Has anyone seen an Bank Auto Loan under 3% lately?

[Jeepers!]

I looked everywhere and finally found a credit union that gave me 1.99% for 36 months. Credit score is 800+

Nice. How do you do this without taking a credit hit from a lot of inquiries?

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[Andrew05LJR]

Then don't take on a $50,000 vehicle loan

Or I’ll just make a few extra payments per year towards principal to Avoid paying the interest over the whole term.

 

[Cubeman]

Rates are going up nationwide. I did 2.25% on my Hellcat back in 15. My Durango SRT I did this summer is 4.25% and I expect my Red Eye now to be 5% at the rate this is going. (84 month terms). These are CU rates also. My Charger is in the lower 3's back when i changed it from CCAP to my CU back in 15' but it's a used 13 SRT.

 

[dcwrangler]

Nice. How do you do this without taking a credit hit from a lot of inquiries?

Most banks / CUs list the lowest APR they will offer for a loan on their site without filling any info. I started my search there and found five that were under 3% and then applied for two of them and both offered me the lowest rate they had. One of them was 1.99% so I did not apply to the rest.

Having said that, the dealer also ran my credit because I took delivery on a note before my loan paperwork went through. It turns out they ran three hard inquirers. Overall I ended up with five hard inquires and that dropped my credit score by around 10 points. If you are car shopping / loan rate shopping, it is common to have multiple hard inquiries but that will not effect your overall score by much. I should get those 10 points back very soon.

 

[Jeepers!]

Most banks / CUs list the lowest APR they will offer for a loan on their site without filling any info. I started my search there and found five that were under 3% and then applied for two of them and both offered me the lowest rate they had. One of them was 1.99% so I did not apply to the rest.

Having said that, the dealer also ran my credit because I took delivery on a note before my loan paperwork went through. It turns out they ran three hard inquirers. Overall I ended up with five hard inquires and that dropped my credit score by around 10 points. If you are car shopping / loan rate shopping, it is common to have multiple hard inquiries but that will not effect your overall score by much. I should get those 10 points back very soon.

Great info, thanks

 

[NOMAD-0311]

I got 3.79% for 72 months from USAA a couple days ago. Asked the dealer if they had anyone that could beat it and said the closest they could come was 3.99% and I have just under an 800 credit score.

My rate from them on my Scat Pack was 2.49, but as has been mentioned, now that we are no longer in a recession, those low rates are much more rare as they aren’t attempting to incentivize borrowing

 

[Demonic]

2.94% for 60 months through Bank of America at dealership. I had originally told the dealer I was going to go through a credit union since they likely wouldn't be able to get under 3%. They called me back that night and said they could do 2.94 through BOA. I've used BOA for finances before though so that may have had something to do with the quote as an existing customer.

 

[DadWagon]

1.99 from Navy Federal, but you have to be a senior enlisted member to get that rate.

 

[walweb]

Seems like most loans from commercial banks and even some CU's are starting at 3% for anything over 48 months. Please share if you have had better luck. Thank you.

2.99% 72 months with 20% down Aurora Federal Credit Union (Aurora Colorado)

 

[rrwins]

I haven't car shopped for 5 years and my last APR was .9% so I was taken aback by the current #s.

Thank you all for sharing your personal experience.

One dealership started w/ Chrysler financing at 4.78%. He even said that $1000 rebate amount will be taken off if I don't finance through them. BS!
Got pre-approved with CDC Federal Union in Atl at 3.9% with an additional 1% off for banking with them.

Took that to another dealership and they matched it with Capital One. 10% down 60 months. No paystub requirements. Took 30 mins as 2.9% is considered an aggressive rate at this time. Oh, and the dealer through in $200 towards a step rail if I financed through them. I may not take them up on it, but it was a nice gesture.

 

[Reasons]

USAA is offering 3.09% up to 60 months. I was originally going to go with them but my local dealership offered me 2.99% through Capital One for 60 months.

 

[johnparjr]

0% I didn't buy till I had the cash

LOL

 

[Lorris007]

Wasn’t comparing but rather bitching, which I guess is useless. But no need to start saying Im stupid for bringing up my current loan in frustration to how it’s 1.5% more than my previous loan. That’s a rather large sum of money on a $50k loan. If that’s stupid to be frustrated about then I’ll gladly take the stupid title

50k is too much vor a car and they can cancel your loan

 

[thenewjs23]

Fed rate has been going up .25% every quarter since 2017, that increases bank lending rates. It stayed almost the same from 2008-2015. It's stupid to compare rates for a previous auto loan

Explains alot, my loan from 13' was 1.7

 

[Kyanche]

0% I didn't buy till I had the cash

LOL

This dude. Doing what we should all be doing. lol :D

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