LOS ANGELES (8/17/15)--Credit unions nationwide are offering top deals on car loan rates, and a recent article by GOBankingRates featured the very best in the movement. The article also discusses the various conditions members must meet to qualify for the best rates.
“With competitive rates, your local credit union can help you save on your next auto loan,” said GOBankingRates, which also noted that rates and terms are subject to change.
The top-ranked credit union was Randolph-Brooks FCU, Live Oak, Texas, which boasts a 1.65% APR on loans for both used and new vehicles.
The article points out that loans from Randolph-Brooks offer members a lot of flexibility, with terms that range from 24 to 84 months with financing that can cover up to 125% of the value of the car.
Second on the list was Suncoast CU, Tampa, Fla., which offers a 1.75% APR on its vehicle loans with terms up to 72 months.
To qualify for the best rate at the credit union, according to GOBankingRates, members must sign up for automatic payments and also sign up for paperless statements. Members also must buy a vehicle that gets at least 28 miles per gallon.
Further down the list, Foothill CU, Arcadia, Calif., offers a 1.7% APR with terms of up to 84 months. Members also can receive a 0.5% discount if they set up automatic payments through a Foothill checking account.
Purchases made through a preferred dealer would land the member an even steeper discount, as would being a school or hospital employee.
Other credit unions to make the list: