Auto Loan Rates Maryland: This week’s lowest offers
We were recently tipped off on some pretty sweet auto loan rates coming from a few banking institutions in the state of Maryland and we’d like to give a quick shout out to those institutions offering the lowest loan rates. The auto loans come in the form of 36 month “new car” loans, however, depending on your credit standing you may be able to get significantly low rates for both new and used cars and trucks with varying terms.
Why obtain financing from a bank or credit union before heading to the dealership?
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 (generally speaking, auto loans come in the form of 36 month, 48 month, 60 month or 72 month terms).
Lowest Auto Loan Rates in Maryland – Top 3:
(Rates accurate as of 9/2010. Visit the individual institutions’ webpages for updated rate info).
- Navy Federal Credit Union out of Suitland, Maryland has a 36 month auto loan going for an industry best 1.99% APR for approved borrowers.
- Bank of America (National Institution) out of Wheaton, Maryland, has a 36 month auto loan going for 2.99% APR for approved borrowers.
- Market USA Federal Credit Union out of Laurel, Maryland, also has a 36 month auto loan going for 2.99% APR for approved borrowers.
Keep in mind the above rates are based on $25,000 financed for NEW VEHICLES. Contact the institution for individual auto loan needs.
Do you live in Maryland and know of a better auto loan rate offered through your local banking institution? If so, please share by leaving a comment.
