President’s Day Auto Loan Rates: 3.50% APR for new vehicles
February 10th, 2010 Posted in Auto Loans
Much thanks to BankVibe.com reader Martin for passing on this spectacular deal coming out of Municipal Credit Union in New York City. From February 12 through the 16th members of MCU can lock in new car/truck loans for as low as 3.50% APR. To put this offer in perspective the current national average for new and used auto loan rates sits at around 6.25% APR.
Terms and Conditions of New Auto Loan Promotion from MCU:
- Rates are available to their most creditworthy members when payroll deduction or direct deposit is selected as the method of repayment.
- For model years 2010–2009, your payments will consist of 60 monthly payments of $18.21 on each $1,000 borrowed at 3.50% APR.
- For model year 2008, your payments will consist of 60 monthly payments of $18.28 on each $1,000 borrowed at 3.65%APR.
- For model years 2007–2006, your payments will consist of 60 monthly payments of $18.44 on each $1,000 borrowed at 4.00% APR.
- Some restrictions apply.
- Rates will increase after closing if you stop paying your loan by automatic payroll deduction or direct deposit.
- Must take possession of vehicle on or before February 28, 2010 to qualify for these special offers.
- Members who get pre-approved in advance of the sale dates will receive an additional .25% off the qualifying rate.
- Other rates and terms available.
- Membership required.
Municipal Credit Union was established in 1916 and is now the largest credit union in New York. MCU is federally insured by the NCUA (credit union equivalent to FDIC).
February 11th, 2010 at 1:52 am
“Available to their most credit worthy borrowers” I bet no one is credit-worthy enough for the 3.50% rate. My cu was offering 4.0% apr auto loan and i talked to one of the fella;s who worked at it and he said out of 20 or more applicants no one got that rate.