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Secured vs. unsecured loans

A secured auto loan uses your car as collateral. Staying current on payments helps you maintain ownership of your collateral.

An unsecured loan does not have collateral. Because of that, it may have a higher interest rate compared to a secured loan.

Both secured and unsecured loans generally provide simple applications, quick approvals, and funding as soon as today.Disclosure 1, Disclosure 2

Learn more about secured and unsecured loans.

Compare options for used auto loans – private party.

Just a moment : loading interest rates
Loan product Secured auto loan tooltip A secured auto loan uses your car as collateral. Staying current on payments helps you maintain ownership of your collateral. LightStream unsecured
auto loan tooltip An unsecured loan does not have collateral. Because of that, it may have a higher interest rate compared to a secured loan.
How to apply

Apply in person, or by phone if you have a Truist account. Call 866-918-1523.

Schedule an appointment with a Truist teammate to apply for an auto loan. Calculate your monthly payments on a secured auto loan.

Apply online.

Apply now for a LightStream unsecured auto loan. Explore rates and payments on a LightStream unsecured auto loan
Availability Available at eligible dealerships nationwide, and in branches in the following states: AL, AR, DC, FL, GA, IN, KY, MD, MS, NJ, NC, OH, PA, SC, TN, TX, VA, WV. Available nationwide
Collateral Auto None
Vehicle model year Up to 20 prior model years No restrictions
Mileage Up to 120,000 miles No restrictions
Interest rates Fixed rates from 4.94% to 18.00% APRDisclosure 3 Fixed rates from 6.49% to 14.99% APR with AutoPayDisclosure 4, Disclosure 5
Loan amounts $3,500 to $400,000Disclosure 6 $5,000 to $100,000
Loan terms Up to 84 monthsDisclosure 7 Up to 84 monthsDisclosure 7
Fees No pre-payment penalties. Late payment and returned payment fees vary by state. No origination fees, no pre-payment penalties, and no late fees.
Payment options Digital, Autopay, mail, phone, in-branch Digital—Autopay or invoice
Interest rate lock 30 daysDisclosure 8 30 daysDisclosure 8
Funding As soon as todayDisclosure 2 As soon as todayDisclosure 1
Loan product Secured auto loan tooltip A secured auto loan uses your car as collateral. Staying current on payments helps you maintain ownership of your collateral. LightStream unsecured
auto loan tooltip An unsecured loan does not have collateral. Because of that, it may have a higher interest rate compared to a secured loan.
How to apply

Apply in person, or by phone if you have a Truist account. Call 866-918-1523.

Schedule an appointment with a Truist teammate to apply for an auto loan. Calculate your monthly payments on a secured auto loan.

Apply online.

Apply now for a LightStream unsecured auto loan. Explore rates and payments on a LightStream unsecured auto loan
Availability Available at eligible dealerships nationwide, and in branches in the following states: AL, AR, DC, FL, GA, IN, KY, MD, MS, NJ, NC, OH, PA, SC, TN, TX, VA, WV. Available nationwide
Collateral Auto None
Vehicle model year Up to 20 prior model years No restrictions
Mileage Up to 120,000 miles No restrictions
Interest rates Fixed rates from 4.94% to 18.00% APRDisclosure 3 Fixed rates from 6.49% to 14.99% APR with AutoPayDisclosure 4, Disclosure 5
Loan amounts $3,500 to $400,000Disclosure 6 $5,000 to $100,000
Loan terms Up to 84 monthsDisclosure 7 Up to 84 monthsDisclosure 7
Fees No pre-payment penalties. Late payment and returned payment fees vary by state. No origination fees, no pre-payment penalties, and no late fees.
Payment options Digital, Autopay, mail, phone, in-branch Digital—Autopay or invoice
Interest rate lock 30 daysDisclosure 8 30 daysDisclosure 8
Funding As soon as todayDisclosure 2 As soon as todayDisclosure 1

Frequently asked questions about private party auto loans

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If you’re buying a car from a private seller, it’s important to verify the seller’s identity and ownership of the car. Consider checking the car’s title and the seller’s identification. You’ll also want to verify the car’s history and maintenance. You can do this with online vehicle history sites, and ask the seller for any maintenance and repair records. In addition, you can check for any open recalls on the car online using its Vehicle Identification Number (VIN).

