However, you will have to have ties to the U.S. military to join Navy Federal. Example: A 5-year, fixed-rate new car loan for $37,000 would have 60 monthly payments of $ 660 each, at annual percentage rate (APR) of 2.69 %. Auto Loans. These loans include fixed rates, mechanical repair coverage, and a simple interest method that allows you to pay less over the length of the loan.

It’s fast, easy, and best of all, free. Used car (dealer): Example: A 5-year, fixed-rate used car loan for $25,000 would have 60 monthly payments of $ 450 each, at an annual percentage rate … Additionally, interest rates on auto loans drop to as low as 0.99% APR on cars purchased through PenFed’s car buying service. Its prices for auto loan add-ons, such as GAP insurance, are also very low. According to Experian, the average car loan is just under $32,000, with most people choosing a 60- or 72-month auto loan term.

Let’s look at the different auto loan rates above and see how they impact your bottom line. LendingTree helps you compare auto loan rates from multiple lenders. Related: Pros and Cons of … We’ll use a loan term of five years and a new-car loan amount of $28,800 (which is the amount left to finance after a 20% down payment on the average price of a new car … In return, you can get auto loan rates as low as 2.99%. In addition, car loan interest rates may be fixed or variable and might come with low introductory offers.

Best online-only lender: Carvana As a result, before agreeing to car loan financing, make sure you can afford it even if the current auto loan interest rates rise. The potential downside to CCU loans is that not everyone will get approval. Why Does a Low Car Loan Rate Save Me Money?

If you’re in the market for a car but don’t have the necessary cash on hand to make the purchase, then you are likely looking at getting an auto loan.

Navy Federal Credit Union also has some of the lowest auto loan rates available.