bank of america interest rates for used car loans

Seems that they don't need or value my business. I took my 750+ credit elsewhere (LightStream) and was approved within an hour with a better interest rate and. Apply for the amount you need to purchase the private sale vehicle you want within your budget, whether it's new or used. Interest rate options. With a Midland States Bank car loan, you'll get: • Low, competitive rates on new or used car purchases or auto loan refinancing.

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CAR LOANS AT BANK OF AMERICA - 3 biggest mistakes when getting a car loan - CAPTAIN GAMING BD

Bank of america interest rates for used car loans -

Best auto loan interest rates

Because car loans are secured by the vehicle you buy, you can expect lower interest rates, sometimes under 5%. Generally, you need strong personal finances to qualify for the most competitive rates — especially a good credit score of at least 670.

Here is the average APR you can expect broken down by credit score and eight of the top lenders that offer the best auto loan rates.

The average interest rate on a new car loan for a borrower with good credit is 5.05% as of August 2021. Your APR will depend on your credit score, loan term, debt-to-income (DTI) ratio and whether you’re buying a new or used car.

Excellent (super prime): 781 to 8502.34%3.66%
Very good (prime): 661 to 7803.48%5.49%
Good (near prime): 601 to 6606.61%10.49%
Fair (subprime): 501 to 60011.03%17.11%
Poor (deep subprime): 300 to 50014.59%20.58%

Source: Experian’s State of the Automotive Finance Market Report — Q2 2021

Average auto loan rates for new and used vehicles, second quarter 2021

Why do new and used car loans have different rates?

Some lenders charge higher rates for used cars because you can’t take advantage of manufacturer deals, and because it’s difficult to determine the actual value. Used car buyers also default at a higher rate, causing some lenders to charge more in interest to make up for missed profits.

LightStreamCompetitive$5,000 to $100,000VariesRead review
Carvana3.9% to 27.9%VariesStarting at 12 monthsRead review
LendingTreeStarting at 0.99%Not statedStarting at 12 monthsRead review
myAutoLoanStarting at 1.89%$8,000 to $100,000Up to 84 monthsRead review
Ally Clearlane3.74% to 13.49%Starting at $10,000Starting at 36 monthsRead review
Bank of AmericaStarting at 2.29%$5,000 to $100,000Starting at 12 monthsRead review
PenFedStarting at 1.79%$500 to $100,000Up to 84 monthsRead review
M&T Bank3.39% to 13.99%Starting at $2,000Up to 84 monthsRead review

Although there are a wide variety of lenders with low starting rates, these are some of our best overall picks.

Best for same-day funding

LightStream Auto Loans logo

Read review

LightStream has some of the most competitive rates out there. And unlike many lenders, it offers same-day funding. But great rates mean you'll need good to excellent credit to qualify. Plus there's no preapproval process: Applying with LightStream will result in a hard pull of your credit — even if you aren't approved.
  • Pros
    • Same-day funding available
    • Large maximum loan amount of $100,000
    • No restrictions on used cars
    Cons
    • Good to excellent credit required
    • No preapproval process
  • Loan amount$5,000 – $100,000
    APRCompetitive
    Minimum credit scoreGood to excellent credit
Loan amount$5,000 – $100,000
APRCompetitive
Minimum credit scoreGood to excellent credit
Read review

Best for buying a car completely online

Carvana logo

Go to site
on Carvana's secure website

Carvana is an online dealership that offers a simple financing process for its used car inventory. Its interest rates start decently low at 3.9% — although they can reach a high 27.9%. You have up to 45 days to choose your car from Carvana's inventory, which is longer than many lenders offer.
  • Pros
    • Low annual income requirement
    • Seven-day return period
    • Long preapproval period of 45 days
    Cons
    • Only offers used cars
    • No option to negotiate price
    • Financing must be used for Carvana
  • Loan amountN/A
    APR3.9% to 27.9%
    Minimum credit scoreNo minimum credit score
    Loan termVaries
Loan amountN/A
APR3.9% to 27.9%
Minimum credit scoreNo minimum credit score
Go to site
on Carvana's secure website

Best for comparing lenders that accept good credit

LendingTree logo

Read review

LendingTree simplifies the search process. With one form, you can see what car loans you could qualify for — no matter what type of vehicle you want to finance. The lenders in its network offer rates as low as 1.99% and competitive terms. But if you don't have good to excellent credit, you may not qualify for a loan.
  • Pros
    • Simple online form
    • Large network of auto lenders
    • Multiple vehicle financing options available
    Cons
    • Good to excellent credit required
    • Complaints about too much marketing materials
  • Loan amountN/A
    APRStarting at 0.99%
    Minimum credit scoreGood to excellent credit
    Loan termVaries by lender
Loan amountN/A
APRStarting at 0.99%
Minimum credit scoreGood to excellent credit
Read review

Best for comparing lenders that accept bad credit

myAutoloan.com Car Loans logo

Go to site
on myAutoloan.com's secure website

Like LendingTree, myAutoLoan.com is a connection service that uses your information to help you find a lender. It accepts borrowers with low credit, and its network of lenders are transparent about their rates. However, you have to borrow at least $8,000. And because it sends your information to multiple lenders, you may receive marketing materials even after you get a loan.
  • Pros
    • Transparent rates
    • Multiple car loan options
    • Low minimum credit score requirement of 550
    Cons
    • High minimum loan amount of $8,000
    • Strict minimum income requirement
    • May receive marketing materials
  • Loan amount$8,000 – $100,000
    APRStarting at 1.89%
    Minimum credit score550
Loan amount$8,000 – $100,000
APRStarting at 1.89%
Minimum credit score550
Go to site
on myAutoloan.com's secure website

Best for refinancing

Ally Clearlane logo

Go to site
on Clearlane's secure website

Ally Clearlane is a direct lender and a great choice for refinancing. You'll be able to change up your loan terms with competitive interest rates that max out at 13.49%. But it's been accused of poor customer service, and its website doesn't have much information about the process.
  • Pros
    • Low starting APR of 3.74%
    • Coapplicants accepted
    • Lease buyouts also available
    Cons
    • Limited information available online
    • High minimum monthly income requirement of $2,000
    • No new or used car loans
  • Loan amountStarting from $10,000
    APR3.74% to 13.49%
    Minimum credit score580
    Loan term3 to 7 years
Loan amountStarting from $10,000
APR3.74% to 13.49%
Minimum credit score580
Go to site
on Clearlane's secure website

Best for low rates from a bank

Bank of America Auto Loans logo

Bank of America Auto Loans

Read review

Bank of America is one of the top banks out there with some of the lowest starting rates on new cars. It offers a wide variety of loans to suit every need. And while you're generally stuck buying from its network of dealerships, Bank of America will finance private-party loans if they meet its set requirements.
  • Pros
    • Extremely low starting APR of 2.39%
    • Multiple car loan options
    • Large maximum loan amount of $100,000
    Cons
    • Limited dealership network
    • Must have BofA bank account to apply for private-party purchase
    • Long list of ineligible vehicles
  • Loan amount$5,000 – $100,000
    APRStarting at 2.29%
    Minimum credit scoreVaries
    Loan term1 to 6.25 years
Loan amount$5,000 – $100,000
APRStarting at 2.29%
Minimum credit scoreVaries
Read review

Best for low rates from a credit union

PenFed Auto Loans logo

Go to site
on PenFed's secure website

PenFed is one of the larger credit unions out there — and that means you can take advantage of low rates. It only costs $5 to join, but you'll have to have an account for at least 90 days to apply for a car loan. Once you do, you can use its car-buying service or bring your preapproval to a dealership to snag a car worth up to $100,000.
  • Pros
    • APR starts at 1.04%
    • Easy to join
    • Car-buying service available
    Cons
    • Must be a member for 90 days
    • Branch locations limited
  • Loan amount$500 – $100,000
    APRStarting at 1.79%
    Minimum credit scoreVaries
    Loan term3 to 7 years
Loan amount$500 – $100,000
APRStarting at 1.79%
Minimum credit scoreVaries
Go to site
on PenFed's secure website

Best for financing leisure vehicles

M&T Bank Auto Loan logo

Read review

M&T Bank is rare: It offers financing for RVs, boats, motorcycles and other leisure vehicles. Best of all, its interest rates and terms are clear — although the fees you might pay aren't easily found.
  • Pros
    • Low starting rates for boat and RV loans
    • APR discount for current customers
    • Long loan terms available
    Cons
    • Limited state availability
    • Not all fees are transparent
  • Loan amountStarting from $2,000
    APR3.39% to 13.99%
    Loan termUp to 7 years
Loan amountStarting from $2,000
APR3.39% to 13.99%
Read review

How we picked these lenders

We chose these lenders because their starting interest rates are lower than the average APR for new and used cars. And while some, like Carvana and myAutoLoan, have higher maximum rates, we felt that they still offered a good deal overall.

Loan amounts and loan terms factored into our decision as well. And we considered other factors like rate discounts, preapproval periods and national availability to narrow down our options.

The interest rate you get can also depend on your car’s loan term. In fact, the average interest rate on a 60-month car loan from a commercial bank in the first quarter of 2021 was 5.21%, according to the Federal Reserve.

While some lenders may charge lower rates for a longer term, others like credit unions offer higher rates for longer terms.

How does loan term change the amount I pay?

The longer your loan term, the lower your monthly payment. However, it makes the total cost higher. For example, if you borrow $15,000 for a used car and your lender offers you a 10.5% interest rate, your monthly payments and total interest can vary greatly.

36 months$487.54$2,551.32
48 months$384.05$3,434.43
60 months$322.41$4,344.51
72 months$281.68$5,281.29

As you can see, your monthly payments are lower the longer you borrow, but you’ll end up paying about $1,000 more in interest each year your loan is outstanding.

