When it comes to buying a car, financing matters as much as the car itself. For years, the American Express auto loan program gave cardholders an easier way to find cars, compare prices, and even pay part of the cost with their Amex card.
In this review, GateXFin will explain ways you can buy a car with American Express, rates, pros and cons, and what alternatives you can consider now.
About American Express
American Express, often called Amex, is one of the most trusted financial services companies in the world. Founded in 1850 and headquartered in New York City, the company is best known for its credit cards, charge cards, and travel services. Today, it serves over 100 million cardholders globally, including both consumers and businesses.
Amex is widely respected for its strong customer service, premium rewards programs, and reliable security features. Unlike many other card issuers, American Express often focuses on high-credit consumers, offering a range of personal and business cards that earn cash back, Membership Rewards points, or travel perks.
Over the years, Amex has expanded its services to include banking products, small business support, and digital tools, all while maintaining its commitment to quality and innovation.
Does American Express Do Auto Loan?
No, American Express does not offer a traditional auto loan like banks or credit unions do. You can’t apply for an American Express auto loan that is secured by the car itself. They don’t provide direct financing where you borrow money and make monthly payments over several years with the car as collateral.
However, Amex used to have a car-buying service called the Auto Purchasing Program, which helped customers use their Amex card to pay part of a car’s price. That American Express auto purchasing program is now discontinued. The good news is, Amex still offers personal loans, and those can be used to buy a car if you qualify.
The Auto Purchasing Program (Ended)
For several years, American Express offered a service called the Auto Purchasing Program, powered by TrueCar. It is considered an American Express auto loan, which lets Amex cardholders browse vehicles online, compare pricing, and connect with participating dealerships. One major perk was the ability to put at least $2,000 of the car’s price on your Amex card, and in some cases, even pay the entire amount with your card.
This Amex auto loan program also gave buyers access to “member-only pricing”, which was based on market data. This helped simplify the buying process and saved time on negotiation.
But as of April 28, 2025, American Express officially shut down the Auto Purchasing Program. This means:
- You can no longer search for cars or connect with dealers through Amex.
- No more special pricing or exclusive offers.
- You can no longer use your Amex card to pay part of a car through this program.
All features and benefits related to the Auto Purchasing Program expired on that date and are no longer available.
So, if you were hoping to use this service in 2025 or later, unfortunately, it’s no longer an American Express auto loan option.
Personal Loans from American Express (Still Available)
Even though the Auto Purchasing Program has ended, American Express still provides another way to help you buy a car: personal loans.
These are unsecured loans, meaning you don’t have to use your car or any other asset as collateral. You get the money directly in your bank account, and you can use it to buy a car, whether from a dealership or a private seller.
Here’s what you need to know about Amex personal loans:
- Loan Amounts: You can borrow between $3,500 and $40,000.
- Loan Terms: Usually 12 to 48 months (1 to 4 years).
- Interest Rates: Fixed rates, so your monthly American Express auto loan payment stays the same.
- Eligibility: Only available to eligible American Express cardholders. Not everyone gets an offer.
- Funding Speed: If approved, funds are often deposited within 1 to 2 business days.
You can then use the funds to buy the car outright, no dealership financing required.
How American Express Auto Loan Used to Work
Even though the program has ended, it was one of Amex’s most convenient features for car shoppers. Here’s a quick recap of how this American Express auto loan worked before April 28, 2025:
- Cardholders would log in to the Auto Purchasing Program site.
- They could search by car make, model, and ZIP code.
- The platform showed upfront pricing, based on TrueCar data.
- Customers could see “member pricing” and compare dealer offers.
- Dealers that accepted American Express would contact the shopper.
- All participating dealers allowed at least $2,000 of the purchase to be charged to the Amex card.
- Some dealers allowed buyers to pay the full car price with an Amex card.
- The cardholder would earn Membership Rewards points or cash back on the portion paid with the card.
Without this Amex auto loan program, you now can still buy a car with an Amex card, but it depends entirely on the dealer. Some dealerships accept partial or full payments with credit cards. Others limit the amount to avoid paying high processing fees. If you plan to use your American Express card, you should:
- Negotiate the final price first.
- Then ask whether they accept Amex and how much they allow on a card.
- Make sure you can pay the balance in full to avoid interest charges.
Using Amex Personal Loans to Buy a Car
Another way to fund a car purchase through American Express is by applying for an Amex personal loan. These loans are available only to existing cardholders and are not advertised as American Express auto loans, but you can use the money however you choose, including for a car.
Here’s how it works:
- Loan amounts typically range from $3,500 to $40,000.
- Terms run from 12 to 48 months.
- Rates are fixed, so your monthly payment stays the same.
- Once approved, funds arrive in your bank account (usually in 1–2 business days).
- You then use the cash to pay for the car, either through a dealer or a private seller.
Benefits of Amex Personal Loans:
- No collateral required, you own the car outright from day one.
- Funds arrive quickly, great for fast purchases.
- A fixed-rate loan means predictable payments.
