Comparing car loan companies can be overwhelming and time-consuming. However, making the effort to shop around for a lender who offers competitive rates and terms will save you thousands of dollars over the life of your loan.

To make the decision-making process easier, here are our top picks for the year:

Best Bank Car Lender: Bank of America

Maximum loan amount: $100,000

Loan terms: 12 to 75 months

This nationwide lender offers both in-person and online services, and you can get a loan decision in as little as sixty seconds. The car loans offered are ideal for new and used purchases. Specialized financing options are available for small business vehicles.

Best Credit Union Car Lender: PenFed Credit Union

Maximum loan amount: $100,000

Loan terms: 36 to 84 months

Pentagon Federal Credit Union offers loans for new and used cars and great add-ons, including an extended warranty program and gap protection.

Best for Used Car Purchases: Carvana

Maximum loan amount: Varies

Loan terms: 36 to 72 months

With Carvana, you can shop for and finance your vehicle on one platform, with a 100-day worry-free guarantee. There’s a handy tool that helps you calculate how much car loan you can afford and what your monthly car payments will be based on your chosen loan amount. You can prequalify for financing in two minutes.

Best for Less-Than-Ideal Credit: Auto Credit Express

Maximum loan amount: Varies

Loan terms: Varies

Auto Credit Express works with dealerships nationwide that provide special financing options. It walks you through the bad credit loan application process.