Moreover, lenders generally charge lower interest rates for shorter loan terms. If you want to get the lowest rate possible, calculate your monthly car loan payments and interest charges based on different loan terms. This helps you determine the minimum term you can afford based on your interest rate to save money.

Finding the best car loan interest rate involves preparing and plenty of research beforehand with a potential to save thousands of dollars. These tips should get you started on your journey to scoring a low rate on your next car loan.

1. Know your credit score

By knowing your credit score before you shop for a loan, you’ll know what kind of rate you can expect. This allows you to go into the car-buying process with your eyes open and a realistic goal in mind.

2. Compare rates from different lenders

Applying for multiple loans around the same time won’t hurt your credit, so you can apply for preapproval from multiple lenders without damaging your overall score. This makes it easier to compare rates and find a loan suitable for your needs.

3. Get preapproved before visiting the dealership

When you compare your loans ahead of time, you can be preapproved — giving you the upper hand when negotiating with a salesperson.

4. Look out for discounts

Dealerships often offer rebates and reduced rates on certain vehicles, while lenders might offer loyalty discounts and rate reductions for using autopay.

5. Focus on the overall cost

Rather than focus on the monthly payment, concentrate on the sale price and the price you’ll end up paying at the end of your loan. Once you have this number, it’s much easier to determine what loan term is best so you can handle the monthly payments.

6. Be willing to negotiate

No matter how good your credit score is, you likely won’t be offered the lowest interest rate right off the bat. Dealerships are hoping you don’t question your rate, so come prepared knowing your credit score and the average rate you can get.

7. Don’t jump on the first deal

Since your interest rate isn’t the only thing that impacts the final price of your car, spend the time determining how term length and vehicle cost change your budget. Most lenders offer a few days to decide on a loan and buy a car — you won’t be wasting time if you decide to take a moment to get your thoughts in order.

8. Check the fine print

Like most loans, car loans are notorious for their legalese. Understand how your interest is calculated and any potential fees you might be charged.

You’ll also want to confirm that your loan isn’t conditional when you visit a dealer. Conditional means “subject to change,” so your loan isn’t finalized when you drive off the lot. If your terms change, you could be left with a worse interest rate on your loan.

9. Apply with a cosigner

A cosigner not only lowers the risk for the lender, but it can result in a lower rate for you because your lender will consider the credit and income of both parties when reviewing your application, giving you a better chance of approval for a more affordable rate.

Dealership financing is often more expensive than borrowing from a third-party lender. But there are some situations where you can get a better deal, such as:

  • When it offers 0% financing. Some dealerships offer financing as low as 0% — especially if they want to move certain models out of the lot.
  • When you have a preapproved loan. You can use your preapproved loan from another lender as leverage to get a better rate at the dealership.
  • When you want to negotiate. Even if you aren’t preapproved, dealerships are often flexible about rates and terms on their loans, unlike other car loan providers.

Can I really get a car loan with a 0% APR?

It’s possible, but it depends on your credit — and most deals are only available from manufacturers on new cars. Often, you’ll need nearly perfect credit to qualify, and it’s usually only available for certain makes and models.

Agreeing to a 0% APR auto loan may also mean foregoing other offers or promotions, like a manufacturer’s rebate. Ultimately, if you qualify, you’ll want to crunch the numbers to make sure it’s the best deal for you.

LEARN MORE: What dealerships don’t want you to know about 0% car loans

At the end of the day, you can lower the total price you pay for a new or used vehicle by ensuring you’ve found a good deal on your car loan interest rate. When you compare car loans, don’t forget to do your research on each part of the process. If you already have a car loan with a high interest rate and think you could qualify for a lower one, you may want to consider refinancing.

  1. LightStream: Best for same-day funding
  2. Carvana: Best for buying a car completely online
  3. LendingTree: Best for comparing lenders that accept good credit
  4. myAutoloan.com: Best for comparing lenders that accept bad credit
  5. Ally Clearlane: Best for refinancing
  6. PenFed: Best credit union
  7. Bank of America: Best bank
  8. M&T Bank: Best for financing leisure vehicles

Our answers to more questions about interest rates on new and used car loans.

Will auto loan rates go down?

Interest rates on car loans fluctuate with the economy. Because of the COVID-19 pandemic, interest rates have lowered since 2019. But they’re bound to increase again as the economy recovers.

Am I better off taking out a loan for a longer term?

Not necessarily. While a longer term can lower your interest rate and your monthly payment, you’ll likely pay more in interest overall. Carefully weigh your ability to make monthly payments with the final cost of your car to determine the best term length.

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Thank you for your feedback!

Kellye Guinan is a seasoned financial writer with over 500 articles under her belt spanning all things loans from auto to personal to business and everything in between. With four years in the field and five years of research experience, she's able to make complex personal finance decisions easier for anyone to tackle. When she's not up to her knees learning about the latest trends in lending, she spends her time improving her own financial literacy and expertise — and maintaining a Duolingo streak of over 1,300 days.

FedEx Employees Credit Association auto loans reviewBoro auto loans for college students review

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Make the car you want yours—on your terms.

This calculator is made available by one or more third party service providers. It is not intended to be an advertisement for a product or service at any of the terms used herein. It is not intended to offer any tax, legal, financial or investment advice. All examples are hypothetical and are for illustrative purposes. Truist Financial Corporation ("Truist") and its affiliates do not provide legal or tax advice. Truist cannot guarantee that the information provided is accurate, complete, or timely. Federal and state laws and regulations are complex and are subject to change. Changes in such laws and regulations may have a material impact on pre- and/or after-tax investment results. Truist makes no warranties with regard to this calculator or the results obtained by its use. Truist disclaims any liability arising out of your use of, or any tax position taken in reliance on, this calculator. Always consult an attorney or tax professional regarding your specific legal or tax situation.

Источник: https://www.truist.com/loans/auto-loans

Reviews: Bank of America Auto Loans

Overall lender rating

from Credit Karma members
personal loans document icon

Explore our auto loans

See offers from 20+ lender partners to find one that matches your goals.

Member ratings

All member reviews (74)

Don't bother!

Credit Karma member

I was approved for the loan, uploaded the vehicle documents and called customer service the next day to gain an understanding of the process and what to expect. Between 2 separate calls, I was on hold for 3 hours total waiting for a loan specialist. It's been 11 days and still nobody has contacted me. Seems that they don't need or value my business. I took my 750+ credit elsewhere (LightStream) and was approved within an hour with a better interest rate and had the funds within 48 hours.

Worst experience

Credit Karma member

Worst customer service takes more than 2 hours just to connect them and then they have bad attitude.

Don't waste your time

Credit Karma member

Don't even bother. It's like they don't want your business, the agents are jerks the process is long and time consuming, their rates are not competitive. The whole experience is bad. Most people think "Oh I need a loan, I will go to my bank" don't.

Scummy company

Credit Karma member

The company is scummy; I lost thousands of dollars

GOOD EXPERIENCE

Credit Karma member

A few things to keep in mind with this. My loan experience was very good. Everything was done elecronically and my credit was above 730 when I did my loan. My loan was a refinance on my auto. You have to know how to do things online and have to read and ask the right questions. If you don't I suggest you go to the bank in person. Loan went off without any issues and I got the rate I was quoted in the beginning. The only issue I have and this is why I rated them 3 out of 4 stars is that I cannot make principal payments online. I have to call in for that.

Stupid bank I have ever know

Credit Karma member

They approved my load then next day they said your application declined because they couldn't confirm my address. I said them maybe it's because I just purchased the house. If you need I have ncessary documents that shows that I own the house. They said no we don't need it. Such a stupid reason for refuse?

Absolute Nightmare Experience

Credit Karma member

Application, approval, and funding processes were the worst customer service experiences of my life. Mind you, I have great credit, plenty of income for the loan, and was ultimately approved and funded. I've also been a client of BofA for over a decade. That said, I wish that I would've gone with another bank. Bank of America Auto is the most incompetent group of people I've ever dealt with. The whole process took over 6 weeks, and I'm still waiting for the bank to send me the documents necessary to register the vehicle. I've dealt with half a dozen associates, and they're all incompetent. In their defense, clearly the training, communication, and systems are all garbage at BofA Auto.

Look elsewhere

Credit Karma member

As I have seen in so many reviews, so very nice until the loan closes, then no personal service, they really do not care about the customer, they actually WANT you to default, then they get your car! Why can't they be competitive and want to do good business with you? Everyone works so hard and in the end we are all just trying to get a fair deal, and pay it off quickly. Last I noticed their "house" was much bigger than my home! Why do they complain or make it difficult to pay towards the principal only? Sad, they ought to encourage folks to do this, they'd make more money in the end by repeat customers and word of mouth. Hmmmm I should be a consultant for them!

2010 f 150 Great experience

Credit Karma member

Great experience with my local bank everyone seems to understand my needs at this bank

A awful place to bank

Credit Karma member

Everything they do is to skim money from your accounts. I moved evrything to another bank.

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Источник: https://www.creditkarma.com/reviews/auto-loan/single/id/bank-of-america-auto-loans1

Test Drive Our Calculator1

1 We provide rate and payment calculators as resources to help you evaluate payment amounts that may be right for you. Calculator results are based on the information you provided, and Chase does not guarantee your ability to receive these terms. The calculator assumes 30 days in a month and a first payment scheduled 30 days after the start date to calculate a monthly payment. Monthly payment amounts vary by term and rate. For example, the minimum payment is $418.41 over a 60 month term at 3.5% APR. No down payment is required.

2 APR (Annual Percentage Rate) is the cost of credit, expressed as a yearly rate. APRs appearing in rate tables and/or calculator results are based on your input and are subject to change at any time. Additional terms and conditions apply such as vehicle age and mileage. When you apply for credit, your application is subject to credit approval by Chase using your full credit history, related score, income and other factors to evaluate your request and ability to repay. Consider checking your credit report occasionally to be sure inaccuracies aren't impacting your ability to receive credit. Calculator results are also based on your selected dealer state, loan-to-value ratio of 100% and only apply to car purchases from a dealer in the Chase network. If you obtain purchase financing from a dealer in IN, your APR will include an origination fee of $195, as part of the calculation of the cost of the credit, which will make the APR higher than the interest rate when you finance.

3 To finance a new or used car with your dealer through JPMorgan Chase Bank, N.A. ("Chase"), you must purchase your car from a dealer in the Chase network. The dealer will be the original creditor and assign the financing to Chase. All applications are subject to credit approval by Chase. Additional terms and conditions apply, such as vehicle make, age and mileage.

*Chase does not offer auto refinancing.

Источник: https://autofinance.chase.com/auto-finance/auto-loans/rates-calculator

Auto Loans

Your auto loan needs covered

2.35% APR1

as of 11/19/2021

Car

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Enjoy stress-free car shopping with AutoSMART™

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Research and shop for a new or used vehicle with AutoSMART.

  • Browse through thousands of cars from trusted, local dealer partners
  • Research and compare various makes and models, safety features and more
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  • Use payment calculators and tools to find out what you can afford
  • Get pre-approved online with Patelco financing then head to the dealer

Start shopping for your next car

Make no car payments for up to 90 days³

Whether you’re buying a new car or refinancing one you already own, we’re here to make it easier on your budget. All of our auto loans come with the flexibility to make no payments for up to 90 days3.

  • Used car loan rates starting at 2.45% APR5
  • Affordable repayment terms up to 84 months on vehicles up to 10 years old, maximum 150,000 miles
  • Up to 140% financing with Guaranteed Asset Protection and Mechanical Breakdown Insurance
  • Flexibility that allows you to buy from a dealer, private party, or even buy out a lease
  • Enjoy a potential rate reduction through LevelUp
  • Car loan refinancing rates starting at 2.35% APR1
  • Reduce your interest rate or loan terms to better suit your needs
  • Lower your monthly payment and free up cash for other expenses
  • Affordable repayment terms up to 84 months on vehicles up to 10 years old, maximum 150,000 miles
  • Use the equity you’ve already established and borrow up to 100% of your car’s Kelley Blue Book value
  • Shop online or at an Enterprise Car Sales location near you and choose from over 250 makes and models
  • Competitive and below Kelly Blue Book pricing6
  • Trade ins welcome
  • All vehicles thoroughly cleaned between every rental and backed with the Enterprise Complete Clean Pledge
  • Free home delivery options in select locations
  • 12-month roadside assistance7 and 12-month/12,000-mile limited powertrain warranty8
  • Free CARFAX® vehicle history reports™

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It’s good to know how much you can afford before you begin your search.


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Members could save $665 on car insurance9

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The AutoSMART™ links on this page will cause you to leave the Patelco Credit Union website. Although Patelco works closely with many partners, third-party sites may offer a different privacy policy and level of security. Please consult the website's Privacy Policy for additional information. Patelco Credit Union does not legally represent the operator of this site or the Patelco member, should the two enter into a transaction. We are also not legally responsible for availability, viewpoints, products, or services offered or expressed on the site you are about to visit.

1APR (Annual Percentage Rate).  New Auto rates starting at 2.35% APR effective 11/19/2021; subject to change without notice. Patelco offers a range of base rates and discounts that depend on factors such as credit history, loan term, Patelco account relationship, vehicle mileage, amount financed and vehicle age. Additional discounts may apply. Actual rates are disclosed to approved applicants in writing prior to loan consummation and may be as high as 15.30% APR. To learn more about rates, terms, and exclusive discounts for members, such as Commitment Household, call 800.358.8228 or visit any Patelco branch. Loan payment example: $21.87 per month per $1000 borrowed at 2.35% APR for 48 months.

2Source: Datatrac, NCUA, and CUNA. The study was completed by the Credit Union National Association (CUNA) year ending 2020. CUNA estimates that financing a $30,000 new automobile for 60 months at Patelco will save members an average of $1,950 over five years, or $390 each year, as compared to what they would pay at another banking institution in California. Member results may vary. Subject to approval.

3At closing, you have the option to select up to 90 days of deferred loan payments on your new or used auto loan. The actual number of days will depend on the terms of the loan. Interest will accrue on your auto loan beginning on the date the loan is funded and the first payment will be applied to interest accrued from the date the loan is funded to the first payment date and then to principal due.

4APR (Annual Percentage Rate). 1.25% off current Patelco Credit Union rate with a max loan term of 60 months. Current rate will vary based on credit worthiness and terms. Financing for qualified Patelco Credit Union members. Offer valid only on Enterprise Car Sales vehicles purchased from 11/19/2021 - 11/28/2021. This offer cannot be combined with any other offer other than those listed in this advertisement.

5APR (Annual Percentage Rate).  Used Auto rates starting at 2.45% APR effective 11/19/2021; subject to change without notice. Patelco offers a range of base rates and discounts that depend on factors such as credit history, loan term, Patelco account relationship, vehicle mileage, amount financed and vehicle age. Additional discounts may apply. Vehicle mileage greater than 100k will include an additional .50% added to rate. Actual rates are disclosed to approved applicants in writing prior to loan consummation and may be as high as 15.30% APR. To learn more about rates, terms, and exclusive discounts for members, such as Commitment Household, call 800.358.8228 or visit any Patelco branch. Loan payment example: $21.92 per month for each $1000 borrowed at 2.45% APR for a used auto loan (models 2011-2019) for 48 months.

6Price does not include tax, title, tags, governmental fees, any emissions testing charges, and any finance charges (if applicable). Unless otherwise stated separately in the vehicle details, price does not include processing, administrative, closing or similar fees of $149 or less. Vehicles subject to prior sale. We make every effort to provide accurate information including but not limited to price, miles and vehicle options, but please verify with your local Enterprise Car Sales location before purchasing. Current mileage may vary due to test drives and vehicle relocation. Used vehicles were previously part of Enterprise short term rental, lease fleet or purchased by Enterprise from other sources including auto auctions, with previous use possibly short-term rental, lease or other. On Average, 75% of our fleet is priced below Kelley Blue Book® Retail Value.

7Enterprise 12-Month Unlimited Mileage Roadside Assistance Package is provided by the American Automobile Association (AAA) and its affiliated clubs in the United States and Canada. Some limitations & restrictions apply.

8Limited warranty begins on vehicle purchase date and extends for 12 months or 12,000 miles, whichever comes first. Restrictions apply. Contact a Team Member for details.

9Savings validated by new customers who switched to Liberty Mutual between 1/2020 - 10/2020 and participated in a countrywide survey. Savings may vary. Comparison does not apply in MA.

TruStage® Auto & Home Insurance Program is made available through TruStage Insurance Agency, LLC. Coverage provided and underwritten by Liberty Mutual Insurance Company or its subsidiaries or affiliates, 175 Berkeley Street, Boston, MA 02116 USA. © 2021 Liberty Mutual Insurance

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Источник: https://www.patelco.org/explore-services/auto-loans

We’ll get right to it: Truliant Federal Credit Union is the best overall credit union for getting a car loan, while Capital One Auto Loans is the best overall bank for auto loans. In this post, we also go into which financial institution is the best for military members (Navy Federal Credit Union) and which is the best for online car buying (Carvana).

We also explore what is an auto loan, places to get a car loan, the advantages of a dealership loan and more. Read on for more about auto loans and which financial institution is the best for your specific needs.

Our SimpleScore

With our proprietary SimpleScore, we evaluate financial institutions to help us suss out which ones are the best for which situations. The SimpleScore looks at five criteria: minimum new car rate, minimum used car rate, maximum loan size, customer satisfaction and fees. At the bottom of this post, we go into more detail about the different criteria and what they mean for you.

Lending Partner

  • Auto Credit Express

    Term

    24 – 72 months

    Offer Details
    • Bad Credit Auto Loans
    • $5,000 to $45,000 Approvals
    • No Credit Rejected
    • Get Financing for a New or Used Car
    • Apply & Drive Today!
    NEXT

    on lender’s secure website

  • CarsDirect

    Term

    24 – 72 months

    Offer Details
    • Rates as low as 0% on select cars, trucks and SUVs
    • Free Online Quotes – Get Your CarsDirect Target Price Today
    • Local dealers compete to provide the best rates for both new and used vehicles
    NEXT

    on lender’s secure website

  • LightStream

    APR Range

    as low as 2.49% w/AutoPay

    Offer Details

    Disclaimer: Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay may be higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice.

    Payment example: Monthly payments for a $10,000 loan at 4.99% APR with a term of 3 years would result in 36 monthly payments of $299.66

    © 2020 Truist Financial Corporation. SunTrust, Truist, LightStream, the LightStream logo, and the SunTrust logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.

    NEXT

    on lender’s secure website

  • PenFed

    Offer Details

    New Auto Loans: Loan rate applicable to new vehicles only. New vehicles are where you are the original owner and the untitled vehicle is a current (2020) or prior model year (2019). Up to 110% financing is available. Vehicle weight restrictions apply. Minimum loan amount is $15,000 for 61-72 month term. Rate also depends on term.

    Used Auto Loans: Maximum used car loan advance will be determined by PenFed using a NADA value. Financing is available up to NADA average retail value plus tags, title, taxes and extended warranties not to exceed 110%. Some restrictions apply. Call 1-800-247-5626 for details.

    Financing for 61-72 month term is valid for model years 2015 – 2020. Rate depends on term. Other restrictions including vehicle and mileage limitations may apply.

    Refinance Auto Loans: New vehicles are where you are the original owner and the vehicle is a current (2020) and prior model year (2019). For used vehicles, maximum used car loan advance will be determined by PenFed using a NADA value. Up to 100% financing is available to qualified members. PenFed does not permit internal refinances of an existing PenFed auto loan.

    NEXT

    on lender’s secure website

  • Carvana

    Offer Details
    • 7 Day Test To Own
    • Delivery or Pick Up
    • Highest Quality Cars
    • Finance With Us
    • Online Equals Savings
  • Auto Credit Express

    Term

    24 – 72 months

    Offer Details
    • Bad Credit Auto Loans
    • $5,000 to $45,000 Approvals
    • No Credit Rejected
    • Get Financing for a New or Used Car
    • Apply & Drive Today!
    NEXT

    on lender’s secure website

  • CarsDirect

    Term

    24 – 72 months

    Offer Details
    • Rates as low as 0% on select cars, trucks and SUVs
    • Free Online Quotes – Get Your CarsDirect Target Price Today
    • Local dealers compete to provide the best rates for both new and used vehicles
    NEXT

    on lender’s secure website

  • LightStream

    APR Range

    as low as 2.49% w/AutoPay

    Offer Details

    Disclaimer: Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay may be higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice.

    Payment example: Monthly payments for a $10,000 loan at 4.99% APR with a term of 3 years would result in 36 monthly payments of $299.66

    © 2020 Truist Financial Corporation. SunTrust, Truist, LightStream, the LightStream logo, and the SunTrust logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.

    NEXT

    on lender’s secure website

  • Penfed

    Offer Details

    New Auto Loans: Loan rate applicable to new vehicles only. New vehicles are where you are the original owner and the untitled vehicle is a current (2020) or prior model year (2019). Up to 110% financing is available. Vehicle weight restrictions apply. Minimum loan amount is $15,000 for 61-72 month term. Rate also depends on term.

    Used Auto Loans: Maximum used car loan advance will be determined by PenFed using a NADA value. Financing is available up to NADA average retail value plus tags, title, taxes and extended warranties not to exceed 110%. Some restrictions apply. Call 1-800-247-5626 for details.

    Financing for 61-72 month term is valid for model years 2015 – 2020. Rate depends on term. Other restrictions including vehicle and mileage limitations may apply.

    Refinance Auto Loans: New vehicles are where you are the original owner and the vehicle is a current (2020) and prior model year (2019). For used vehicles, maximum used car loan advance will be determined by PenFed using a NADA value. Up to 100% financing is available to qualified members. PenFed does not permit internal refinances of an existing PenFed auto loan.

    NEXT

    on lender’s secure website

  • Carvana

    Offer Details
    • 7 Day Test To Own
    • Delivery or Pick Up
    • Highest Quality Cars
    • Finance With Us
    • Online Equals Savings
  • LightStream

    APR Range

    as low as 2.49% w/AutoPay

    Offer Details

    Disclaimer: Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay may be higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice.

    Payment example: Monthly payments for a $10,000 loan at 4.99% APR with a term of 3 years would result in 36 monthly payments of $299.66

    © 2020 Truist Financial Corporation. SunTrust, Truist, LightStream, the LightStream logo, and the SunTrust logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.

    NEXT

    on lender’s secure website

  • LightStream

    APR Range

    as low as 2.49% w/AutoPay

    Offer Details

    Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay may be higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice.

    Payment example: Monthly payments for a $10,000 loan at 4.99% APR with a term of 3 years would result in 36 monthly payments of $299.66

    © 2020 Truist Financial Corporation. SunTrust, Truist, LightStream, the LightStream logo, and the SunTrust logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.

    NEXT

    on lender’s secure website

  • PenFed

    APR Range

    as low as 1.79%

    Offer Details

    New Auto Loans: Loan rate applicable to new vehicles only. New vehicles are where you are the original owner and the untitled vehicle is a current (2020) or prior model year (2019). Up to 110% financing is available. Vehicle weight restrictions apply. Minimum loan amount is $15,000 for 61-72 month term. Rate also depends on term.

    Used Auto Loans: Maximum used car loan advance will be determined by PenFed using a NADA value. Financing is available up to NADA average retail value plus tags, title, taxes and extended warranties not to exceed 110%. Some restrictions apply. Call 1-800-247-5626 for details.

    Financing for 61-72 month term is valid for model years 2015 – 2020. Rate depends on term. Other restrictions including vehicle and mileage limitations may apply.

    Refinance Auto Loans: New vehicles are where you are the original owner and the vehicle is a current (2020) and prior model year (2019). For used vehicles, maximum used car loan advance will be determined by PenFed using a NADA value. Up to 100% financing is available to qualified members. PenFed does not permit internal refinances of an existing PenFed auto loan.

    NEXT

    on lender’s secure website

The 6 best places to get an auto loan in 2021

Best places to get an auto loan at a glance

LenderStarting APRLoan AmountTermsSimpleScore
Truliant Federal Credit Unionas low as 2.99%Up to $100,000Up to 96 months4.25
Navy Federal Credit Union1.79%–5.59%UndisclosedUp to 96 months4.5
LightStreamas low as 2.49% w/AutopayUp to $100,00024 to 84 months 4.2
Capital One Auto LoansVariesStarting at $4,00036 to 72 months 4.6
CarvanaVariesVaries by state36–72 months 4
Bank of Americaas low as 2.19%$100,000 max12 to 75 months 4.4

Rates accurate as of November 2021.

Best overall credit union – Truilant Federal Credit Union

Truliant is the doting grandma of auto financing — it’s just trying to help you buy a car at a reasonable rate.

APR Range

as low as 3.24%

Loan Amount

100% financing

SimpleScore

4.3 / 5.0

close

SimpleScore Truilant Federal Credit Union 4.3

Customer Satisfaction N/A

While there are many great credit unions to choose from, the best one might be Truliant. It offers low interest rates and very flexible terms that meet just about anyone’s needs. Additionally, it has a lot of helpful perks that make your life easy, including Skip-A-Pay, which lets you miss one month’s payment every year without penalty. Truliant also has a 90-Day Deferred Payment where you can put off paying your first three months for more financial flexibility.

Best for military members – Navy Federal Credit Union

Navy Federal Credit Union is the VIP lounge of auto loan providers since you need a military connection to get in, but once you’re in you get solid rates and benefits.

APR Range

1.79% – 5.59%

SimpleScore

4.5 / 5.0

close

SimpleScore Navy Federal Credit Union 4.5

Customer Satisfaction N/A

If you are connected to the military in some way, you definitely want to check out Navy Federal Credit Union when shopping for an auto loan. With rates as low as 1.79% and discounts for military members, you’ll be hard pressed to find a better offer elsewhere. An additional benefit is that you get a free Carfax report when you’re approved for a loan, allowing you to see a vehicle’s history. The only downside is that you have to have a connection to the military, either directly or through a family member. Read our full Navy Federal auto loans review.

Best for same-day financing – LightStream

LightStream is the fast food of auto loans — it’s quick, cheap and satisfying.

APR Range

as low as 2.49% w/AutoPay

SimpleScore

4.2 / 5.0

close

SimpleScore LightStream 4.2

LightStream has perfected the art of simplifying auto loans. From your device, you can seamlessly check your rates, apply for a loan and even get funding all in the same day. LightStream has a Rate Beat Program, which offers a rate that’s 0.1% lower than a rate offered by a competitor for similar loans. Backed by financial giant SunTrust (now Truist), LightStream is many borrowers’ No. 1 choice for all kinds of financing — including auto loans.

LightStream Disclosure

Disclaimer: Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay may be higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice.

Payment example: Monthly payments for a $10,000 loan at 4.99% APR with a term of 3 years would result in 36 monthly payments of $299.66

© 2020 Truist Financial Corporation. SunTrust, Truist, LightStream, the LightStream logo, and the SunTrust logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.

Источник: https://www.thesimpledollar.com/loans/auto-loans/best-places-to-get-an-auto-loan/

Current Auto Loan Rates for November 2021

The Bankrate guide to choosing the best auto loans

Auto loans let you borrow the money you need to purchase a car. Since car loans are considered “secured,” they require you to use the automobile you’re buying as collateral for the loan.

This is both good news and bad news. The fact that your loan is secured does put your car at risk of repossession if you don’t repay the loan, but having collateral typically helps you qualify for lower interest rates and better auto loan terms.

Auto loans typically come with fixed interest rates and loan terms ranging from two to seven years, but it’s possible to negotiate different terms depending on your lender.

Why trust Bankrate?

At Bankrate, our mission is to empower you to make smarter financial decisions. We’ve been comparing and surveying financial institutions for more than 40 years to help you find the right products for your situation. Our award-winning editorial team follows strict guidelines to ensure the content is not influenced by advertisers. Additionally, our content is thoroughly reported and vigorously edited to ensure accuracy.

When shopping for an auto loan, compare APRs across multiple lenders to make sure you’re getting a competitive rate. Look for lenders that keep fees to a minimum and offer repayment terms that fit your needs. Loan details presented here are current as of the publish date. Check the lenders’ websites for more current information. The auto loan lenders listed here are selected based on factors such as APR, loan amounts, fees, credit requirements and more.

