We can make that dream vehicle more affordable and within your reach.
If you have your eye on a new car, found a great deal on a used vehicle or want to refinance a higher-rate loan from another financial institution, our best-in-market auto loan rates can help you fit comfortably in the driver's seat. LOC Credit Union has some of the best auto loan interest rates around. Preapproved auto loans are available for those who qualify so you know how much you can afford to spend before you start shopping.
Our auto loans offer:
- Low fixed rates on new and used autos
- Up to 115% financing
- Ability to lock your rate in for up to 45 days while you shop
- Flexible terms up to 120 months for some vehicle purchases based on year and dollar amount
- The ability to leverage any equity in your vehicle to pay off higher-rate debt elsewhere at the rate of your auto loan
- This option is perfect to simplify your debt into a single low rate payment and is available even if your car is paid off
- Not sure of your car's value? Check Kelly Blue Book or Edmunds
Auto Loan Interest Rates
|New & Used Auto Loans|
|Effective Date: Thursday, June 8th, 2023|
|Year||Fixed APR As Low As||Term||Minimum or Maximum||Note|
|2020-2023||4.89%||Up to 36 Months||$3,500 Min||Available for <90% LTV or Heroes Program Members|
|2017-2023||5.45%||Up to 66 Months||$3,500 Min||Available for <90% LTV or Heroes Program Members|
|2017-2023||5.95%||up to 66 Months||$3,500 Min|
|2018-2023||6.25%||up to 75 Months||$15,000 Min||Available for <90% LTV or Heroes Program Members|
|2018-2023||6.55%||up to 75 Months||$15,000 Min|
|2018-2023||6.75%||Up to 84 Months||$30,000 Min||Available for <90% LTV or Heroes Program Members|
|2018-2023||7.05%||Up to 84 Months||$30,000 Min|
|2022-2023*||7.55%||85 to 120 Months||$50,000 Min|
Example: A loan amount of $25,000 with a rate as low as 4.89% for 36 months would have an approximate monthly payment of $748.00
APR = Annual Percentage Rate
*Credit score 700+ required. Available for up to 75% financing.
Subject to approval. Approval and actual rate and term offered is based on overall creditworthiness factors and satisfactory collateral.
|LTV's up to 115% are available. All used collateral older than model years listed above will be considered on an individual basis. Contact us for more information. Restrictions apply.|
How to Apply for an Auto Loan
Whether you're interested in purchasing or refinancing your auto loan, new or used, you can get the process started by applying online to get preapproved today.
- Pros & Cons of Leasing a Vehicle
Looking to lease a vehicle? Here are some pros and cons to consider.
- Thinking About Refinancing Your Vehicle?
Did you finance your vehicle at the dealership? Let us help save you hundreds of dollars each year by refinancing.
- New or Used Auto - Which is Right For You?
One of the biggest dilemmas consumers have when in the market for a vehicle is whether to buy new or used.
- Is a Lease Buyout Right For You?
When your lease is over, you could drop the car off with the dealer, sign a few papers, and walk away. But have you considered what comes next? Have you considered buying out your current lease?
- Why Dealership Financing May Not Be The Best Option
When choosing between financing at a dealership or credit union ask yourself which one will be more beneficial in the long run.
Auto Loan FAQs
Yes, we offer both financing and refinancing on loans.
Refinancing may be a good option if your credit score has improved or if your car is worth more than the existing loan balance and you want to use the equity to pay off other debt.
Unique to each individual, those deciding between buying or leasing should consider the following: Cost of vehicle, mileage, cost of repairs/maintenance, depreciation of vehicle, insurance costs, and more before making their final decision. Our lease vs buy financial calculator is the perfect tool to assist you in the process.
If you're interested in applying, you can get the process started online today. If you prefer, come into a branch or give us a call at 800.837.4562.
Loans are typically processed within 24 hours, with some exceptions for weekends and holidays.
Yes. LOC offers loans for both new and used vehicles. You may be surprised to see that the rate of recent year used cars is very similar to that of a new car.
There are no prepayment penalties on your loan from LOC, so feel free to pay a little extra each month to save on interest!
LOC offers up to 115% financing. However, factors such as credit score and value of the vehicle can determine how much you're eligible to finance. You can also refinance for more than what you owe if the vehicle is worth more than the loan balance.
In some instances, it is better to finance a lower amount at a slightly higher rate, meaning to it would be best to take the rebate. But the decision may come down to what rate you receive from your credit union or bank..