The interest rate of the auto loan issued by the credit unions depend on the car’s value and your credit rating. Doing research and comparing the auto loans by different credit unions is necessary in order to make the right choice. The following are the top 6 credit unions that offers the competitive ratess for their auto loans.
1. Randolph-Brooks Federal Credit Union
Randolph-Brooks Federal Credit Union offers one of the lowest APR rate for auto loan at 1.8%. The 1.8% rate applies when you are buying a new or second hand vehicles. The same rate also apply if you decide to refinance your existing auto loan. The low 1.8% rate is guaranteed for you for 90 days.nThe loan term is up to 60 months and you can borrow against your vehicle by up to 125%.
2. Suncoast Credit Union
Suncoast Credit Union’s APR rate for the auto loan starts from as low as 1.75%. In addition, they will give you a $200 rebate if you decide to buy or refinance a new or second hand car. The $200 rebate also applies if you refinance a new or 2006 model of second hand Harley Davidsons model or newer model. The loan term for the Suncoast Credit Union auto loan is up to 72 months.
EECU is offering an APR of 1.76% for as low as 36 months. The maximum amount that you can borrow in the auto loan is $100,000 and your vehicle must receive its title in California. They offer a 50% discount if you set up automatic payment on your checking account. There are different loan terms to choose from including 36, 48, 60, 72 and 84 months.
NIHFCU.org offers a low interest rate for their auto loan that starts from 1.49%. Qualified borrowers will be able to borrow up to 125% against their vehicle value. You can use e-signature to sign to the agreement when applying online. It only take a few minutes to get approved for the NIHFCU auto loan online.
5. LA Financial Loan
LA Financial loan offers an APR rate that is as low as 1.99% for auto loans. The 1.99% rate is valid for both new and second hand vehicles. You can obtain up to 125% financing from the LA Financial Loan. The typical loan term for the auto loans is 60 months but you have the option to defer making repayment until 90 days. The interest rate will add onto the loan when you defer to 90 days.
6. Pentagon Federal Credit Union
Pentagon Federal Credit Union offers an auto loan with interest rate as low as 1.49%. The loan term for the PenFed auto loan range from 36 months – 84 months. You can apply for an auto loan at PenFed for used vehicles as well as new vehicles. The PenFed loan can be applied online and you can get approved for up to 110% financing.