What is a good auto loan rate?

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432521
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What is a good auto loan rate?

Postby 432521 » Mon Jun 03, 2013 11:10 pm

Ok so I am thinking about joining a Credit Union and while looking at different ones I wanted to ask what is a good auto loan rate? I want to join one now and build a relationship so that when I do get a car I can just go to my Credit Union to get a good rate because I have read that they give you better rates.
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djrez4
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Postby djrez4 » Mon Jun 03, 2013 11:18 pm

Auto loans are all over the place, especially for used vehicles. With good credit, some manufacturers are offering in house 0% financing on new cars. PenFed usually offers the best rates on used cars - 0.74% if you use their car buying service right now. I'm at 2.89% with Chase on my loan. Applying with different companies at the time I was shopping, I got everything from my 2.89% to 12%, depending on the lender.

Shop around.
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432521
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Postby 432521 » Mon Jun 03, 2013 11:28 pm

Are the rates usually that high when you buy a new car? Personally I don't think I will ever buy a used car, I know that you can get them certified and everything, but for me I think my first car purchase will be a brand new car because I will be saving for 1 to 2 years for my down payment for hopefully at least 20,000 to 25,000 and have a 48 or 60 month financing period.
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djrez4
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Postby djrez4 » Tue Jun 04, 2013 7:31 am

Again, it depends. You can get 0% financing through the manufacturer at least once a year. There are always deals.
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Postby cashback » Tue Jun 04, 2013 7:40 am

New car loans are generally cheaper than used car loans. As djrez said, PenFed has the best rates right now, AFAIK.
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Postby rockyrock » Tue Jun 04, 2013 8:07 am

Credit unions usually offer very competitive rates across the board. No prior relationship is required usually either. Three new cars ago I shopped around and found the CU with the best offer. I opened a savings account and applied for the loan the same day. Your credit and income are what will close the deal at a low APR.
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Postby MB131174 » Tue Jun 04, 2013 3:44 pm

When I bought my Jetta TDI brand new last year it was 0.9% for 60 months. Go figure, a few months later it was 0% on 2012 models once they got the 2013 in stock. Oh well.
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Postby KrazyNick » Tue Jun 04, 2013 4:56 pm

I just recently got a 2013 Elantra and I'm locked it at 1.3% it went through a credit union though
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