A few outstanding auto loan rates came our way out of Pennsylvania this week. The top three offers come out of credit unions and the fourth is from Bank of America. Bank of America’s auto loan rates have been among some of the lowest in the country for qualified borrowers. The auto loans offered below are available to Pennsylvania residents and the APR’s featured are assuming a 36 month new car loan, however, depending on your credit history and loan amount required you may also be able to get these rates (or lower) for other various terms. Generally speaking auto loans come in 36 month, 48 month, 60 month, and 72 month terms.
Why obtain your car or truck loan through a bank rather than a dealer?
1) You will be treated as a cash buyer which increases your leverage in the negotiation process.
2) Dealers often have the option to change your interest rate. This is frequently referred to as a “dealer reserve” and it can be easily hidden in the fine print. With a bank or credit union funded auto loan purchase you will know your exact APR and it will be a fixed rate for the duration of your loan.
(Rates accurate as of 9/2010. Contact the individual institution for updated rates and information.)
- Corning Federal Credit Union (State College, PA) has a 36 month auto loan going for 2.740% APR.
- Visionary Federal Credit Union (Bridgeville, PA) has a 36 month auto loan going for 2.90% APR.
- InTouch Credit Union (Camp Hill, PA) has a 36 month auto loan going for 2.99% APR.
- Bank of America National Association has a 36 month auto loan going for 3.09% APR.
* Rates based on $25,000 financed.
If you live in Pennsylvania and know of a lower auto loan rate being offered through your local bank or credit union, please share by leaving a comment.
This entry was posted on Saturday, October 2nd, 2010 at 9:30 am and is filed under Auto Loans. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.View the original article here
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