Ohio Auto Loan Rates: Extremely Low Interest Rates

April 5, 2011 1 Comment »

We’ve just been forwarded two very noteworthy auto loan rates available to residents in Ohio. The three lowest APRs in Ohio come from credit unions that operate throughout the state and, in some cases, throughout the country. If you happen to be in the market for a new or used car loan you’ll likely be better off taking a loan from a bank or credit union rather than obtaining dealer financing. By doing this, you’ll be treated as a cash buyer in the dealership which could give you significant leverage in the negotiation process.

The auto loan rates listed below assume a new car loan with a term of 36 months. All rates are also based on $25,000 financed and no money down. You can track down these branches in Cleveland OH, Wadsworth OH, West Chester OH, Madison OH, and Mt Vernon OH. The institutions likely have other branches through the state of Ohio as well. Check with the individual institution’s website to find current rates and locations.

Lowest Auto Loan Rates in Ohio:

(Rates accurate as of April 2011.)

- Medina County Federal Credit Union (Wadsworth, OH) has a 36 month auto loan with a rate of 1.99% based on $25,000 financed.

- Navy Credit Union (Cleveland, OH) has a 36 month auto loan with a rate of 1.99% based on $25,000 financed.

- Chaco Credit Union (West Chester, OH) has a 36 month auto loan with a rate of 2.49% based on $25,000 financed.

- Andover Bank (Madison, OH) has a 36 month auto loan with a rate of 2.74% based on $25,000 financed.

- CES Credit Union (Mount Vernon, OH) has a 36 month auto loan with a rate of 2.75% based on $25,000 financed.

If you live in Ohio and know of a better auto loan rate being offered through your local bank or credit union, please share by leaving a comment.

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  • Jessica Sethman

    Savings accounts haven’t always had such low interest rates in the US, but they’ve always had the lowest rates compared to other investments because of the fact that you can take out the money at any time. As you know, one of the ways banks make money is by lending people’s deposits out; if they can’t be sure that you’ll have money at the bank for them to lend, then it’s less desirable to lend that money out. This is why Certificates of Deposit get higher rates: you’re locked into leaving your money at the bank for a set period of time.