7 Same-Day Auto Loans (Dec. 2023)

Same Day Auto Loans

More and more car buyers enjoy the freedom and accessibility of car ownership through same day auto loans. These convenient subprime loans can be available to borrowers with bad credit when they need them. It’s simply a matter of knowing where to look. And we’re here to help.

Most people typically don’t have the luxury of shopping around and waiting for just the right car at just the right price. Life doesn’t wait for cumbersome, lengthy loan processes. These convenient loans provide the financing you need to get back behind the wheel and on with your life, without venturing out to a brick-and-mortar credit union or bank.

We’ve put together a list of some of the best lenders to consider when looking for an online vehicle loan with a fair loan term and quick turnaround. We also address some of the most common questions would-be new car buyers may have when making such an important purchase.

Rankings | FAQs

Best Same Day Auto Loans

Getting a vehicle loan on the fly when you have a bad credit score is actually easier than you may think. Going online and submitting a loan request to any of the three featured lending networks below can get you on the road quickly.

Obviously, one of the biggest perks of using an online lender is the time you save. The overall auto financing process is shortened significantly, and once you’re approved, you can go straight to the dealer to seal the deal with a check in hand. Instant car financing processes are expedited largely because instead of offering you loans directly, these companies work with a network of auto dealers and lenders around the country to find you the best possible rates and loan amounts to suit your needs.

  • Network of dealer partners has closed $1 billion in bad credit auto loans
  • Specializes in bad credit, no credit, bankruptcy and repossession
  • In business since 1999
  • Easy, 30-second pre-qualification form
  • Bad credit applicants must have $1500/month income to qualify
  • See application, terms, and details.


Overall Rating

Interest Rate In Business Since Application Length Reputation Score
3.99% - 29.99% 1999 3 minutes 9.5/10

Auto Credit Express boasts having access to one of the largest selections of bad credit auto dealers in the U.S. Having such a wide pool of potential lenders gives you greater odds of qualifying for a loan and getting instant auto loan approval. And the fact that Auto Credit Express is doing the loan shopping for you means you’re far more likely to be paired with a dealer or lender that will approve you than if you were to do the searching on your own.

Applying for auto financing with Auto Credit Express couldn’t be easier. Upon submitting your info to the site, the search to find the best possible pre-approved financing from lenders and dealers in your area begins instantly. Once your loan request is accepted, someone will contact you to set up an appointment to visit a dealership, and you’re on your way.

  • Free, no-obligation application
  • Specializes in auto loans for bankruptcy, bad credit, first-time buyer, and subprime
  • Affordable payments and no application fees
  • Connects thousands of car buyers with auto financing daily
  • See application, terms, and details.


Overall Rating

Interest Rate In Business Since Application Length Reputation Score
Varies 1994 3 minutes 9.0/10

Car.Loan.com is another good financing option for car buyers with poor credit. Credit approval is often granted within minutes of applying, and comparison shopping to find a competitive rate from lenders in their network is easy.

Speed and ease of use are arguably Car.Loan.com’s best attributes. The company understands that finding affordable auto financing can be frustrating and daunting — especially for drivers with bad credit. Car.Loan.com goes as far as setting up your meetings with finance managers so all you have to do is go to the dealership, choose your car, and get behind the wheel.

MyAutoLoan.com offers a website that is easy to use and particularly advantageous for loan seekers needing to crunch a few numbers, especially if they have bad credit. It offers auto loan rate and loan payment calculators, as well as an annual percentage rate estimator so you have an idea of what to expect before you apply.

Like Auto Credit Express and Car.Loan.com, MyAutoLoan.com matches you with lenders and dealers based on the personal info you provide. It offers new and used car loans in addition to lease buyout financing and private party loans. Using your personal info, the company runs a soft credit check of your credit report to match you with up to four offers within minutes.

More Same Day Auto Loans to Consider

The following companies also provide auto loan financing for bad credit borrowers. They’re all reputable brands, many of which you’ve probably heard of.

