We’ll also go over the factors that lenders consider when determining your auto loan rates. There are many factors that determine the best auto loan rates you can get and several methods that can help you get the lowest rates possible.īelow, we’ll discuss what current auto loan rates are, what is considered a good interest rate and the difference between an interest rate and APR. Consumers Credit Union Pros and Consįinding the best auto loan rates requires some background knowledge. All you need to do is provide a Social Security number or a tax identification number and pay a $5 nonrefundable fee to the Consumers Cooperative Association. While Consumers Credit Union is a membership-based organization and not a bank, anyone can become a member. As long as you qualify, you can borrow nearly any amount, with term lengths of up to 84 months. Other starting APRs include 5.79% for cars made from 2017 to 2020, and 7.04% for cars made in 2016 or older. ![]() Its best auto-loan rates start at 5.54% for cars made in or after 2021. The credit union offers a wide range of terms and loan amounts. That means borrowers who want to refinance cars made in recent model years may get better rates with Consumers than they would getting used car loans with a different provider. The lender’s rates are typical for the industry, but its lowest starting APR applies to vehicles made as far back as 2021. Illinois-based Consumers Credit Union is open to national membership. Starting APR : 5.94% for new cars and 6.19% for used vehicles AutoPay Pros and ConsĬonsumers Credit Union: Excellent Credit Union Loan People with bad credit may still qualify for financing since the company’s minimum credit score for applicants is 560. This means you might be able to pay your auto loan off quickly with a shorter term.īased on our research, borrowers with good credit can find APRs as low as 2.99% for new and used vehicles from AutoPay’s network of lenders. AutoPay also gives you greater flexibility with loan terms, which range from 24 to 96 months. AutoPay: Best Overall Auto LoanĪutoPay is an online lending marketplace that offers auto loans, lease-buyout loans and auto loan refinancing. With that in mind, below we review several lenders offering the best rates, covering each of the top auto financing companies that made our list in detail. ![]() To find the best car loan for you, we encourage you to shop around and compare auto loan rates from various lenders - including banks, credit unions, dealerships and online providers. The specific rate you’ll pay for an auto loan depends on individual circumstances that are based on factors that lenders weigh differently. ![]() While AutoPay may offer the lowest rates for purchases, it may not be the best choice for every potential borrower seeking the best rate.
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