Best 72-Month Auto Loan Rates (2024) (2024)

To calculate our ratings for auto lenders, we compared them in these categories:

• Reputation
• Availability
• Loan details
• Annual percentage rates (APRs)
• Customer experience

Our top pick is myAutoloan because it offers competitive rates for 72-month auto loans and can work with borrowers who have a variety of credit scores.

*Starting APR for all auto loans, not necessarily 72-month loans

Source: Automoblog

Next, we’ll take a closer look at each of our top five recommendations for 72-month auto loans.

#1 myAutoloan: Best Low-Rate Option

Starting APR: 5.20% for 72-month auto loans
Loan amounts: $8,000 minimum for purchase loans and $5,000 minimum for refinancing
Loan terms: 12 to 84 months
Availability: 48 contiguous states
Minimum credit score: 575

MyAutoloan tops our list because it offers low rates on 72-month auto loans for borrowers with the best credit and works with a good range of credit scores. However, the company’s services aren’t available to people in Alaska or Hawaii. MyAutoloan has an A+ rating and accreditation from the Better Business Bureau (BBB).

MyAutoloan offers 72-month terms on several types of auto loans:

• New car loans
• Used car loans
• Refinance loans
• Private-party loans
• Lease buyouts

The company is an aggregator that works with a wide network of lending partners, from credit unions and banks to auto dealerships.

You can get up to four offers from one loan application and compare them at home. Once you get approved, you can walk into a dealership with your 72-month loan terms and bypass dealer financing if it isn’t a good deal.

#2 Autopay: Most Well-Rounded

Starting APR: 4.67%
Loan amounts: $2,500 to $100,000
Loan terms: 24 to 84 months
Availability: 50 states
Minimum credit score: 575

Autopay is another choice for good 72-month auto loan rates. The company offers terms between 24 and 84 months, and its rates start at 2.99% for borrowers with the best credit. Like myAutoloan, Autopay works with a large network of lenders. The company provides purchase loans, refinance loans, lease-buyout loans and cash-out refinancing.

Autopay has an A+ rating from the BBB. It also has a customer review rating of 4.5 out of 5.0 stars, which shows the majority of customers have positive experiences with the company. As you shop for 72-month auto loan rates, Autopay is a good option to have on your list.

#3 Consumers Credit Union: Most Flexible Terms

Starting APR: 6.39% for 72-month loans
Loan amounts: No minimum or maximum
Loan terms: Up to 84 months
Availability: 50 states
Minimum credit score: 640

You may have other credit unions in your area, but Consumers Credit Union is one you can join from anywhere. It offers terms up to 84 months long. The credit union’s rates for 72-month loans start at 5.64% for 2021 or newer vehicles, and its rates are higher for used vehicles and those older than the 2021 model year.

Consumers Credit Union has an A+ rating from the BBB and has been accredited since 2012. In addition to auto loans, it offers a car-buying service powered by TrueCar. You can shop models in your area and get member discounts off of the manufacturer’s suggested retail price (MSRP).

#4 PenFed Credit Union: Most Cohesive Process

Starting APR: 6.14% for 72-month loans
Loan amounts: $500 to $150,000
Loan terms: 36 to 84 months
Availability: 50 states
Minimum credit score: 610

PenFed Credit Union is another credit union that accepts members from across the country. Its 72-month auto loan rates start at 5.84%, but it offers discounted rates for using its car-buying service. With excellent credit, you could find a 72-month rate as low as 5.59% by using the car-buying service.

PenFed has an A+ rating from the BBB. However, the credit union does have a higher credit score requirement than some of the other options on our list, so fewer people will qualify. If you have a good or excellent credit score, we recommend adding PenFed to your list as you shop around.

#5 Bank of America: Top Choice for Bad Credit

Starting APR: 6.19%
Loan amounts: $7,500 ($8,000 in Minnesota)
Loan terms: 48, 60 or 72 months
Availability: 50 states
Minimum credit score: Not listed

Comparing 72-month auto loan terms to other loan options is important to see if it is worth the interest paid. To make the best decision, use an auto loan calculator to see your total cost for each loan option.

A 72-month auto loan isn’t always the best option. Compared to a 60-month loan, you’ll pay interest for another 12 months, which increases the overall cost of borrowing. A 72-month auto loan also puts you more at risk of being upside-down on the loan, which is owing more than your vehicle is worth. That becomes a problem if your car is totaled or if you want to sell or trade it in.

Comparing a 72-Month Loan vs. a 60-Month Loan

Below, we compare two loans — one for 60 months and the other for 72 months. Both have a loan amount of $20,000 and an interest rate of 5%. The 72-month loan costs over $500 more than the 60-month loan in the end. This difference would be more pronounced with a higher interest rate.

If you want to save on the total you’ll pay for the loan, consider a 60-month loan instead.

Comparing 72-Month Loans With Different Interest Rates

Your interest rate can drastically affect how much you pay back with a 72-month auto loan. Below, we’ve compared the same loan terms with rates of 5%, 7% and 9%. For a $20,000 loan, someone with a 9% interest rate would pay almost $3,000 more than someone with a 5% interest rate.

If you can only find interest rates of 9% or above, consider doing a shorter loan term if possible.

Try Improving Your Credit Score

Your credit score influences the auto loan rates you’re offered more than the length of the loan does. A person with an excellent credit score can get a low interest rate on a 72-month loan, while a person with a poor score would get a high interest rate even on a 48-month or 36-month loan. If you know you’re going to get a 72-month auto loan, consider taking a few months to improve your credit score first. Below we’ll breakdown the factors that impact your credit score:

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Increasing your credit score can be a huge undertaking, however, if you follow the 7 steps below, it can be made much easier.

Because consumers rely on us to provide objective and accurate information, we created a comprehensive rating system to formulate our rankings of the best auto loan companies. We collected data on dozens of loan providers to grade the companies on a wide range of ranking factors. The end result was an overall rating for each provider, with the companies that scored the most points topping the list.

Here are the factors our ratings take into account:

• Reputation: Our research team considered ratings from industry experts and each lender’s years in business when giving this score.
• Rates: Auto loan providers with low APRs and high loan amounts scored highest in this category.
• Availability: Companies that cover a variety of circ*mstances are more likely to meet consumer needs.
• Customer experience: This score is based on customer satisfaction ratings and transparency. We also considered the responsiveness, friendliness and helpfulness of each warranty company’s customer service team based on our shopper analysis.

Our credentials:

• 300+ hours researched
• 25 companies reviewed
• 2,000+ consumers surveyed

**Data accurate at time of publication.