CAR LOAN RATES » Auto Loan News

Car financing can make owning a car more expensive than it’s worth unless you obtain a low interest rate. Luckily, at Huntington Bank, you can do just that by securing an auto loan for as low as 5.07% APR.

This particular auto loan rate applies to 2010 and 2011 new car models with a financing term of 66 months. A payment of $17.31 will be applied to every $1,000 borrowed. The lowest loan rate is subject to application and credit approval–your rate may be different depending on credit history.

Many of the best car loan rates are reserved for borrowers who only want to finance over a short period of time. However, if you need more than a couple of years to finance your auto purchase, you can still obtain one of the lowest loan rates available from Bell Credit Union. Currently, members are able to obtain a car loan rate for as low as 3.00% APR.

You must be a member of the credit union to secure a car loan. The lowest advertised rate applies to a term length of 36 to 60 months and new vehicle purchases only. Rates are subject to credit approval and the best rates are for borrowers with “A” level credit profiles. Rates are also subject to change at any time.

Pinyo is the owner of Moolanomy Personal Finance and a contributing writer to U.S. News Money and Currency from Amex. Moolanomy covers a wide range of personal finance and investing topics, with features that include reviews, comparison guides, and Q&A sections. You can follow him on Facebook.

Fall is the time of year when car shoppers will find the most attractive offers at car dealerships. With next year’s model already on the lot and ready to go, car dealers traditionally offer some of the best deals during the last few months of the year. This can be a big incentive for consumers who are on the fence regarding their next car purchase.

1st Summit Bank is known for offering some of the best deposit rates anywhere, but customers can also obtain car loan interest rates at the lowest possible rate as well. This bank is currently offering a promotional auto loan rate for as low as 4.99% APR.

Car loan rate applies to a term length of 60 months and are for “relationship customers” with a credit score of 685 or higher. A relationship loan customer has four or more services with combined balances (deposits and loans) exceeding $20,000. Additionally, rates are subject to change and subject to borrower qualifications.

Loyola University Employees Credit Union not only give members the opportunity to earn the best interest rates on deposit accounts, it also offers car financing at an incredibly low rate. If you’re in the market for a low interest loan with a short duration, this credit union may have the most affordable car loan rate currently available–as low as 3.99% APR.

Only members can obtain this auto loan rate, so you have to join before applying. Lowest rate is for a term of 24 months or less and you may finance up to 100 percent of the vehicle. All loans are subject to approval by LUEFCU Loan Committee and your credit score will determine the rate you’re offered.

Specifically, you could save an average of $1,412 every year by refinancing your current auto loan. However, only 1 in 20 people are actually aware of the option to refinance their vehicle  loan or the potential savings involved. In reality, it’s enough to pay off your insurance premiums, go on a shopping spree or even take a vacation! It’s a much simpler process than refinancing your mortgage, with comparable savings.

Think about it: What would you do with an extra $1,412 per year in your pocket?

If you have excellent credit and need an auto loan only for a short period of time, there’s no reason you should have to pay extra interest. Riverdale Credit Union is currently offering borrowers who match this profile one of the best auto loan rates currently available at 5.25% APR.

If you would like to obtain this auto loan rate, you will first have to become a member of the credit union. Only members with Beacon credit scores of 700+ will secure the lowest rate. You may finance a new or used auto, boat, farm equipment or motorcycle and term length must be 48 months or less.

Toyota still remains popular despite numerous recalls in the past year, but if you were planning to go out and purchase one, first learn about the company’s latest recall announced on Thursday morning. The auto manufacturer revealed that it will be recalling 1.5 million cars worldwide–approximately half of those are located in the United States. The chosen vehicles are said to have possible brake and fuel system problems, which could pose an issue for anyone planning to take out an auto loan for one of the vehicles on the Toyota recall list.

Numerous Models Recalled

New cars don’t have to cost you big if you know where to obtain a loan. For instance, Chevron Credit Union is offering one of the lowest car financing rates available right now. You can secure a new car loan for as little at 3.49% APR.

Members of this credit union are eligible to finance up to 100 percent of a new vehicle’s value at this car loan rate. Term length cannot exceed 60 months. Rates are subject to change and are based on your credit profile.

Delaware Alliance Credit Union not only provides members with the best interest rates on deposit accounts, but the most affordable rates on loans as well. Right now, you can obtain a car loan rate for as little as 4.99% APR.

Only credit union members are eligible for auto financing. The loan may cover the purchase of a car, motorcycle, RV or boat and the term length can be up to 72 months. The rate is based on your credit profile and may be higher. A fee of $16.11 to $19.56 will be charged for every $1,000 borrowed.