A phenomenal auto loan promotional rate was just forwarded to us this week by BankVibe.com reader Vicki. This auto loan product comes from Crescent Credit Union of Massachusetts and can carry an APR as low as 3.44 percent! To put this deal in perspective the national average for 36 month new car loans and 36 month used car loans sits at 6.40% APR and 6.84% APR, respectively. This promotion is practically cutting the national average in half! See all the promotional details here or read them below.
This is an auto loan refinance option and is offered on terms up to 84 months. If you’ve recently purchased a new or used vehicle and locked in a loan at an unfavorably high interest rate, you may want to consider a refi. However, not everyone is eligible to take advantage of this product. You must first be a member of Crescent Credit Union and if you live outside of the greater New England area, you’ll probably have a difficult time joining. They have branches throughout Massachusetts including Cambridge, Bonston, Brockton, Norwell and Taunton.
Refinance Auto Loan Rate – Terms and Conditions:
- Refinance cannot exceed 100% of the book value of the car, pay-off amount, or 100% of the NADA value.
- APR (Annual Percentage Rate) as of 1/16/10 is based on automatic payment from a Crescent checking account.
- APR is for 2009-2010 models with a 63-month term.
- Without automatic payments rate is 0.25% higher.
- For 3.44% APR, maximum LTV (loan to value) is 100%.
- For 63 monthly payments at 3.44% APR the repayment amount would be $17.37 per $1,000.
- For 2009-2010 models, an 84 month term is available at 7.99% APR and a corresponding payment of $15.58 per $1,000.
- Other rates and terms available based on model year.
- Offer subject to change at any time.
- Subject to credit approval. Membership eligibility requirements apply.
- Offer subject to change and may be withdrawn at any time.