Car prices are rising, yet auto loan rates remain low, at least for now; to get behind the wheel, borrowers are taking out larger loans than ever before.
To help buyers take advantage of the lowest auto loan rates today from local institutions, GOBankingRates released a list of the best rates in Los Angeles.
“Although mortgage rates are increasing, auto loan rates are still low,” said Amanda Garcia, of GOBankingRates. “GOBankingRates consistently finds auto loan rates below 3% at many community banks and credit unions.”
GOBankingRates also surveyed the average auto loan rates on the city, state and national levels.
Average New Auto Loan Rates:
9 Lowest Auto Loan Rates in Los Angeles
Los Angeles Police Federal Credit Union and Foothill Credit Union are notable for offering the lowest auto loan rates in Los Angeles.
- No. 1– Los Angeles Police Federal Credit Union: 1.20% (5-Year)
- No. 2– Foothill Credit Union: 1.70%* (3-, 4- and 5-Year)
- No. 3– Northrop Grumman Federal Credit Union and Western Federal Credit Union: 1.74% (3-Year)
- No. 4– LA Financial Credit Union: 1.90%* (3-, 4- and 5-Year)
- No. 5– Farmers Insurance Group Federal Credit Union: 1.99% (3-Year)
- No. 6– First City Credit Union: 2.00% (5-Year)
- No. 7– Bank of America: 2.34% (5-Year)
- No. 8– F&A Federal Credit Union and NuVision Federal Credit Union: 2.49% (3- and 5-Year, respectively)
- No. 9– Golden 1 Credit Union: 2.79% (3-, 4- and 5-Year)
* Rate includes relationship discount.
About This Study
GOBankingRates surveyed base rates for three-, four- and five-year auto loans from banks and credit unions in Los Angeles County as of March 3, 2014. Data is from the GOBankingRates interest rate database, which partners with Informa Research Services Inc. to aggregate interest rates from more than 6,000 U.S. financial institutions.
Interest rates are subject to change at any time; accuracy cannot be guaranteed. Other terms and conditions could apply. Rates are shown in APR.
Jaime CatmullJaimeC@GOBankingRates.com 424-903-9002