Drawbacks to Consider:
- Generally higher interest rates than traditional auto loans.
- Must have good to excellent credit (usually FICO 700+).
- Terms rarely exceed 4 years, while many auto loans offer 5–7 years.
Even though Amex used to give you an American Express auto loan service, all that is gone. Now, only the personal loan option remains.
American Express Auto Loan Rates & Terms
When considering using an American Express personal loan to buy a car, it’s important to understand the interest rates and terms involved. Amex does not offer a traditional auto loan, so your experience will be a bit different than financing through a bank or credit union.
Amex personal loans are unsecured, which means they aren’t backed by your vehicle. Because of this, their rates are typically higher than secured auto loans.
Here’s a general look at what you can expect with the American Express auto loan APR:
| Credit Score Range | Estimated APR | Notes |
|---|---|---|
| Excellent (720+) | 6.9% – 10.9% | Best rates available with clean credit |
| Good (680–719) | 11% – 16% | Still eligible, but higher interest likely |
| Fair (640–679) | Up to 18% or more | Fewer offers, may face rejections or high APR |
| Below 640 | Typically not eligible | Unlikely to qualify through Amex |
In comparison, traditional auto loans from banks or credit unions for borrowers with good credit may have APRs around 4% to 6%, which is considerably lower. That’s because auto loans are secured by the car itself.
However, Amex personal loans offer faster approval, no vehicle inspection, and no lien placed on your car title, making them more flexible for certain buyers.
Alternatives to American Express Auto Loan
American Express personal loans can be helpful if you need quick, unsecured cash to buy a car. But they’re not the best fit for everyone. Depending on your financial needs and credit profile, you might find better options elsewhere than the American Express auto loan.
You should consider other lenders if any of the following apply to you:
Chase Auto Loans
Chase is one of the largest auto lenders in the United States.
- Key features: Prequalification with a soft credit pull, flexible terms up to 84 months, and online tools that show estimated monthly payments.
- Special programs: If you are buying through a Chase auto loan network dealer, you can complete most of the process online.
- Who it suits: People who already bank with Chase and want everything in one place.
Truist Auto Loans
Truist Bank (created by the merger of SunTrust and BB&T) offers straightforward auto financing.
- Key features: Fixed interest rates, terms up to 72 months, and a wide dealer network.
- Benefits: Fast online application and competitive rates for strong credit profiles.
- Who it suits: Borrowers looking for a traditional bank with strong customer service in the Southeast and Mid‑Atlantic regions.
BMO Auto Loans
BMO (formerly BMO Harris) offers auto loans in many states.
- Key features: Competitive fixed APRs, online preapproval, and the option to refinance an existing auto loan.
- Benefits: Discounts are sometimes available if you also have a BMO checking or savings account.
- Who it suits: Drivers who prefer mid‑sized banks and want relationship discounts.
First Citizens Bank Auto Loans
First Citizens Bank provides auto loans with a simple application process.
- Key features: Terms ranging from 36 to 75 months, flexible payment options, and personalized support through branches.
- Benefits: Known for customer service and transparent fees.
- Who it suits: People living in regions where First Citizens has a strong branch presence.
Ally Auto Loans
Ally is a well‑known digital bank that grew out of the old GMAC finance company.
- Key features: Online account management, preapproval through participating dealers, and a wide range of financing options for new, used, and leased vehicles.
- Benefits: Ally’s experience in automotive finance makes it a trusted partner for many dealerships.
- Who it suits: Buyers who prefer a fully online experience with clear digital tools.
All five of these lenders offer alternatives to the former American Express Bank auto loan program. Before deciding, compare interest rates, loan terms, and perks. Always get prequalified with a soft credit check so you can enter the dealership confidently and ready to negotiate.
American Express Auto Loan FAQs
Can I refinance my current car loan through Amex?
- No. Amex does not offer any American Express auto loan refinance program. However, you could technically use a personal loan from Amex to pay off your car loan. Just keep in mind that it’s an unsecured loan with typically higher rates than auto refinancing products.
Can I still buy a car with an American Express card?
- Yes, but only if the dealer agrees. Some allow the full amount, while many cap the payment to a smaller portion. Always confirm the policy before making plans.
Does paying for a car with a credit card hurt my credit score?
- It can. A large purchase may temporarily raise your credit utilization, and if you cannot pay off the balance, interest charges can build quickly. Paying off the card as soon as possible reduces these risks.
Can I use Amex personal loan funds to buy a used car?
- Yes! Since the loan is issued as cash into your bank account, you can use it to purchase a new or used car from a dealer or private seller. There are no restrictions.
Are there any early repayment or prepayment penalties?
- No. American Express personal loans for cars do not have any prepayment penalties or origination fees.
In conclusion, American Express auto loan options are not traditional car loans. Instead, eligible Amex cardholders can use personal loans to finance a vehicle purchase. While these loans are fast and flexible, they often come with higher interest rates and shorter terms. For those with excellent credit and a need for quick funding, it may still be a useful choice. Just be sure to compare it with other lenders before deciding.
