online lenders and dealerships all offer vehicle financing for a range of customers in Bakersfield. To qualify for an auto loan, be prepared to meet the following basic requirements:

  • Age 18 or older
  • Government-issued identification
  • No active bankruptcies
  • Proof of income
  • Proof of residence

Comparing auto loans in Bakersfield

Many lenders in Bakersfield require borrowers to have good or excellent credit to qualify for a car loan. In general, the higher your credit score, the lower your annual percentage rate (APR). Those with poor credit should expect a higher APR. Typical APRs on auto loans range from 2.5 to 15 percent.

Other than APR, things to consider when comparing auto loans in Bakersfield are:

  • Loan term: Auto loans are offered for terms typically ranging from one to seven years, generally paid in monthly installments. Some lenders offer discounts on interest charges if you set up automatic payments from your checking account. Ask your lender about prepayment penalties if you decide to pay the loan off early. Also ask about perks like “skip a payment” or a delayed first payment.
  • Down Payment: Most auto loans do not require a down payment, but putting money down on a vehicle helps lower your interest rate because you’re financing a smaller amount. If you can afford to make a larger payment up front, it reduces the total cost of your loan.
  • Fees and other costs: In general, auto loans do not have an origination fee. Ask the lender about any fees that accompany the loan, and look for lenders that charge minimal fees. Make sure your loan amount is large enough to cover other costs, including title and registration fees, state sales tax and insurance costs.

In California, the Car Buyer’s Bill of Rights regulates certain aspects of sales at licensed car dealers. Military families should know their rights under the Servicemembers Civil Relief Act, which caps interest rates at a certain level and provides benefits for borrowers.

LightStream

LightStream

LightStream is an alternative, online lender offering a range of car loans. The company guarantees to beat any qualified loan offer. When you are approved for a loan, LightStream deposits funds directly in your account so you can be a cash buyer. Bakersfield residents appreciate the easy-to-use website and quick application process.

Auto Approve

Auto Approve

Auto Approve specializes in refinancing high-interest vehicle loans at lower rates. Your first payment after refinancing is due in 45 days, allowing you to skip a payment. Auto Approve has an online loan calculator and can offer quotes within minutes. Bakersfield customers appreciate the company’s speed and efficiency.

LendingTree

LendingTree

Borrowers shopping for an auto loan can use LendingTree to compare rates from several lenders. When you provide your financial information on the LendingTree website, it generates a list of loan offers to compare. Many Bakersfield customers appreciate the company’s excellent customer service, but some report unwanted sales calls.

myAutoloan.com

myAutoloan.com

myAutoloan.com is a free online auto loan comparison tool with a financing calculator to help you determine your budget based on your credit score. Reviews from Bakersfield recommend the company for its helpful customer service agents, but some people report dissatisfaction with the company’s information sharing policies.

Capital One

Capital One

Capital One is a national bank that offers auto loans. Customers in Bakersfield can use the car-finding application on their website to shop for vehicles in the nearby area and apply for financing. The lender allows you to pre-qualify for a car loan without affecting your credit score. Bakersfield residents appreciate the website’s tools and resources.

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.