10 Best Credit Unions for Car Loans

 

best car loan rates

Whether you’re still shopping cars or are ready to put down an offer on one, taking time to find the best car loan rates can help you save money on your purchase. Your interest rate, in addition to the price of your car, will determine your monthly payments and how much you will pay over the life of your loan. Comparison shopping rates can save you hundreds on your car purchase.

With competitive rates, your local credit union can help you save on your next auto loan. Find out the 10 best credit unions for car loans.

Read: How Your Credit Score Determines Your Auto Loan APR

Best Car Loan Rates From Credit Unions

1. Randolph-Brooks Federal Credit Union: 1.65% APR

RBFCU has some of the best new car loan rates. The credit union offers a 1.65% APR on loans for new and used vehicles with terms up to 66 months. With loan terms as short as 24 months and as long as 84 months, and with financing on up to 125 percent of the value of your car, RBFCU gives you a lot of flexibility when buying a car. As with most lenders, your rate is subject to your creditworthiness and the specific loan terms you select.

2. Suncoast Credit Union: 1.75% APR

Located in Tampa, Fla., Suncoast Credit Union offers rates as low as 1.75% APR. The credit union offers loan terms up to 72 months. While Suncoast Credit Union also offers competitive rates on used car loans, to qualify for the best rates you have to sign up for automatic payments.

3. LA Financial Credit Union: 1.99% APR

LA Financial Credit Union offers new and used auto loans with terms between 48 months and 84 months. You can also finance up to 125 percent of the value of the vehicle’s purchase price. To qualify for a 1.99% APR, you will need to set up automatic payments. The rate you receive is subject to your creditworthiness, the specific loan terms you select and the amount you borrow.

Watch: The Trick to Getting the Best Price at a Car Dealership

4. EECU: 1.99% APR

EECU offers 1.99% APR on car loans up to 66 months for 2014 and 2015 vehicles. To qualify for a 1.99% APR, you will need to set up automatic payments. You can borrow up to 100 percent of your car’s purchase price. Loan terms range between 24 months and 76 months. Rates and terms are subject to change and qualification is based on your personal circumstances.

5. SchoolsFirst Federal Credit Union: 1.49% APR

After a 0.75 percent discount for setting up automatic payments with your SchoolsFirst Federal Credit Union account, you can receive a rate as low as 1.49% APR on your new vehicle purchase.

Rates on used car loans start at 1.61% APR, and higher rates apply for longer loan terms. Upon approval, you can finance up to 100 percent of your vehicle purchase.

6. Foothill Credit Union: 1.70% APR

Foothill Credit Union auto loans are available with terms up to 84 months. The credit union offers new car loans with rates as low as 1.70% APR. This rate includes a 0.50 percent discount for setting up automatic payments with your Foothill checking account.

Auto purchases through New Cars Inc deduct an additional 0.25 percent from your rate. School and hospital employees receive an additional 0.25 percent discount. Speak with a Foothill representative to learn more about discounts you might qualify for.

7. Alliant Credit Union: 1.99% APR

With a 1.99% APR for new cars and a 2.24% APR for used cars, Alliant Credit Union makes the list of best credit unions for car loans. These rates assume loan terms up to 60 months and include a 0.40 percent discount for setting up automatic payments. Financing is available for up to 100 percent of your car’s value.

8. Navy Federal Credit Union: 1.99% APR

Navy Federal Credit Union offers aggressive rates on car loans. The credit union offers a 1.99% APR for new car purchases and a 2.29% APR for late model used cars with 37-month to 60-month terms.

Loans with terms up to 36 months offer lower rates. Loans are also available for up to 96 months.

9. Pentagon Federal Credit Union: 2.24% APR

For 60-month new car loans, PenFed offers a 2.24% APR. 60-month used car loans start at 2.99% APR. Financing is available for up to 110 percent of your car’s value.

Loan terms range between 36 months and 72 months. As with most lenders, loans are subject to credit approval.

10. State Employees’ Credit Union: 2.75% APR

At State Employees’ Credit Union of North Carolina, you can get rates as low as 2.75% APR on new vehicle loans with terms between 37 months and 60 months. You will need to set up automatic payments to qualify for the lowest rates at SECU.

Financing is available for up to 110 percent of the vehicle’s value, and you can get terms between 36 months and 72 months.

 

Methodology: GOBankingRates surveyed the top-performing credit unions in the U.S., evaluating them based on their new car 60-month loan rate, maximum amount that can be financed, range of terms offered and potential rate discounts. Rates were verified as of August 10, 2015.

Some of the financial institutions in this list are GOBankingRates clients.

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