Smaller loan amounts – Lower average prices and smaller loan amounts simply make financing a used car more affordable for many. You could save too! In return, you can get auto loan rates as low as 2.99%. The auto loan industry is on the rise in the U.S. Loan versatility. All new cars arranged for sale are subject to availability and a price pre-arranged with participating franchised new car dealer. A participation fee has been paid by the dealers. You are able to manage all the loan related documents from any device. Rate includes .25% discount for auto transfer from a checking or savings account at the time the loan is originated at a Member Contact Center. The average loan amount for a new vehicle was $30,958 for the second quarter of 2018, compared to $19,708 for used, according to … For Car Loans with tenure up to 36 months Using A Car Loan Calculator in Malaysia To Find The Best Car Loan. In fact, the average interest rate on both a 48- and 60-month car loan from a commercial bank in the third quarter of 2019 was 5.27%, according to the Federal Reserve. 3 APR=Annual Percentage Rate. Interest Rates and Charges. This means that many of the big banks are clamoring to get business from car buyers who are looking to take advantage of the relatively low interest rates right now. Typical car loans last 36, 48, or 60 months in duration. While this is a steep price to pay, it also means you get a lower interest rate. The interest rate you get can also depend on your car’s loan term, though not always. This streamlines negotiations and saves you money over the life of your car loan. Includes a $75 documentation processing fee. On New Recreational Vehicles and Boat loans, when borrowing up to $49,999 we will finance up to 85% of the MSRP, plus tax and license, GAP and debt cancellation. 1% off your approved auto loan rate with a max loan term of 60 months. If approved, you could borrow up to 120% of your car’s value with no down payment required. Our car loan specialists are eager to help you assess your specific situation. Interest rate by loan term. Find out more about the New Car Loan interest rates below. In 2015, Americans owed about $1 trillion in auto loans, according to CNN. Loan duration, however, does have a measurable impact on auto loan interest rates. Rates as of March 3, 2020** Fox Communities Credit Union uses a “merit based” system for determining loan rates. *Monthly reduction based on average of refinancing loans with interest/payment savings compared to prior monthly payments. Getting a shorter 36-month loan could save you close to a full percentage point on your APR compared to a 60-month loan. They charge more interest to protect themselves and recoup more of their money in case the loan goes into default. Finance your new car with U.S. Bank. It’s quick, convenient and secure. The shorter the loan, the lower your APR will be. However, CCU requires you to pay a fee of $5 and keep at least that much in a savings account. When financing a new car loan through U.S. Bank, you get competitive interest rates, convenience and flexibility. Loan Rates. *Rates are our as low as APR (Annual Percentage Rate) determined by creditworthiness, account relationship, and collateral. Reductions can be a result of a lower interest rate, a longer term, or both. The interest rate you get can also depend on your car’s loan term, though not always. Used-car loans have a higher interest rate than new-car loans because used cars have a lower resale value than new cars.