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 Houston.
“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:
8 Lowest Auto Loan Rates in Houston:
Auto loans from Space City Credit Union, CTECU and Cy-Fair Federal Credit Union are notable for offering the lowest Houston rates. Additionally, Space City CU offers $100 to borrowers who use its certified dealer program. Cy-Fair FCU also offers a 1% discount on rates with a 20% down payment.
- No. 1– 1.74%
- Space City CU (3-Year)
- No. 2– 1.99%
- Space City CU (4-Year) and CTECU (3-Year)
- No. 3– 2.19%
- Cy-Fair FCU (3-Year)
- No. 4– 2.24%
- Space City CU (5-Year), Texas Dow Employees Credit Union (4-Year), Smart Financial Credit Union (3-Year) and PrimeWay Federal Credit Union (3-Year)
- No. 5– 2.34%
- Bank of America (5-Year) and PrimeWay FCU (3-Year)
- No. 6– 2.39%
- BB&T (3-Year)
- No. 7– 2.45%
- Cy-Fair FCU (4-Year)
- No. 8– 2.70%
- Cy-Fair FCU (5-Year)
About This Study
GOBankingRates surveyed base rates for three-, four- and five-year auto loans from banks and credit unions in Harris 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 could change and accuracy cannot be guaranteed. Other terms and conditions could apply. All rates are shown in APR.
GOBankingRates.com is a personal finance website that connects consumers with the best interest rates nationwide. Its editors are regularly featured on U.S. News, Forbes, MSN Money, Huffington Post and more.