GOBankingRates Reports on 10 Best Auto Loan Rates Available in Phoenix

Car prices are rising, yet auto loan rates remain low, at least for the moment; in order to get behind the wheel, American borrowers are taking out larger loans today than ever before.

To help car buyers take advantage of the lowest auto loan rates today from local banks and credit unions, GOBankingRates released a list of the best rates in Phoenix.

“Although rates on some loans, like mortgages, are increasing, auto loan rates are still relatively low and affordable,” said Amanda Garcia, reporter for GOBankingRates. “GOBankingRates consistently finds auto loan rates below 3% at many community banks and credit unions.”

To provide borrowers benchmarks for comparison shopping, GOBankingRates also surveyed the average auto loan rates on the city, state and national levels.

Average New Auto Loan Rates:

Phoenix Arizona National
3-Year Auto Loan 3.22% APR 3.20% APR 3.26% APR
4-Year Auto Loan 4.17% APR 4.16% APR 4.01% APR
5-Year Auto Loan 2.67% APR 3.26% APR 3.58% APR

10 Lowest Auto Loan Rates in Phoenix

The three- through five-year auto loans from First Credit Union are notable for offering borrowers the lowest rate among local institutions in Phoenix. First Credit Union also offers a variety of terms and affordable rates on both dealer-direct and private-party loans.

  • No. 1– Bank of America’s 5-Year Auto Loan: 2.34% APR
  • No. 2– First Credit Union’s 3- through 5-Year* Auto Loans: 2.39% APR
  • No. 3– Arizona State Credit Union’s 3-Year Auto Loan: 2.45% APR
  • No. 4– US Bank’s 3-Year Auto Loan: 2.50% APR
  • No. 5– National Bank of Arizona’s 3-Year Auto Loan: 2.85% APR
  • No. 6– Arizona Central Credit Union and Credit Union West’s 3-Year, Desert Schools Federal Credit Union’s 3- through 5-Year*,  and BBVA Bank’s 5-Year Auto Loans: 2.99% APR
  • No. 7– Chase Bank’s 4-Year Auto Loan: 3.03% APR
  • No. 8– Wells Fargo’s 4-Year Auto Loan: 3.24% APR
  • No. 9– MidFirst Bank’s 3-Year Auto Loan: 3.49% APR
  • No. 10– MariSol Federal Credit Union’s 3-Year Auto Loan: 3.50% APR
Save for Your Future

*The loan term for these rates extends to 63 months.

About This Study

This study surveyed base auto loan rates for three-, four- and five-year terms from banks and credit unions located in Phoenix and surrounding Maricopa County as of March 3, 2014. Data was compiled from the GOBankingRates interest rate database, which in partnership with Informa Research Services Inc., aggregates banking and interest rate information belonging to more than 6,000 U.S. banks and credit unions. Rates listed above do not consider short-term, promotional offers or relationship discounts.

Please note that interest rates are subject to change at any time at the discretion of individual banks and credit unions. Other terms and conditions could apply. Although the information has been obtained from the various financial institutions, Informa Research Services cannot guarantee the accuracy.


Christina Lavingia
310.297.9233 x118


Editorial Note: This content is not provided by Chase. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Chase.

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GOBankingRates Staff

These articles are written by the in-house GOBankingRates team.

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