Best auto loan rates in November 2021

LightStream

Starting at 2.49% (with autopay)

24 to 84 months

$5,000 to $100,000

Bank of America

Starting at 2.59%

48 to 72 months

Starting at $7,500

Capital One

Not specified

Not specified

Starting at $4,000

Carvana

Not specified

36 to 72 months

Not specified

myAutoLoan

Starting at 2.49%

24 to 72 months

Starting at $8,000

Summary: Car loans in 2021

What are car loans and how do they work?

Auto loans are secured loans that use the car you’re buying as collateral. You’re typically asked to pay a fixed interest rate and monthly payment for 24 to 84 months, at which point your car will be paid off. Many dealerships offer their own financing, but you can also find auto loans at national banks, local credit unions and online lenders.

Because auto loans are secured, they tend to come with lower interest rates than unsecured loan options like personal loans. As of October 6, 2021, the average APRs according to a Bankrate study are the following.

New car

  • 36-month term: 3.84 percent
  • 48-month term: 3.88 percent
  • 60-month term: 3.89 percent
  • 72-month term: 3.98 percent

Used car

  • 36-month term: 4.31 percent
  • 48-month term: 4.50 percent
  • 60-month term: 6.12 percent

What to know before applying for an auto loan

When looking for a car loan, it's best to shop around with a few lenders before making your decision. Each lender has its own methodology when approving you for a loan and setting your interest rate and terms.

Generally, your credit score will make the biggest impact in the rates offered. The higher your credit score, the lower APR you'll receive. Having a higher credit score may also allow you to take out a larger loan or access a broader selection of repayment terms. Choosing a longer repayment term will lower your monthly payments, although you'll also pay more in interest overall.

If you've found a few lenders that you like, see if they offer preapproval — going through this process will let you see which rates you qualify for without impacting your credit score.

Auto loan rates by credit score

781–8502.34%3.66%
661–7803.48%5.49%
601–6606.61%10.49%
501–60011.03%17.11%
300–50014.59%20.58%

Source: Experian State of the Automotive Finance - Q2 2021

Can I get an auto loan with bad credit?

It is possible to get a car loan with bad credit, although having bad credit will raise the rates you're offered. If you're having trouble getting approved or finding acceptable rates, try taking these steps:

  • Improve your credit: Before applying for an auto loan, pay down as much debt as you can and avoid opening new accounts, like credit cards.
  • Make a large down payment: Making a larger down payment will lower your monthly payment, but it could also help you qualify for better rates.
  • Consider a co-signer: A co-signer with good credit will take on some responsibility for your loan if you default, but they can also help you qualify.

How do I get a car loan?

The process of getting a car loan is similar to that of getting any other type of loan. Here's how to start:

  • Shop around: It's usually best to compare rates and terms from at least three lenders before moving forward with an auto loan. Try to find lenders that have APRs and repayment terms that will fit your budget.
  • Prequalify: Prequalifying with lenders is often the first step of the application process, and it lets you see your potential rates without a hard credit check
  • Complete your application: To complete your application, you'll likely need details about your car, including the purchase agreement, registration and title. You'll also need documentation like proof of income, proof of residence and a driver's license.
  • Begin making payments on your loan: Your payment schedule will start as soon as you receive your auto loan. If needed, set up a calendar reminder or automatic payments to keep you on track with your monthly bill and avoid late payments.

Best auto loan lenders in 2021

LightStream: Best overall

Overview: With auto loan options for every type of deal you can imagine — including new cars, used cars from a dealer or private seller, lease buyouts and even classic car financing — LightStream is a great option for those with good to excellent credit.

Perks: According to Experian, the average new car loan is just over $36,000, with most people choosing a 72-month auto loan term. To finance that amount, and with those terms, LightStream currently has APRs as low as 2.49% percent for a new car loan (including a 0.5 percent discount for borrowers on autopay). LightStream is also able to fund your loan the same day you apply (pending approval), and this provider offers loan amounts from $5,000 to $100,000. LightStream even offers a Rate Beat Program in which it will beat a competitive APR (depending on certain terms and conditions) by 0.1 percentage points.

What to watch out for: You will have to sign up for autopay to get LightStream's best terms, and its longer loan terms and higher loan amounts come with less-competitive interest rates.

LightStream
660
2.49% (with autopay)
$5,000 to $100,000
24 to 84 months
Not specified
None

Bank of America: Best big bank option

Overview: Bank of America offers flexible and convenient auto loans you can apply for directly on its website. Rates are competitive, and you can qualify for additional discounts if you’re an eligible Bank of America customer.

Perks: Bank of America will finance a minimum of $7,500 ($8,000 in Minnesota) and requires that the car be no more than 10 years old, with no more than 125,000 miles and valued at no less than $6,000. Financing is available in all 50 states and Washington, D.C. Bank of America’s APRs start at 2.89 percent for a new car and 2.99 percent for a used car.

If you’re a Bank of America Preferred Rewards customer, you can qualify for a rate discount of up to 0.5 percent off.

What to watch out for: If you're applying online, the term range you can apply for is limited — you can pick only a 48-, 60 or 72-month term.

Bank of America
Not specified
2.59%
Starting at $7,500 ($8,000 in Minnesota)
48 to 72 months
Not specified
None

Capital One: Best for convenience

Overview: Capital One will let you borrow as little as $4,000, but it requires you to purchase the car through one of its participating dealers. In a lot of ways, its financing works as a “one-stop shop” for your auto loan and vehicle purchase.

Perks: The Capital One Auto Navigator site lets you search for inventory in your area and gives you the ability to see how different makes, models and features will impact your monthly payment. This will give you a lot of information before you head to the dealer. Also, the quick prequalification allows you to check your rate through a soft inquiry, so your credit score won’t be impacted.

What to watch out for: You can only use Capital One auto financing to shop at one of its participating dealerships, which makes this a poor option if you find a car you love elsewhere.

Capital One
Not specified
Not specified
Starting at $4,000
Not specified
$18,000 or $21,600
Late fee

Carvana: Best fully online experience

Overview: Carvana lets you shop for a car online and pick up your purchase from a giant “car vending machine.” Its process lets you enjoy a unique experience, yet Carvana also offers competitive car loan rates and terms.

Perks: Carvana is a great option for those who want to shop for their new car from home, as well as those with poor credit. Carvana’s only requirements are that you are at least 18 years old, make $4,000 in yearly income and have no active bankruptcies. When you prequalify, Carvana does not make a hard inquiry on your credit, so your credit score won’t be impacted; a hard inquiry is made only once you place an order.

What to watch out for: After you are prequalified, you have 45 days to make a purchase from Carvana inventory and either pick up the car, have it delivered to you or fly to the car and then drive it back.

Carvana
Not specified
Not specified
Not specified
36 to 72 months
$4,000
Varies

myAutoLoan: Best for shopping for multiple loan offers

Overview: If you want to compare multiple loan offers but you don’t want to spend a lot of time doing it, myAutoLoan is a great option. This platform lets you enter your information once and receive multiple loan offers in one place.

Perks: After filling out a single online loan application, you’ll be given up to four quotes from different lenders. To qualify, you must be at least 18 years old, have an annual income of $21,000, have a FICO score of 575 or greater and be purchasing a car with less than 125,000 miles and that is 10 years old or newer. By comparing multiple auto loan offers at once, you can pick the one with the interest rate, loan term and conditions that work for you and your budget without having to shop around.

What to watch out for: If you have poor credit, your interest rate could be on the higher side. Also note that you can use this platform if you live in most states, but not in Alaska or Hawaii.

myAutoLoan
575
2.49%
Starting at $8,000
24 to 72 months
$21,000
Not specified

Frequently asked questions about auto loans

Who has the best rates for car loans?

The company that is able to offer you the lowest rates for an auto loan can vary depending on where you live, your credit score, your employment history and other factors. Your best bet is shopping around among at least three auto lenders until you find the best deal.

Is a 72-month car loan a bad idea?

One problem with longer car loans is the fact that you often wind up “underwater” on your loan for the first few years. This is due to the fact that cars tend to depreciate faster than you can pay your loan off.

A 72-month car loan means you’re paying your loan off more slowly and have the potential to owe more than your car is worth for the first few years. However, longer car loans let you secure a more affordable monthly payment, which is likely an important consideration for your budget.

What are used car loan interest rates?

Used car interest rates range from 4.08 percent to 20.67 percent for most borrowers, according to the most recent statistics from Experian. Rates for used cars tend to be higher than those offered for new car purchases.

What credit score do you need to get 0% financing on a car?

Superprime borrowers with credit scores above 781 are most likely to qualify for 0 percent APR offers that sometimes come with a new car. However, you may be able to qualify if you’re a prime borrower with a score between 661 and 780.

How do you get prequalified for an auto loan?

You can get prequalified for an auto loan online and without ever leaving your home. All you have to do is select one of the lenders on this list and choose its online option to “get prequalified” or “apply for a loan.” Many lenders let you get prequalified for an auto loan without a hard inquiry on your credit report.

How do I refinance my car loan?

Refinancing a car loan is essentially just taking out a new car loan — so the steps for applying are mostly the same. You'll need your driver's license, Social Security number and proof of income, as well as details about your car. If approved, you'll use the funds from your new loan to pay off your old car loan, then begin making monthly payments with your new interest rate and terms.

Can I sell my car with a loan?

It is possible to sell your car with an outstanding loan, but you may have to go through a few extra steps. If your car is worth less than what you currently owe on the loan, you have what's known as negative equity — meaning you may need to pay the difference out of pocket or refinance the remaining amount with a different type of loan.

If your car is worth more than what you currently owe, on the other hand, you may be able to pocket the difference in cash when you sell the car. Whatever your situation, reach out to your lender about your options, as each lender sets different rules for selling a car with a loan.

Should I get an auto loan from the dealership or the bank?