You may also want to conduct a thorough visual inspection of the car’s interior and exterior and take it for a test drive. Also, you can take the car to a mechanic for a pre-sale check.

When actually purchasing the car, ensure the title is transferred to your name before paying the seller, and consider using a check or money order rather than cash so there is a record of payment.

When you apply for a private party auto loan, the lender will conduct a hard inquiry, which may initially reduce your credit score slightly. Taking on a new loan will also increase your debt and may reduce the average age of your credit accounts, which may also impact your score. However, a private party auto loan can also improve your mix of credit accounts if you don’t already have an installment loan, which may be viewed positively. Finally, making on-time loan payments can impact your credit score positively.

Both our secured and unsecured loan options offer fixed rates and no pre-payment penalties. When comparing offers, be sure to compare APRs, which reflect both your interest rate and any lender-imposed fees, to understand the true cost.

With private party auto financing, you get a loan directly from a lender and buy a vehicle from an individual seller. With dealership financing, the dealership arranges the financing—unless you have a third-party loan from a lender. Private party financing allows you to shop around for the best rates and terms. With dealership financing, you’re limited to the lenders the dealership works with, which may result in less competitive interest rates or terms.

Some lenders may restrict auto loan terms to certain model years and mileage. With Truist’s private party auto loan, you can purchase a car up to 20 years old and with up to 120,000 miles. With the LightStream unsecured loan, a Truist lending product, there are no restrictions on the vehicle’s age or mileage.

You may also be interested in these options.

Used auto loans – dealership

With competitive rates on secured and unsecured auto loans, we can help ensure you get the best deal.

Learn more about used auto loans for a dealership purchase.

New auto loans

We have solutions to fit your budget and help you get on the road. Compare options with our calculator tool.

Learn more about new auto loans.

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Just a moment : loading interest rates

Disclosure 1 For the LightStream auto loan: You can fund your loan today by wire transfer if today is a banking business day, your application is approved, and you complete the following steps before 2:30 pm ET: (1) review and e-sign your loan agreement; (2) provide us with your funding preferences and relevant banking information; and (3) complete the final verification process.

Disclosure 2 For a secured auto loan: Your loan officer will provide you with guidance on what documentation is needed to help expedite the approval process.

Disclosure 3 Your loan terms, including APR, may differ based on amount, term length, and your credit profile. Current rate range is 4.94% to 18.00% APR. Excellent credit is required to qualify for lowest rates. Less than a majority of applicants qualified for lowest rate. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. These offers are subject to credit approval under Truist underwriting guidelines including qualifying loans with certain debt to income, FICO® scores and other underwriting credit criteria.

Disclosure 4 AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Excellent credit required for lowest rate. Rates vary by loan purpose. Rates range from {{lsiMinRate}}% - {{lsiMaxRate}}% APR with AutoPay.

Disclosure 5 Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Lowest rates require excellent credit. At least 28.47% of approved applicants applying for the lowest rate qualified for the lowest rate available based on data from 07/01/2025 to 09/30/2025. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice.

Payment example: Monthly payments for a $25,000 loan at 7.24% APR with a term of 3 years would result in 36 monthly payments of $774.67.

Maximum APR for a LightStream loan is {{lsiMaxRate}}% with AutoPay discount. Loan terms range from 24 - 240 months depending on the loan type.

{{lsiRateOptional:Rates are accurate as of}} {{lsiRateDate}} {{lsiRateOptional:and are subject to change.}}

Disclosure 6 Minimum loan amount may vary in some states to comply with applicable law.

Disclosure 7 For comparison purposes, a consumer who finances a new car for $25,000 at a term of 84 months and at an annual percentage rate (APR) of 5.76% would remit 84 payments of $362.00.

Disclosure 8 Once your application is approved, the interest rate is valid for 30 days as long as there are no changes to your application or loan terms.

Disclosure 1 For the LightStream auto loan: You can fund your loan today by wire transfer if today is a banking business day, your application is approved, and you complete the following steps before 2:30 pm ET: (1) review and e-sign your loan agreement; (2) provide us with your funding preferences and relevant banking information; and (3) complete the final verification process.

