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First Community Credit Union Car Loan Rates

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Banking, Mortgages & Loans

Getting the lowest possible APR can help you lower your monthly loan payments or pay off your vehicle early. These are important goals for many people (and most of our peers), so let’s take a look at the best car loan rates and see how you can get them.

☝ It is important to remember that these low interest rates are not available to all borrowers. They often require high credit and can only be extended to existing customers/members. These advertised prices may include discounts for account activity, automatic payments, military service, etc.

Not all banks and financial institutions offer car loans with the same interest rate. Loan requirements, vehicle requirements and loan terms vary widely among lenders.

To get you started on your car loan search, we’ve compiled a list of the best car loan rates currently available. All of these financial institutions and related services currently advertise an APR of less than 7.5%.

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This credit union, open to everyone, offers a variety of banking and credit services, including auto loans, refis and specialty loans for Tesla vehicles.

They also have a dedicated car purchase program where you can get up to 0.50% off your APR and get discounts when you buy your vehicle from their dealer network.

This auto loan marketplace offers matching services for a variety of auto loans and upgrades, including third party sales and hire purchase.

It’s also worth noting that they’re part of The Savings Group, which includes car loan companies like RateGenius and Tresl.

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Autopay does not charge application fees or prepayment penalties. Because it is a matching service, the loan offer comes with certain lender fees, such as origination fees or credit union membership fees.

The lowest APR that Autopay advertises on its loans is 4.67%. The APR you need may be higher depending on the terms of the loan you are seeking and your overall creditworthiness.

One of the largest banks in the United States, Bank of America offers a wide range of banking and credit services, including auto loans, auto loan payments and lease purchases.

Unfortunately, they don’t offer a pre-qualification process, so your loan application will immediately result in a tough review.

How To Finance A Car: Get An Auto Loan In 4 Steps

Bank of America does not charge a loan origination fee, but may pass on a government fee (ie title fee).

If you’re a Preferred Rewards member, you can get a discount of between 0.25% and 0.50%, so the lowest possible rate on a new car is 5.89%.

This loan matching service offers a variety of loans, including auto loans and auto loan refinances. When you fill out a loan application, they will connect you with up to 5 lenders from their network of over 500 lenders.

Lending Tree doesn’t charge you anything, but some lenders may charge you an origination fee or other fees.

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Lending Tree advertises the lowest possible APR of 4.50% from Southeast Financial Credit Union (SFCU). To qualify for this rate, you need a credit score of 750 and a loan term of 12 months. You must also become a member of a credit union.

An APR of 4.50% is available on both new and used vehicles. The lowest APR available for refi loans is 4.50%.

This loan matching service specializes in car loans and car rentals. You can compare up to 4 offers simultaneously. MyAutoLoan offers loans for new cars, used cars, private sales, loans and lease purchases.

MiAutoLoan’s lowest APR offer is 4.93% for lease purchases. The APR of other types of loans starts from this moment

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One of the largest credit unions in the country, Navi Federal offers a variety of credit and banking services, including auto loans and car rentals.

However, loans are only available to members, and membership in the federal navy is limited to military personnel, their families, and government employees.

If you are an active duty member, you can get a discount of 0.25%, so the lowest possible APR is 4.29%.

This national credit union with open membership (anyone can join) offers a variety of banking and credit services, including auto and auto loans.

September 2012 Firstview Newsletter By First Community Credit Union

PenFed also offers a car purchase program where you can get lower interest rates and cash back incentives from select manufacturers. You must be a member of PenFed for at least 60 days before you can apply for a car loan through their car purchase program.

Your credit score has a big impact on the interest rate you’re offered. The higher your credit score, the lower rates you will be offered. With this in mind, a good car loan interest rate will allow you to finance a car with manageable monthly payments within your budget.

In the table below you can see the latest average interest rates for new and used cars by credit score.

The banks, credit unions and equivalent services listed above are the lowest prices offered to the public. But you can still find similar or better APR offers if you do a more personalized search.

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Check out some great ways to get the best APR on your next car loan.

A loan search service or “loan broker” allows you to work with a network of lenders to find the best interest rate and loan terms. The application must be completed and forwarded to each creditor. This often leads to competitive offers, even for those with bad credit.

Remember that the quotes you get from a loan broker are not guaranteed. The terms of the loan can be changed until the final approval stage.

👉 If you have bad credit, it can be difficult to find financing options. That’s why we’ve put together a special list of the best car rental companies with bad credit. We’ve carefully evaluated these companies to make sure we’re offering you real, non-predatory options.

April Newsletter 2022

Another good source for finding auto loans with favorable terms and rates is to check with your local bank or credit union, especially if you already have a relationship with that financial institution.

Big banks often offer great interest rates, especially to people with good credit, but they don’t publish those rates. For example, I got a 2.83% APR on my last used car through Capital One, but I didn’t find out about this low rate until I applied.

Credit unions are also a good choice, as they offer low interest rates and longer repayment terms thanks to their non-profit model.

☝ Although credit unions were traditionally limited to certain areas or groups, today there are credit unions that anyone can join.

First Class Community Credit Union

Many dealers offer 0% APR on new vehicles and low APR loans (under 3%) on qualified used vehicles. But you’ll likely need excellent credit to qualify for these offers.

Traditional car dealers offer financing packages from other lenders. But some dealers offer buy here, pay and in-house financing. This type of financing is usually offered by dealers selling low value vehicles and does not require a credit check.

No haggling with the dealer, view vehicles virtually and shop on your own time. Online-only retailers like Carvana and Vroom are pioneering this couch-to-car buying process.

In addition to helping you find a car, they can also finance it. Carvana, for example, has an internal financing program. The lowest advertised rate is 6.85%, but many customers have reported getting much lower rates, sometimes as low as 4%.

Five Reasons People Love Credit Unions

If you have bad credit, the best way to get a good APR is to improve your credit. Even an increase of a few points can take you from fair to good credit and save you a decent chunk of money at a lower APR.

If you financed a $28,000 new car at 9.60% interest, you would pay $7,365.20 in interest over the 60-month loan period. If you were to finance the same amount at 5.64%, you would only pay $4,198.40 in interest. That’s a savings of nearly $3,170.

📚 If you want to improve your credit score quickly, check out resources like Experian Boost, rental reporting services, and other credit improvement programs.

If you had to buy a vehicle when your credit wasn’t the best, or if you got ripped off by a bank or dealer and you’re stuck with a high APR, you can still save money by refinancing your car loan.

Auto Loan Financing

Many lenders offer low interest rates on repayments. Check out our roundup of the best car refinance companies to get started.

Make sure you pay off the loan early or you could end up paying too much interest

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