Choosing between a dealership and a bank for an auto loan is complicated. In general, dealerships may offer higher rates than banks — but this may not be the case for used cars. Regardless, it's important to get quotes from a few banks or online lenders first; that way you can come to the dealership prepared. Ask for a quote from the dealership as well, comparing rates, terms and any additional fees.

Do I need to make a down payment or provide a trade-in when buying a car?

Many lenders require some form of down payment on a car. However, that's not necessarily a bad thing; making a down payment will lower your monthly payments — and the larger your down payment, the more you save. Making a larger down payment could also lower the interest rate the lender offers you.

Источник: https://www.bankrate.com/loans/auto-loans/rates/
bank of america interest rates for used car loans

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Reviews: Bank of America Auto Loans

Overall lender rating

from Credit Karma members
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Explore our auto loans

See offers from 20+ lender partners to find one that matches your goals.

Member ratings

All member reviews (74)

Don't bother!

Credit Karma member

I was approved for the loan, uploaded the vehicle documents and called customer service the next day to gain an understanding of the process and what to expect. Between 2 separate calls, I was on hold for 3 hours total waiting for a loan specialist. It's been 11 days and still nobody has contacted me. Seems bank of america interest rates for used car loans they don't need or value my business. I took my 750+ credit elsewhere (LightStream) and was approved within an hour chase relationship banker reviews a better interest rate and had the funds within 48 hours.

Worst experience

Credit Karma member

Worst customer service takes more than 2 hours just to connect them and then they have bad attitude.

Don't waste your time

Credit Karma member

Don't even bother. It's like they don't want your business, the agents are jerks the process is long and time consuming, their rates are not competitive. The whole experience is bad. Most people think "Oh I need a loan, I will go to my bank" don't.

Scummy company

Credit Karma member

The company is scummy; I lost thousands of dollars

GOOD EXPERIENCE

Credit Karma member

A few things to keep in mind with this. My loan experience was very good. Everything was done elecronically and my credit was above 730 when I did my loan. My loan was a refinance on my auto. You have to know how to do things online and have to read and ask the right questions. If you don't I suggest you go to the bank in person. Loan went off without any issues and I got the rate I was quoted in the beginning. The only issue I have and this is why I rated them 3 out of 4 stars is that I cannot make principal payments online. I have to call in for that.

Stupid bank I have ever know

Credit Karma member

They approved my load then next day they said your application declined because they couldn't confirm my address. I said them maybe it's because I just purchased the house. If you need I have ncessary documents that shows that I own the house. They said no we don't need it. Such a stupid reason for refuse?

Absolute Nightmare Experience

Credit Karma member

Application, approval, and funding processes were the worst customer service experiences of my life. Mind you, I have great credit, plenty of income for the loan, and was ultimately approved and funded. I've also been a client of BofA for over a decade. That said, I wish that I would've gone with another bank. Bank of America Auto is the most incompetent group of people I've ever dealt with. The whole process took over 6 weeks, and I'm still waiting for the bank to send me the documents necessary to register the vehicle. I've dealt with half a dozen associates, and they're all incompetent. In their defense, clearly the training, communication, and systems are all garbage at BofA Auto.

Look elsewhere

Credit Karma member

As I have seen in so many reviews, so very nice until the loan closes, then no personal service, they really do not care about the customer, they actually WANT you to default, then they get your car! Why can't they be competitive and want to do good business with you? Everyone works so hard and in the end we are all just trying to get a fair deal, and pay it off quickly. Last I noticed their "house" was much bigger than my home! Why do they complain or make it difficult to pay towards the principal only? Sad, they ought to encourage folks to do this, they'd make more money in the end by repeat customers and word of mouth. Hmmmm I should be a consultant for them!

2010 f 150 Great experience

Credit Karma member

Great experience with my local bank everyone seems to understand my needs at this bank

A awful place to bank

Credit Karma member

Everything they do is to skim money from your accounts. I moved evrything to another bank.

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Источник: https://www.creditkarma.com/reviews/auto-loan/single/id/bank-of-america-auto-loans1

Bank of America Auto Loan Review for 2021

While Bank of America may have a history dating back to 1904, its auto loan application experience is refreshingly modern. With the ability to apply for an auto loan online and even receive approval in just 60 seconds, a loan through Bank of America is an appealing option. If you’re going to shop for a new car or want to refinance an existing auto loan, this company has options to help.

Bank of America

There are a few major advantages to a Bank of America loan, including the ability to repay the loan early without facing any penalties. In addition, the company offers loans for both new and used vehicles, as well as refinancing and lease buyouts. The advertised annual percentage rates (APRs) are competitive, too.

Whether you’re just getting started with the process of buying a vehicle or are looking to shop around for the best loan rates, a Bank of America car loan is worth consideration.

Bank of America Auto Loan Application Requirements

If you’re ready to apply for a car loan, you’ll need some standard information about your finances:

  • Personal information like your home address, date of birth, citizenship, and Social Security number
  • Income information and information about your housing situation
  • Your desired loan amount and information on the car that you’re buying, if you’ve already found a car

Loan applicants must be at least 18 years old and U.S. citizens, resident aliens, or non-resident aliens.

This loan approval includes a 30-day rate lock, so you have plenty of time to shop and find the vehicle that’s right for you. If you’re trying to decide the total loan amount you can afford or what monthly payments work for you, Bank of America’s auto loan calculator can help. You can see how different loan amounts affect your monthly payments based on the interest rate that you’re pre-approved to receive. And if you want to refinance a loan, the auto loan refinance calculator can help you determine your potential savings.

Types of Bank of America Auto Loans

Bank of America offers a wide variety of auto loan and refinancing options:

  • Dealer purchase loans for new or used cars
  • Refinancing for current auto loans
  • Lease buyouts
  • Private party loans for when you buy a vehicle from an individual
  • Access loans specifically for new or used accessible cars, vans, or light-duty trucks
  • Business auto loans for cars, vans, and light trucks for small business use

Auto loans are available in all 50 states. The minimum loan amount starts at $7,500, or $8,000 in Minnesota. Bank of America doesn’t offer auto loans for vehicles that are more than 10 years old or that have 125,000 or miles on https online bankofthewest com bow sessiontimeout aspx. Vehicles must be worth at least $6,000 and cannot be used for commercial purposes. Loans are not currently available for motorcycles or RVs.

If you’re buying a car from a dealer, Bank of America loans are only for franchise dealerships rather than independent dealers. BofA provides loans for approved independent dealers, including online dealerships, Carvana, Enterprise Car Sales, Hertz Car Sales, and CarMax.

Loan terms range between 12 and 60 months.

Bank of America Auto Loan Rates and Fees

Multiple factors will affect your interest rate, including your credit score and income. As of the writing of this article, Bank of America car loan rates start at:

  • New car dealer loan: 2.59% APR
  • Used car dealer loan: 2.89% APR
  • Auto loan refinancing: 3.49% APR

Bank of America Preferred Rewards members can get interest rate discounts on their car loans:

  • Gold: 0.25% discount
  • Platinum: 0.35% discount
  • Platinum Honors: 0.50% discount

Joining the Preferred Rewards program is free. You’ll need:

  • A Bank of America personal checking account that’s eligible for the program
  • Combined balances from three months that average $20,000 or more (These need to be in Bank of America banking accounts and Merrill investment accounts)

There are no application or origination fees for these loans.

Bank of America Auto Loan Reviews

One of the best ways to find a great auto loan lender is by reading third-party reviews. You can discover what actual customers are saying about them before you choose to do business with them. The Better Business Bureau (BBB) currently gives Bank of America Auto Loan an A+, with few complaints.

Bank of America Auto Loan Application Process

You can apply for a Bank of America auto loan online. The process takes just a few minutes, and in most cases, you’ll receive an approval bank of america interest rates for used car loans just 60 seconds. If your application needs any additional review, you’ll receive an email as soon as it’s approved. This approval will include your monthly payment, so you can shop for a vehicle that fits your budget.

If you know that you’ll be buying a vehicle from a dealership, consider shopping at a Bank of America authorized dealer. Your loan approval will include an approval code. Any authorized dealer will be able to use this code to quickly retrieve your loan details for a streamlined buying experience.

Bank of America doesn’t offer a loan pre-approval process, so when you apply for a car loan, the bank will perform a hard inquiry into your credit. Unfortunately, this may also mean that your credit score could lose a few points because of that inquiry.

Special Features

One of the best features of Bank of America auto loans is that if you pay your car loan off early, you won’t pay a prepayment penalty. With this option, if you find ways to pay more than your monthly minimum payments, you could pay your loan off early and save on interest payments. Other lenders might penalize you for early repayment, but with Bank of America, you’ll save money without any extra fees.

With the option to repay your loan early without any penalty, you can agree to a loan term with monthly payments that you can comfortably afford. Then, focus on putting extra money toward your payments when you’re able. Paying your loan off a few months or even a year early can mean significant savings and is a nice perk to Bank of America auto loans.

Bottom Line

Bank of America loans offer many benefits, including no early repayment fees and the ability to get approved in just 60 seconds. A Bank of America car loan may be best for you if:

  • You’re ready to buy a car and don’t mind a hard inquiry
  • You’ll be buying a vehicle from a franchise dealership
  • You might be able to pay off your loan early
  • You’re a Bank of America Preferred Rewards member

While BofA offers competitive interest rates, your interest rate will vary depending on your income, credit scores, and other factors. They may also require a down payment or cosigner, depending on your credit history.

Loans through large banks like Bank of America typically have lower interest rates than the loans you’ll get directly through a dealership. To get the best loan with the best interest rate, you’ll want to research several auto lenders and apply for pre-approval or approval.

Still Searching?