Disclosure 2 For a secured auto loan: Your loan officer will provide you with guidance on what documentation is needed to help expedite the approval process.

Disclosure 3 Your loan terms, including APR, may differ based on amount, term length, and your credit profile. Current rate range is 4.94% to 18.00% APR. Excellent credit is required to qualify for lowest rates. Less than a majority of applicants qualified for lowest rate. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. These offers are subject to credit approval under Truist underwriting guidelines including qualifying loans with certain debt to income, FICO® scores and other underwriting credit criteria.

Disclosure 4 AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Excellent credit required for lowest rate. Rates vary by loan purpose. Rates range from {{lsiMinRate}}% - {{lsiMaxRate}}% APR with AutoPay.

Disclosure 5 Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Lowest rates require excellent credit. At least 28.47% of approved applicants applying for the lowest rate qualified for the lowest rate available based on data from 07/01/2025 to 09/30/2025. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice.

Payment example: Monthly payments for a $25,000 loan at 7.24% APR with a term of 3 years would result in 36 monthly payments of $774.67.

Maximum APR for a LightStream loan is {{lsiMaxRate}}% with AutoPay discount. Loan terms range from 24 - 240 months depending on the loan type.

{{lsiRateOptional:Rates are accurate as of}} {{lsiRateDate}} {{lsiRateOptional:and are subject to change.}}

Disclosure 6 Minimum loan amount may vary in some states to comply with applicable law.

Disclosure 7 For comparison purposes, a consumer who finances a new car for $25,000 at a term of 84 months and at an annual percentage rate (APR) of 5.76% would remit 84 payments of $362.00.

Disclosure 8 Once your application is approved, the interest rate is valid for 30 days as long as there are no changes to your application or loan terms.

Disclosures

Truist Bank, Member FDIC. © 2025 Truist Financial Corporation. Truist, the Truist logo, Truist Purple, Truist One, Truist Marquee, LightStream, and the LightStream logo are service marks of Truist Financial Corporation.

Equal Housing Lender

Investment and Insurance Products:

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  • May Lose Value

TRUIST is a service mark of Truist Financial Corporation (Truist) and its affiliates.

Services provided by Truist Financial Corporation (Truist) affiliates: Banking products and services, including loans and deposit accounts, provided by Truist Bank, Member FDIC. Trust and investment management services provided by Truist Bank. Securities, brokerage accounts and/or annuities offered by Truist Investment Services, Inc., an SEC registered broker-dealer, and member FINRA and SIPC, and a licensed insurance agency. Investment advisory services offered by Truist Advisory Services, Inc. and GFO Advisory Services, LLC, SEC registered investment advisers. Some insurance products offered by Truist Investment Services, Inc. Other insurance products offered by Marsh & McLennan Agency, LLC (as successor in interest to McGriff Insurance Services, LLC) CA License #0H18131, Kensington Vanguard National Land Services, and Crump Life Insurance Services. Truist Life Insurance Services (TLIS) is a division of Crump, Arkansas License #100103477. Variable insurance material is for broker-dealer or registered representative use only. Variable products distributed by P.J. Robb Variable, LLC, Arkansas License #100110185. Member FINRA.

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Applications, agreements, disclosures, and other servicing communications provided by Truist Bank and its subsidiary businesses will be provided in English. As a result, it will be necessary for customers to speak, read and understand English or to have an appropriate translator assisting them. Please note that Truist provides translations of webpages, documents and disclosures as a courtesy and in the event of any inconsistencies or discrepancies between the English content and the translated content, the English content supersedes the translation. Truist offers phone support in Spanish at 844-4TRUIST (844-487-8478), option 9. For assistance in other languages, please speak to a representative directly.

New York City residents:

Translation or other language access services may be available. When calling our office regarding collection activity, if you speak a language other than English and need verbal translation services, be sure to inform the representative. A description and translation of commonly-used debt collection terms is available in multiple languages at http://www.nyc.gov/dca.

Borrowers with Limited English Proficiency (LEP) needing information can use the following resources:

The Consumer Finance Protection Bureau (CFPB) also provides additional resources for homeowners seeking payment assistance in select languages at: https://www.consumerfinance.gov/housing/housing-insecurity/help-for-homeowners/

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