We’ve seen several noteworthy auto loan rates come out of Florida lately from both banks and credit unions serving the region.
Below we highlighted the institutions offering the lowest APR’s for their auto loan products. All of the institutions mentioned are either based in Florida or have branch locations in Florida. The rates we’ve highlighted come in the form of 36 month new car loans, however, the institutions may offer similar rates for different terms and/or for used car and truck loans as well.
Generally speaking auto loans come in 36 month, 48 month, 60 month or 72 month terms. The current national averages for 36 month auto loans, 48 month auto loans and 72 month auto loans sit at 5.80% APR, 5.88% APR and 3.78% APR, respectively.
Keep in mind that by obtaining financing before entering a dealership you will essentially be treated as a cash buyer. This could greatly increase your leverage in the negotiation process. Also a car loan through a bank or credit union will have a fixed rate for the duration of the loan.
Lowest Auto Loan Rates in Florida:
(Rates accurate as of 9/2010. Visit the bank or credit union listed for updated rates and information.)
- Navy Federal Credit Union (Pensacola, FL) has a 36 month auto loan going for 1.99% APR. NFCU has had this fantastic auto loan promotion going on for most of the summer. We recently publicized this offer in our post promoting Miami, Florida’s auto loan rates.
- Tyndall Federal Credit Union (Tyndall, FL) has a 36 month auto loan going for 2.740% APR.
- 1st Credit Union of Gainsville (Gainsville, FL) has a 36 month auto loan going for 2.75% APR.
- Bank of America (Tallahassee, FL) has a 36 month auto loan going for 2.99% APR. To learn more about Bank of America’s auto loan rates visit the previous link.
If you live in Florida and know of a better auto loan rate going on through your local financial institution, please share by leavinga comment.