We were forwarded a few exceptional auto loan rates being offered in Indiana this weekend. The top 5 rates were all for 36 month new car loans assuming a loan amount of $25,000 or greater, however, these institutions also offer used card loans with lower minimum requirements but you’ll have to contact the bank or credit union directly for updated APR’s, terms and conditions. If you happen to live in Indiana and are in the market for a new car loan, you’ll certainly want to see if you’re eligible to join these credit unions and/or banks to obtain their unusually low APRs. To put the numbers in perspective, the national average for auto loan rates with 36 month terms sits at roughly 3.70% APR.
Why obtain financing from a bank or credit union before purchasing a new car? The primary advantage of having an auto loan established before entering a dealership is that you will have to be treated as a cash buyer. This gives buyers significant leverage in the negotiation process.
Best Auto Loan Rates in Indiana – Top 5:
(Rates accurate as of July 2011. Visit the individual institutions’ website for update rates, terms and conditions.)
- Indiana Members Credit Union (Noblesville, IN) has a 36 month auto loan featuring an interest rate of 1.99%.
- Fort Financial Federal Credit Union (Syracuse, IN) has a 36 month auto loan featuring an interest rate of 2.49%.
- Indiana University Credit Union (SouthBend, IN) has a 36 month auto loan featuring an interest rate of 2.50%.
- State Farm Federal Credit Union (West Lafayette, IN) has a 36 month auto loan featuring an interest rate of 2.50%.
- Bank of America (South Bend, IN) has a 36 month auto loan featuring an interest rate of 2.74%.
If you live in Indiana and have obtained a better interest rate on a new or used car loan, please share by leaving a comment!