4. Carvana

Carvana LogoYou’ve likely seen Carvana’s futuristic-looking car vending machines towering next to interstates around the U.S. In addition to pioneering this way of selling cars, Carvana offers loans through its website in just two minutes without impacting your credit score.

Its rates are entirely personalized to your needs, and like the other companies on our list, it caters to drivers with bad credit. Carvana operates in or near most major U.S. cities and offers an impressive selection of cars, trucks, SUVs, coupes, minivans, and wagons, among other options. Once you receive credit approval, you can instantly begin shopping its site for something that fits your needs and budget.

As a bonus, a representative can deliver your new wheels right to your door for an added fee if you’re not located near a Carvana dealer.

5. Capital One Auto Finance

Capital One Auto Finance LogoGetting an instant auto loan may not be the first thing that comes to mind when you think of Capital One. The company is most widely known for its credit card and online banking offerings. But Capital One Auto Finance boasts one of the largest lenders in the U.S.

Unlike the companies we’ve covered previously, Capital One is the actual lender. As such, it has in-house resources to serve car buyers quickly. Capital One’s Auto Navigator tool is one such resource that makes finding your next car that much easier. Once your loan application is approved, Auto Navigator curates participating dealers’ entire advertised inventory, enabling you to shop and save your favorites until you find the car that suits all your needs.

What’s more, Capital One’s prequalification process for a bad credit auto loan will have no impact on your credit score, making it a great choice for would-be car buyers looking to do research to better find what their auto loan options are without affecting their credit.

6. Ally Clearlane

Clearlane LogoAlly Clearlane has been in the business of providing automotive financing options for more than a century and is currently one of the largest companies we’ve researched. Unlike Capital One, Ally Clearlane is not an actual auto lender of same day auto loans but rather an online marketplace.

There is no impact on your credit score to see if you qualify for instant approval. Its website offers options to refinance an existing vehicle or purchase an existing leased vehicle. It’s fast and easy to find out whether you’re prequalified — simply enter your information and receive personalized auto loan offers in minutes.

7. CarMax

CarMax LogoCarMax is most known for its robust used car businesses across the U.S. Its CarMax Auto Finance Division is equally as strong and can help you get great car financing when you purchase a car from one of its locations.

CarMax can also help you get a loan through other third-party lenders, including Ally Clearlane and Capital One, among others. Though you must purchase a car from one of CarMax’s 226 locations after securing the loan, its inventory of around 80,000 vehicles should give even the most fastidious car buyer more than enough options to choose from.

Can I Get an Auto Loan the Same Day I Apply?

You can usually receive approval for a bad credit car loan from any of the companies we’ve featured here on the day you apply — typically in under an hour. Clearly, taking out a loan for a new or used car is an important financial decision, so it’s smart to do a fair bit of comparison shopping before making a final choice.

In addition to a fast turnaround, there are other benefits to an instant auto loan. Upon getting approved for a loan, you’re instantly granted greater negotiating power.

This is due, in large part, to the fact that you will then know what kinds of rates you will receive based on your personal information, making it far easier to detect whether you’re being offered an inflated rate from other lenders.

As we’ve covered above, most companies offering these loans make it extremely easy to obtain them — even if your credit score isn’t the best. Car buyers with bad credit can increase the probability of getting approved in several ways.

Auto Loan Terms Graphic

Things like choosing a less expensive vehicle, putting up a larger down payment (if possible), applying with a cosigner, and showing evidence of active recurring payments, such as cellphone and mortgage/rent payments, can significantly increase your chances of receiving instant approval.

Obviously, quick financing gives you the advantage of getting the loan you need to get the car you want. Year-end or holiday sales often feature fantastic deals that are not available for very long, and getting approved the same day you apply gives you leverage to get behind the wheel on the double.

Can I Get an Auto Loan Completely Online?

The internet has made it possible to purchase practically anything at any time from just about every commerce sector. And, in most cases, the end-to-end process of researching and purchasing any product or service is significantly expedited online. Getting a loan for a new car is certainly no exception.

