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 Cincinnati.
“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, such as New Horizons Credit Union’s current 2.50% APR rate.”
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:
|3-Year Auto Loan||3.08% APR||3.28% APR||3.26% APR|
|4-Year Auto Loan||3.00% APR||3.12% APR||4.01% APR|
|5-Year Auto Loan||3.59% APR||4.32% APR||3.58% APR|
6 Lowest Auto Loan Rates in Cincinnati
New Horizons Credit Union’s auto loan is notable for offering borrowers this low rate for up to 84-month terms.
- No. 1- Chase Bank’s 4-Year Auto Loan: 2.03% APR
- No. 2– PNC Bank’s 3-Year Auto Loan: 2.34% APR
- No. 3– New Horizons Credit Union’s 5-Year and U.S. Bank’s 3-Year Auto Loan: 2.50% APR
- No. 4– Fifth Third Bank’s 4-Year Auto Loan: 3.08% APR
- No. 5– Advantage Bank and Wells Fargo’s 4-Year Auto Loans: 3.24% APR
- No. 6– Huntington Bank’s 3-Year Auto Loan: 3.74% APR
About This Study
This study surveyed base auto loan rates for three-, four- and five-year terms from banks and credit unions located in Cincinnati and surrounding Hamilton 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.
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