Check out our other auto loan reviews below to continue exploring your options.

Источник: https://www.crediful.com/auto-loans/bank-of-america-auto-loan/

Current Auto Loan Rates for November 2021

The Bankrate guide to choosing the best auto loans

Auto loans let you borrow the money you need to purchase a car. Since car loans are bank of america interest rates for used car loans “secured,” they require you to use the automobile you’re buying as collateral for the loan.

This is both good news and bad news. The fact that your loan is secured does put your car at risk of repossession if you don’t repay the loan, but having collateral typically helps you qualify for lower interest rates and better auto loan terms.

Auto loans typically come with fixed interest rates and loan best bank for kids savings account ranging from two to seven years, but it’s possible to negotiate different terms depending on your lender.

Why trust Bankrate?

At Bank of america interest rates for used car loans, our mission is to empower you to make smarter financial decisions. We’ve been comparing and surveying financial institutions for more than 40 years to help you find the right products for your situation. Our award-winning editorial team follows strict guidelines to ensure the content is not influenced by advertisers. Additionally, our content is thoroughly reported and vigorously edited to ensure accuracy.

When shopping for an auto loan, compare APRs across multiple lenders to make sure you’re getting a competitive rate. Look for lenders that keep fees to a minimum and offer repayment terms that fit your needs. Loan details presented here are current as of the publish date. Check the lenders’ websites for more current information. The auto loan lenders listed here are selected based on factors such as APR, loan amounts, fees, credit requirements and more.

Best auto loan rates in November 2021

LightStream

Starting at 2.49% (with autopay)

24 to 84 months

$5,000 to $100,000

Bank of America

Starting at 2.59%

48 to 72 months

Starting at $7,500

Capital One

Not specified

Not specified

Starting at $4,000

Carvana

Not specified

36 to 72 months

Not specified

myAutoLoan

Starting at 2.49%

24 to 72 months

Starting at $8,000

Summary: Car loans in 2021

What are car loans and how do they work?

Auto loans are secured loans that use the car you’re buying as collateral. You’re typically asked to pay a fixed interest rate and monthly payment for 24 to 84 months, at which point your car will be paid off. Many dealerships offer their own financing, but you can also find auto loans at national banks, local credit unions and online lenders.

Because auto loans are secured, they tend to come with lower interest rates than unsecured loan options like personal loans. As of October 6, 2021, the average APRs according to a Bankrate study are the following.

New car

  • 36-month term: 3.84 percent
  • 48-month term: 3.88 percent
  • 60-month term: 3.89 percent
  • 72-month term: 3.98 percent

Used car

  • 36-month term: 4.31 percent
  • 48-month term: 4.50 percent
  • 60-month term: 6.12 percent

What to know before applying for an auto loan

When looking for a car loan, it's best to shop around with a few lenders before making your decision. Each lender has its own methodology when approving you for a loan and setting your interest rate and terms.

Generally, your credit score will make the biggest impact in the rates offered. The higher your credit score, the lower APR you'll receive. Having a higher credit score may first horizon bank foundation allow you to take out a larger loan or access a broader selection of repayment terms. Choosing a longer repayment term will lower your monthly payments, although you'll also pay more in interest overall.

If you've found a few lenders that you like, see if they offer preapproval — going through this process will let you see which rates you qualify for without impacting your credit score.

Auto loan rates by credit score

781–8502.34%3.66%
661–7803.48%5.49%
601–6606.61%10.49%
501–60011.03%17.11%
300–50014.59%20.58%

Source: Experian State of the Automotive Finance - Q2 2021

Can I get an auto loan with bad credit?

It is possible to get a car loan with bad credit, although having bad credit will raise the rates you're offered. If you're having trouble getting approved or finding acceptable rates, try taking these steps:

  • Improve your credit: Before applying for an auto loan, pay down as much debt as you can and avoid opening new accounts, like credit cards.
  • Make a large down payment: Making a larger down payment will lower your monthly payment, but it could also help you qualify for better rates.
  • Consider a co-signer: A co-signer with good credit will take on some responsibility for your loan if you default, but they can also help you qualify.

How do I get a car loan?

The process of getting a car loan is similar to that of getting any other type of loan. Here's how to start:

  • Shop around: It's usually best to compare rates and terms from at least three lenders before moving forward with an auto loan. Try to find lenders that have APRs and repayment terms that will fit your budget.
  • Prequalify: Prequalifying with lenders is often the first step of the application process, and it lets you see your potential rates without a hard credit check
  • Complete your application: To complete your application, you'll likely need details about your car, including the purchase agreement, registration and title. You'll also need documentation like proof of income, proof of residence and a driver's license.
  • Begin making payments on your loan: Your payment schedule will start as soon as you receive your auto loan. If needed, set up a calendar reminder or automatic payments to keep you on track with your monthly bill and avoid late payments.

Best auto loan lenders in 2021

LightStream: Best overall

Overview: With auto loan options for every type of deal you can imagine — including new cars, used cars from a dealer or private seller, lease buyouts and even classic car financing — LightStream is a great option for those with good to excellent credit.

Perks: According to Experian, the average new car loan is just over $36,000, with most people choosing a 72-month auto loan term. To finance that amount, and with those terms, LightStream currently has APRs as low as 2.49% percent for a new car loan (including a 0.5 percent discount for borrowers on autopay). LightStream is also able to fund your loan the same day you apply (pending approval), and this provider offers loan amounts from $5,000 to $100,000. LightStream even offers a Rate Beat Program in which it will beat a competitive APR (depending on certain terms and conditions) by 0.1 percentage points.

What to watch out for: You will have to sign up for autopay to get LightStream's best terms, and its longer loan terms and higher loan amounts come with less-competitive interest rates.

LightStream
660
2.49% (with autopay)
$5,000 to $100,000
24 to 84 months
Not specified
None

Bank of America: Best big bank option

Overview: Bank of America offers flexible and convenient auto loans you can apply for directly on its website. Rates are competitive, and you can qualify for additional discounts if you’re an eligible Bank of America customer.

Perks: Bank of America will finance a minimum of $7,500 ($8,000 in Minnesota) and requires that the car be no more than 10 years old, with no more than 125,000 miles and valued at no less than $6,000. Financing is available in all 50 states and Washington, D.C. Bank of America’s APRs start at 2.89 percent for a new car and 2.99 percent for a used car.

If you’re a Bank of America Preferred Rewards customer, you can qualify for a rate discount of up to 0.5 percent off.

What to watch out for: If you're applying online, the term range you can apply for is limited — you can pick only a 48- 60 or 72-month term.

Bank of America
Not specified
2.59%
Starting at $7,500 ($8,000 in Minnesota)
48 to 72 months
Not specified
None

Capital One: Best for convenience

Overview: Capital One will let you borrow as little as $4,000, but it requires you to purchase the car through one of its participating dealers. In a lot of ways, its financing works as a “one-stop shop” for your auto loan and vehicle purchase.

Perks: The Capital One Auto Navigator site lets you search for inventory in your area and gives you the ability to see how different makes, models and features will impact your monthly payment. This will give you a lot of information before you head to the dealer. Also, the quick prequalification allows you to check your rate through a soft inquiry, so your credit score won’t be impacted.

What to watch out for: You can only use Capital One auto financing to shop at one of its participating dealerships, which makes this a poor option if you find a car you love elsewhere.

Capital One
Not specified
Not specified
Starting at $4,000
Not specified
$18,000 or $21,600
Late fee

Carvana: Best fully online experience

Overview: Carvana lets you shop for a car online and pick up your purchase from a giant “car vending machine.” Its process lets you enjoy a unique experience, yet Carvana also offers competitive car loan rates and terms.

Perks: Carvana is a great option for those who want to shop for their new car from home, as well as those with poor credit. Carvana’s only requirements are that you are at least 18 years old, make $4,000 in yearly income and have no active bankruptcies. When you prequalify, Carvana does not make a hard inquiry on your credit, so your credit score won’t be impacted; a hard inquiry is made only once you place an order.

What to watch out for: After you are the landmark at 57 west showtimes, you have 45 days to make a purchase from Carvana inventory and either pick up the car, have it delivered to you or fly to the car and then drive it back.

Carvana
Not specified
Not specified
Not specified
36 to 72 months
$4,000
Varies

myAutoLoan: Best for shopping for multiple loan offers

Overview: If you want to compare multiple loan offers but you don’t want to spend a lot of time doing it, myAutoLoan is a great option. This platform lets you enter your information once and receive multiple loan offers in one place.

Perks: After filling out a single online loan application, you’ll be given up to four quotes from different lenders. To qualify, you must be at least 18 years old, have an annual income of $21,000, have a FICO score of 575 or greater and be purchasing a car with less than 125,000 miles and that is 10 years one main financial job reviews or newer. By comparing multiple auto loan offers at once, you can pick the one with the interest rate, loan term and conditions that work for you and your budget without having to shop around.

What to watch out for: If you have poor credit, your interest rate could be on the higher side. Also note that you can use this platform if you live in most states, but not in Alaska or Hawaii.

myAutoLoan
575
2.49%
Starting at $8,000
24 to 72 months
$21,000
Not specified

Frequently asked questions about auto loans

Who has the best rates for car loans?

The company that is able to offer you the lowest rates for an auto loan can vary depending on where you live, your credit score, your employment history and other factors. North texas orthopedics keller tx best bet is shopping around among at least three auto lenders until you find the best deal.

Is a 72-month car loan a bad idea?

One problem with longer car loans is the fact that you often wind up “underwater” on your loan for the first few years. This is due to the fact that cars tend to depreciate faster than you can pay your loan off.

