GOBankingRates Reports on 7 Best Auto Loan Rates Available in Salt Lake City

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 Salt Lake City.

“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:

Salt Lake CityUtahNational
3-Year Auto Loan3.16% APR3.17% APR3.26% APR
4-Year Auto Loan3.81% APR3.85% APR4.01% APR
5-Year Auto Loan3.64% APR3.66% APR3.58% APR


7 Lowest Auto Loan Rates in Salt Lake City

The five-year auto loan from Zions Bank is notable for offering borrowers an added discount of 0.25% APR for setting up automatic payments through a Zions Bank Gold Checking account.

  • No. 1 Bank of America’s 5-Year Auto Loan: 2.34% APR
  • No. 2– U.S. Bank’s 3-Year Auto Loan: 2.50% APR
  • No. 3– America First Credit Union’s 5-Year Auto Loan and Cyprus Credit Union’s 3-Year Auto Loan: 2.99% APR
  • No. 4– Chase Bank’s 4-Year Auto Loan: 3.08% APR
  • No. 5– Wells Fargo’s 4-Year Auto Loan: 3.24% APR
  • No. 6– Zions Bank’s 5-Year Auto Loan: 3.46% APR
  • No. 7– Bank of Utah’s 5-Year Auto Loan: 3.49% APR

The five-year auto loan from Zions Bank is notable for offering borrowers an added discount of 0.25% APR for setting up automatic payments through a Zions Bank Gold Checking account.

About This Study

This study surveyed base auto loan rates for three-, four- and five-year terms from banks and credit unions located in Salt Lake City and surrounding Salt Lake 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.

Contact:

Jaime Catmull
JaimeC@GOBankingRates.com
310.297.9233 x261

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