We’ve presented some stellar options above for getting your auto loan from an online lender instead of going through a credit union or bank, though there is certainly no shortage of other options. In fact, one of the biggest benefits of submitting loan documents online is being able to apply to many different lenders at once, enabling you to compare rates to get the best deal.

Lender Networks vs Direct Lenders

Typically, most companies provide quick responses to online inquiries, adding an extra layer of speed and efficiency to what can sometimes be an arduous process when pursued by other means — like physically visiting a brick-and-mortar credit union or auto dealer, for example.

What Credit Score Do I Need For a Car Loan?

The notion that you must have excellent credit to own a car is simply untrue. As we’ve discussed, many online lenders specialize in getting anyone behind the wheel who can make regular payments, regardless of their credit history.

The fact is, there is no set credit score needed to qualify for an auto loan. This is because different lenders use different credit scoring models to assess a borrower’s ability to make timely payments.

Most use some version of the FICO score or VantageScore, but there is no way to know which credit scoring model a lender uses to set its loan amounts. This is yet another reason it is a good idea to shop around and compare rates from various lenders.

FICO and VantageScore Scoring Models

Some lenders may even offer a competitive rate discount — you just have to be thorough in your search.

Other factors are at play in determining eligibility, such as the amount of money being requested for the car loan or the vehicle being considered. Again, looking around and carefully weighing your options is the best course of action.

Do Car Dealerships Look at Your Bank Account?

For obvious reasons, having an active bank account is a great, secure convenience. Though some lenders will ask to see proof of a bank account with direct deposit, they are not necessary for car loan consideration.

Of course, having an active bank account with a financial institution shows potential lenders that you regularly make financial transactions, however small. But bank accounts aren’t the most significant factor in seeking loan approval.

Lenders are far more interested in whether you have a stable income to pay back the loan than in whether you have bad credit or a bank account. Paystubs or other proof of income are far more important in showing you’re a stable, reliable borrower, and you have the means to make a regular loan payment.

Other important factors — such as proof of long-term residency, personal references, proof of regular credit card payments, and a reasonable down payment — show you have every means and intention of paying back the loan.

What Interest Rate and Other Charges Can I Expect to Pay?

The amount of interest you’ll pay will vary depending on several factors, typically the same ones that determine your eligibility in the first place. Your credit score, the loan term, age of the vehicle, and the amount of down payment, among other things, can come into play when determining whether you qualify for a lower interest rate.

Average Auto Loan Rates by Credit Score

Lenders can calculate your annual percentage rate in two ways: simple or precomputed.

Simple interest rates are determined by the balance of the entire loan, and if you pay more than the monthly minimum due, the final amount you owe should get smaller. Essentially, simple interest loans allow you to reduce the initial amount of your monthly payment — an attractive prospect for someone with a steady income and good budgeting skills.

Precomputed rates are calculated at the beginning of the loan process, and interest isn’t calculated monthly as is the case with simple interest loans. The advantage of precomputed rates is that you always know exactly what your payments will be on any given month, allowing for easier budgeting and payment scheduling.

For those on a tighter budget who may be unable to occasionally increase the monthly payment with simple interest rates, a precomputed auto loan is likely the better financing option.

Some lenders may provide a small interest rate discount to those who elect the automatic payment option. The best course of action will vary from person to person — the important thing is to shop around and choose an interest rate that will align best with your needs, whether you have good credit or not.

Compare Same Day Auto Loans Online

It’s hard to overstate the sheer convenience and speed of a same day auto loan. As we’ve discussed, there’s no shortage of viable options for securing the financing you need to get back on the road — even if you don’t have excellent credit or your credit history isn’t ideal.

Before seeking out a lender, spend some time establishing a solid budget based on your income and expenses. Explore as many options as possible to get a firm grasp on how a particular auto lender aligns with your goals based on the auto loan rate it offers.

Just because you may have poor credit is no reason to allow yourself to be excluded from the advantages that come with having your own ride. So, take in all that we’ve discussed here, and get on the road!

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