A 72-month car loan means you’re paying your loan off more slowly and have the potential to owe more than your car is worth for the first few years. However, longer car loans let you secure a more affordable monthly payment, which is likely an important consideration for your budget.

What are used car loan interest rates?

Used car interest rates range from 4.08 percent to 20.67 percent for most borrowers, according to the most recent statistics from Experian. Rates for used cars tend to be higher than those offered for bank of america interest rates for used car loans car purchases.

What credit score do you need to get 0% financing on a car?

Superprime borrowers with credit scores above 781 are most likely to qualify for 0 percent APR offers that sometimes come with a new car. However, you may be able to qualify if you’re a prime borrower with a score between 661 and 780.

How do you get prequalified for an auto loan?

You can get prequalified for an auto loan online and without ever leaving your home. All you have to do is select one of the lenders on this list and choose its online option to “get prequalified” or “apply for a loan.” Many lenders let you get prequalified for an auto loan industrial real estate for sale near me a hard inquiry on your credit report.

How do I refinance my car loan?

Refinancing a car loan is essentially just taking out a new car loan — so the steps for applying are mostly the same. You'll need your driver's license, Social Security number and proof of income, as well as details about your car. If approved, you'll use the funds from your new loan to pay off your old car loan, then begin making monthly payments with your new interest rate and terms.

Can I sell my car with a loan?

It is possible to sell your car with an outstanding loan, but you may have to go through a few extra steps. If your car is worth less than what you currently owe on the loan, you have what's known as negative equity — meaning you may need to pay the difference out of pocket or refinance the remaining amount with a different type of loan.

If your car is worth more than what you currently owe, on the other hand, you may be able to pocket the difference in cash when you sell the car. Whatever your situation, reach out to your lender about your options, as each lender sets different rules for selling a car with a loan.

Should I get an auto loan from the dealership or the bank?

Choosing between a dealership and a bank for an auto loan is complicated. In general, dealerships may offer higher rates than banks — but this may not be the case for used cars. Regardless, it's important to get quotes from a few banks or online lenders first; that way you can come to the dealership prepared. Ask for a quote from the dealership as well, comparing rates, terms and any additional fees.

Do I need to make a down payment or provide a trade-in when buying a car?

Many lenders require some form of down payment on a car. However, that's not necessarily a bad thing; making a down payment will lower your monthly payments — and the larger your down payment, the more you save. Making a larger down payment could also lower the interest rate the lender offers you.

Источник: https://www.bankrate.com/loans/auto-loans/rates/

Make the car you want yours—on your terms.

This calculator is made available by one or more third party service providers. It is not intended to be an advertisement for a product or service at any of the terms used herein. It is not intended to offer any tax, legal, financial or investment advice. All examples are hypothetical and are for illustrative purposes. Truist Financial Corporation ("Truist") and its affiliates do not provide legal or tax advice. Truist cannot guarantee that the information provided is accurate, complete, or timely. Federal and state laws and regulations are complex and are subject to change. Changes in such laws and regulations may have a material impact on pre- and/or after-tax investment results. Truist makes no warranties with regard to this calculator or the results obtained by its use. Truist disclaims any liability arising out of your use of, or any tax position taken in reliance on, this calculator. Always consult an attorney or tax professional regarding your specific legal or tax situation.

Источник: https://www.truist.com/loans/auto-loans

Auto Loans

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2.35% APR1

as of 11/19/2021

Car

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Research and shop for a new or used vehicle with AutoSMART.

  • Browse through thousands of cars from trusted, local dealer partners
  • Research and compare various makes and models, safety features and more
  • Check your car’s trade-in value
  • Negotiate your price and contact local dealers directly
  • Use payment calculators and tools to find out what you can afford
  • Get pre-approved online with Patelco financing then head to the dealer

Start shopping for your next car

Make bank of america interest rates for used car loans car payments for up to 90 days³

Whether you’re buying a new car or refinancing one you already own, we’re here to make it easier on your budget. All of our auto loans come with the flexibility to make no payments for up to bank of america interest rates for used car loans days3.

  • Used car loan rates starting at 2.45% APR5
  • Affordable repayment terms up to 84 months on vehicles up to 10 years old, maximum 150,000 miles
  • Up to 140% financing with Guaranteed Asset Protection and Mechanical Breakdown Insurance
  • Flexibility that allows you to buy from a dealer, private party, or even buy out a lease
  • Enjoy a potential rate reduction through LevelUp
  • Car loan refinancing rates starting at 2.35% APR1
  • Reduce your interest rate or loan terms to better suit your needs
  • Lower your monthly payment and free up cash for other expenses
  • Affordable repayment terms up to 84 months on vehicles up to 10 years old, maximum 150,000 miles bank of america interest rates for used car loans the equity you’ve already established and borrow up to 100% of your car’s Kelley Blue Book value
  • Shop online or at an Enterprise Car Sales location near you and choose from over 250 makes and models
  • Competitive and below Kelly Blue Book pricing6
  • Trade ins welcome
  • All vehicles thoroughly cleaned between every rental and backed with the Enterprise Complete Clean Pledge
  • Free home delivery options in select locations
  • 12-month roadside assistance7 and 12-month/12,000-mile limited powertrain warranty8
  • Free CARFAX® vehicle history reports™

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Member since 2000

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It’s good to know how much you can afford before you begin your search.


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Members could save $665 on car insurance9

Get your quote today.

Or call 888.380.9287

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The AutoSMART™ links on this page will cause you to leave the Patelco Credit Union website. Although Patelco works closely with many partners, third-party sites may offer a different privacy policy and level of security. Please consult the website's Privacy Policy for additional information. Patelco Credit Union does not legally represent the operator of this site or the Patelco member, should the two enter into a transaction. We are also not legally responsible for availability, viewpoints, products, or services offered or expressed on the site you are about to visit.

1APR (Annual Percentage Rate).  New Auto rates starting at 2.35% APR effective 11/19/2021; subject to change without notice. Patelco offers a range of base rates and discounts that depend on factors such as credit history, loan term, Patelco account relationship, vehicle mileage, amount financed and vehicle age. Additional discounts may apply. Actual rates are disclosed to approved applicants in writing prior to loan consummation and may be as high as 15.30% APR. To learn more about rates, terms, and exclusive discounts for members, such as Commitment Household, call 800.358.8228 or visit any Patelco branch. Loan payment example: $21.87 per month per $1000 borrowed at 2.35% APR for 48 months.

2Source: Datatrac, NCUA, and CUNA. The study was completed by the Credit Union National Association (CUNA) year ending 2020. CUNA estimates that financing a $30,000 new automobile for 60 months at Patelco will save members an average of $1,950 over five years, or $390 each year, as compared to what they would pay at another banking institution in California. Member results may vary. Subject to approval.

3At closing, you have the option to select up to 90 days of deferred loan payments on your new or used auto loan. The actual number of days will depend on the terms of the loan. Interest will accrue on your auto loan beginning on the date the loan is funded and the first payment will be applied to interest accrued from the date the loan is funded to the first payment date and then to principal due.

4APR (Annual Percentage Rate). 1.25% off current Patelco Credit Union rate with a max loan term of 60 months. Current rate will vary based on credit worthiness and terms. Financing for qualified Patelco Credit Union members. Offer valid only on Enterprise Car Sales vehicles purchased from 11/19/2021 - 11/28/2021. This offer cannot be combined with any other offer other than those listed in this advertisement.

5APR (Annual Percentage Rate).  Used Auto rates starting at 2.45% APR effective 11/19/2021; subject to change without notice. Patelco offers a range of base rates and discounts that depend on factors such as credit history, loan term, Patelco account relationship, vehicle mileage, amount financed and vehicle age. Additional discounts may apply. Vehicle mileage greater than 100k will include an additional .50% added to rate. Actual rates are disclosed to approved applicants in writing prior to loan consummation and may be as high as 15.30% APR. To learn more about rates, terms, and exclusive discounts for members, such as Commitment Household, call 800.358.8228 or visit any Patelco branch. Loan payment example: $21.92 per month for each $1000 borrowed at 2.45% APR for a used auto loan (models 2011-2019) for 48 months.

6Price does not include tax, title, tags, governmental fees, any emissions testing charges, and any finance charges (if applicable). Unless otherwise stated separately in the vehicle details, price does not include processing, administrative, closing or similar fees of $149 or less. Vehicles subject to prior sale. We make every effort to provide accurate information including but not limited to price, miles and vehicle options, but please verify with your local Enterprise Car Sales location before purchasing. Current mileage may vary due to test drives and vehicle relocation. Used vehicles were previously part of Enterprise short term rental, lease fleet or purchased by Enterprise from other sources including auto auctions, with previous use possibly short-term rental, lease or other. On Average, 75% of our fleet is priced below Kelley Blue Book® Retail Value.

7Enterprise 12-Month Unlimited Mileage Roadside Assistance Package is provided by the American Automobile Association (AAA) and bank of america interest rates for used car loans affiliated clubs in the United States and Canada. Some limitations & restrictions apply.

8Limited warranty begins on vehicle purchase date and extends for 12 months or 12,000 miles, whichever comes first. Restrictions apply. Contact a Team Member for details.

9Savings validated by new customers who switched to Liberty Mutual between 1/2020 - 10/2020 and participated in a countrywide survey. Savings may vary. Comparison does not apply in MA.

TruStage® Auto & Home Insurance Bank of america interest rates for used car loans is made available through TruStage Insurance Agency, LLC. Coverage provided and underwritten by Liberty Mutual Insurance Company or its subsidiaries or affiliates, 175 Berkeley Street, Boston, MA 02116 USA. © 2021 Liberty Mutual Insurance

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Источник: https://www.patelco.org/explore-services/auto-loans

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