Lowest Auto Loan Rates for Arizona Residents

After seeing some decent auto loan rates come out of the southwest recently we did some further rate digging into Arizona banking institutions and found a number of them (both banks and credit unions) offering auto loans for both new and used vehicles with rates and APR’s significantly under the current national average. Below are the four institutions we found to be offering the best auto loan rates in Arizona. For a quick recap on the advantages of obtaining financing for your new or used vehicle before entering a dealership read our post highlighting the best auto loan rates in Maryland. In a nut shell – by obtaining financing through your local bank or credit union you will be treated as a “cash buyer” by the dealership which will give you greater leverage in negotiating a purchase price for you vehicle.

Arizona’s Lowest Auto Loan Rates:

(Rates accurate as of 9/2010. Visit the bank or credit union’s website for current rate info.)

- Bank of America National Association (Yuma, AZ) offering auto loans for new vehicles on 36 month terms with APRs as low as 2.99% depending on credit worthiness. Further reading from BankVibe.com: Bank of America Auto Loan Rates & Review.

- Western Federal Credit Union (Mesa, AZ) also offering auto loans for new vehicles on 36 month terms with APR’s as low as 2.99% depending on credit worthiness.

- First American Credit Union (Window Rock, AZ) offering auto loans for new vehicles on 60 month terms with APR’s as low as 3.49% depending on credit worthiness.

- Arizona State Credit Union (Tuscon, AZ) offering auto loans for new vehicles on 60 month terms with APR’s as low as 3.99% depending on credit worthiness.

We have just highlighted the “new car loan rates” offered by these institutions. Many institutions will offer similar APR’s for used auto loans as well, however, you will need to contact the bank or credit union directly or visit their rate pages for these APR’s.

If you live in Arizona and know of a better auto loan rate offered through your local banking institution, please share by leaving a comment.

Los Angeles, CA: Low Auto Loan Rates and Special Offers!

Thanks to BankVibe.com reader Justin for tipping us off on a fantastic auto loan promotion he was able to get through his local credit union. CalCom Federal Credit Union (Glendale, California branch) has a special auto loan offer for existing members, however, even if you are not a current member you can still lock in 36 month auto loan rates whose APR’s are significantly under the current national average once you’ve joined. CFCU’s Glendale branch (just outside Los Angeles) is providing it’s members with the option to knock off an additional 2% of their current auto loan rate.

Their auto loan deal is highlighted on their homepage (details also shown below):

Two for Two: Come Back for “Seconds” and get up to 2% off!

- Steer yourself in the right direction and head to CalCom Federal Credit Union for amazingly low rates on auto loans. If you already have an auto loan with CalCom, you can get a second auto loan or refinance your auto loan from another lender or dealer with up to 2% off your existing rate with them!

CalCom does not list their auto loan rates on their website, however we have heard that they have a 36 month auto loan as well as a 60 month auto loan with APR’s of 3.0% for qualified borrowers. To put these offers in perspective, the current national average for 36 month and 60 month auto loan rates sit at roughly 6.20% and 6.30% APR, respectively.

If you are ineligible to join CFCU, here are some other low auto loan rates in the Los Angeles Area:

- Bank of America (Los Angeles, CA branch) – 3.36% APR for 36 month auto loans.

- US Bank National Association (LA, CA branch) – 3.74% APR for 36 month auto loans.

Like all bank rates, these are time sensitive in nature, so please refer to the date of this article for accuracy. If you live in the greater Los Angeles area and know of a better new or used car loan rate in your area, please share by leaving a comment!

New Vehicle Auto Loan Special available in Texas: 1.99% APR!

We just got tipped off on this fantastic 36 month new auto loan offer for creditworthy borrowers who are eligible to join Navy Federal Credit Union. Quick side-note: We are guessing this offer is available at every NFCU branch, however, we were forwarded this offer from a customer banking at their Portland, Texas branch. Currently, NFCU’s Portland, Texas branch is offering new auto loan rates as low as 1.99% APR for 36 month terms!

The special auto loan rate is based on creditworthiness, so your rate may differ if they deem your credit to be too much of a risk. Also, they offer new and used 60-month term auto loan rates for 3.99% APR (depending on credit worthiness) which can come with additional APR discounts for veterans and other qualifying members. However, the 1.99% APR is not eligible for any interest rate discounts. (Payment example: loan amount of $20,000 at 3.99% APR for 60 months would have a monthly payment of $369.00.)

Not eligible for membership with NFCU? Check out these additional auto loan rates in Texas:

- Shell Federal Credit Union has a 36 month auto loan with a rate of 2.50% APR for qualified borrowers. (Deer Park, Texas)

- Capitol One Bank has a 36 month auto loan with a rate of 3.01% APR for qualified borrowers. (Weimar, Texas branch)

- or browse through our archives of auto loan promotions.

Live in Texas and know of a great auto loan rate in your area? Please share by leaving a comment!

Wells Fargo Auto Loan Products and Rates

San Francisco based Wells Fargo is one of the largest banks in the United States today with roughly 6,600 banking branches in nearly 40 states (the infamous stagecoach probably makes a stop near you!). They operate in almost every major banking vertical – including retail, commercial, and corporate banking; investment management; insurance; equipment leasing; and venture capital investment. Within the personal retail banking arena they offer CD (certificate of deposits), auto loans, checking accounts, money market accounts, credit and debit cards. They are also a top residential mortgage lender in the US as well as one of the largest mortgage servicers. The company owns Wells Fargo Insurance Services, one of the world’s largest insurance brokerage firms. It is also a leader in mutual funds and online brokerage services. Wells Fargo acquired Wachovia at the end of 2008, which doubled the company in size.

Their auto loan rates are currently on par with the national average. However, they are known for offering promotional products as well, so you may want to ask your local branch about any special offers available.

Auto Loan Rates offered through Wells Fargo:

New Car Loans:

- 12 – 36 month auto loan comes with APR of 6.74%

- 48 month auto loan comes with APR of 6.74%

- 60 month auto loan comes with APR of 6.99%

- 72 month auto loan comes with APR of 6.99%

Used Car Loans (from Dealer):

- 12 – 36 month auto loan comes with APR of 6.74%

- 48 month auto loan comes with APR of 6.74%

- 60 month auto loan comes with APR of 6.99%

- 72 month auto loan comes with APR of 6.99%

Used Car Loan (Person-to-Person):

- 12 – 36 month auto loan comes with APR of 6.74%

- 48 month auto loan comes with APR of 6.74%

- 60 month auto loan comes with APR of 6.99%

- 72 month auto loan comes with APR of 6.99%

Auto Refinance:

- 12 – 36 month auto loan comes with APR of 6.49%

- 48 month auto loan comes with APR of 6.49%

- 60 month auto loan comes with APR of 6.74%

- 72 month auto loan comes with APR of 6.74%

*Rates accurate as of June 7, 2010. Visit their auto loan page for current rates and offers.

Auto Loan Rates as Low as 3.99% APR through NFCU

After noting Navy Federal Credit Union’s outstanding deposit rates and deals, we thought we should lend some credit to their very affordable auto loan rates as well. For a limited time, they are offering auto loan rates for as low as 3.99% APR for new and used vehicles, up to 60 months. Plus, you can save an additional 1/4% APR discount if you’re active duty or retired military (or a 25-year member). Granted this deal is not available to the majority of us, but if you are in the market for a new auto loan and fit NFCU’s membership criteria, then this is one of the best deals available. Visit their promotional page here.

Terms and Conditions:

- Rates based on creditworthiness, so your rate may differ. 2.99% APR is not eligible for any interest rate discounts. Rates subject to change at any time. Loan amount of $20,000 at 3.99% APR for 60 months would have a monthly payment of $369.00.

- Active duty or retired military can get 1/4% APR off select loans when you apply at a branch or by calling 1-888-842-6328. Offer does not apply to online applications. Direct Deposit required. This military special is a limited-time offer and may expire at any time.

- 25-year member discount is a one-time non-transferable offer.

Navy Federal Credit Union has branches throughout the country and they were recently noted when we published the best auto loan rates in Florida, the best auto loan rates in Georgia, auto loan rates in California, auto loan rates in New York, auto loan rates in New Jersey, auto loan rates in Texas and auto loan rates in Ohio.

Outstanding New Auto Loan Rates offered at this credit union…

After being tipped off on Carolina Family Credit Union’s 6 month CD rate, we happened to notice this particular credit union was also offering some substantial deals on their new auto loan rates. Currently when financing a new car, truck or van you will pay the following APRs:

• 4.75% APR on a new auto loan up to 48 months (national average sits at 6.62% APR)
• 5.25% APR on a new auto loan up to 60 months (national average sits at 6.65% APR)
• 5.75% APR on a new auto loan up to 72 months (national average sits at 6.06% APR)

Features, Terms and Conditions of New Auto Loan offer from CFCU:

• They finance 100% of the selling price of new cars and trucks and finance the NADA trade in value for used vehicles.
• Life and disability insurance protection available.
• If you are shopping for a new vehicle, they can pre-approve your loan.
• Same rates for boats, campers, 4 wheelers, and other recreational vehicles.
• Actual interest rates on all auto loans will be determined by Beacon Score.
• All vehicles purchased within 180 days or demos with less than 20,000 miles will receive the new car rates.
• You can borrow up to $10,00.00 unsecured based on your credit report and debt ratio.

Granted this credit union is fairly exclusive to join (ie you must live, work, worship or attend school in a small geographical area within North Carolina) however, it goes to show that smaller, exclusive, credit unions may be your best bet when tracking down optimal rates.

Purchasing a green vehicle?

If you plan on purchasing a low emission vehicle you may want to look at some auto loan rate promotions which strive to promote these purchases. A few weeks ago we noted one particular credit union offering a half-a-point discount on green auto loans!

Get a 1% discount on your auto loan rate with 20% down!

If you are in the market for a new or used car this holiday season, you may want to scope out Digital Federal Credit Union’s offer. Currently, if you can make a deposit of at least 20% down on your new or used car, truck or van they will drop the APR on you auto loan by 1.0%.