More Portland, Ore., commuters use bikes to travel to and from work than in any other large American city, according to the Portland Bureau of Transportation. But even if you are one of the more than 17,000 people who pedal to work in the environmentally-conscious Oregon city, you probably want a reliable ride for weekend trips to Mount Hood or along the Willamette River.
Whether you cross Hawthorne Bridge by bike or battle Interstate 5 congestion behind the wheel every weekday, you’ll want a competitive auto loan to help you better afford the convenience of having a car. Here are five of the best car loan rates and features Portland banks and credit unions offer local drivers.
5 Best Car Loans Portland, Oregon Offers
1. Castparts Employees Federal Credit Union
Castparts Employees Federal Credit Union is open to employees of numerous companies in the Portland area. You can also join if a family member is a Castparts Credit Union member. You can join this credit union with a $15 deposit. You’ll receive a membership savings account and access to all of the credit union’s products and services, including auto loans.
You can get a new vehicle loan with a rate as low as 1.95% APR with a term up to 72 months. If you want to minimize monthly payments, you can get a 2.95% APR loan with a term between 73 and 84 months. For used vehicles, Castparts Credit Union offers rates as low as 2.99% APR on loans up to 84 months.
2. Oregonians Credit Union
If you, an immediate family member or someone else in your household lives or works in the Portland area, you might be eligible for membership at Oregonians Credit Union. Membership requires a minimum deposit of $5 into a share account. The credit union’s auto loans are flexible, low-rate options with no prepayment or application fees.
You can get preapproved online or at branch locations. Rates start at 2.25% APR. For members with no or poor credit history, First Time Auto Buyer loans can help build credit with rates as low as 6.75% APR.
3. Pacific NW Federal Credit Union
You are eligible for membership at Pacific NW Federal Credit Union if you, an immediate family member or domestic partner live, work, worship, volunteer or attend school in the Northeast Portland area. A $5 minimum savings account deposit will establish your membership and make you eligible for an auto loan with a rate as low as 1.99% APR.
PNWFCU offers the same rates for new vehicles and used cars with model years as old as 2006. Members must set up automatic payments to be eligible for the lowest auto loan rates. Loans are also available to members with no credit and for terms up to 84 months.
PNWFCU also makes buying a car and getting a loan easier. Its AskAuto app allows you to:
- Scan VINs to get average retail costs
- Compare and make notes on car models you like
- Explore auto loan options
- Apply for auto loans
4. Rivermark Community Credit Union
Rivermark Community Credit Union offers membership to numerous Oregon counties and the families of existing members. Establish membership with a $5 share savings deposit and you can qualify for car loan rates as low as 1.74% APR. You won’t pay application or loan fees, and you can receive up to 100 percent financing on new cars, allowing you to purchase a vehicle even if you don’t have a down payment.
5. Umpqua Bank
Whether you’re buying new or used, Umpqua Bank offers competitive financing for Portland drivers. Get a fixed-rate loan with up to a seven-year term. New car buyers can finance up to 100 percent of their car’s invoice amount. Used car loans cover up to 100 percent of NADA values. Rates vary by term length but can be as low as 2.89% APR.
You can even finance $30,000 or more with a rate as low as 3.76% APR with a 84-month term. Despite its financing options, Umpqua Bank does charge a $100 origination fee, and you’ll need to sign up for automatic payments to be eligible for the lowest rate possible.
Find the best car loan rates in your area by researching local options. Although national lenders might offer more convenient branch locations, you’ll likely find more competitive financing at a Portland credit union or bank. Consider car loan features, like long-term financing options, and the benefits of joining a credit union. With proper research, you can save on your next auto purchase with a low interest rate car loan.