We just got tipped off on a fantastic new and used auto loan promotion that became available on the first of this month through Santa Clara County Federal Credit Union.
Unfortunately for most of us these promotional rates are off the table, however, if you reside in the bay area and are in the market for a new or used car loan, you may want to look into these offers.
Related: Check out some of the lowest interest rates on auto loans from Bay Area banking institutions.
Here is the deal:
For an unspecified period of time SCCFCU is offering new auto loan rates between 2.99% and 3.99% APR with terms ranging from 0 – 36 months. For a limited time they are also offering used auto loan rates as low as 3.99% APR with terms ranging from 0 – 36 months. To put these offers in perspective the current national average for a 36 month new car loan sits at roughly 6.50% APR. You may also want to compare these rates to the best auto loan rates in California.
Why obtain an auto loan through a bank?
For a couple of reasons. One, if you’re purchasing a used car from your everyday used car lot, you probably wont even be offered a loan. They will require that you have the cash with you. Second, even for dealerships that provide auto loans themselves, when you enter the dealership with a loan in place you’ll be treated equally as a cash buyer. This can give you substantial leverage in the negotiating process.
Details, Terms and Conditions of Auto Loan Promotion:
- Annual Percentage Rate 2.99% APR is valid for new vehicles with terms up to 36 months, and requires a 20% down payment on the vehicle purchase.
- 2.99%APR is eligible only to members of Santa Clara County Federal Credit Union with a FICO score of 700 or higher.
- Payment amount per every $1,000 borrowed at 2.99% for 36 months equals $29.08 per month.
- All loan policies, rates and terms are subject to change; all loan requests are subject to approval.
- Santa Clara County Federal Credit Union extends vehicle loans under an open end credit plan.
- This offer may not be combined with any other discount or promotional offer; offer not available for an existing County Federal loan.
- No other rates or terms available on this offer.
Visit their promotional page here.