Digital News Report – Both new car and used car loan rates were lower this week compared to last week. Auto loan rates can vary from 36 to 72 months.
Most lenders will provide financing for new cars up to 72 months. Many new car manufactures can provide low-interest loans on their vehicles, but financing for a used car can be more difficult. Used car rates are usually higher too.
Used Car Loan Rates
Wells Fargo is offering rates from 11.34% on their 48-month used car loans.
In California there is a wide selection of lenders. Union Bank offers used car loan rates starting at 9.99%. Fullerton Community Bank is offering 48-month used car loans starting at 10.75%.
New Car Loan Rates
Not all banks will make 72-month new car loans but Bank of America has rates starting at 3.55%.
Chase Bank is offering 42-month loans starting at 4.67%.
Other banks in California include Kaiser Federal Bank and Nationwide Bank. Even a small savings on a 48-month loan can be substantial and it pays to shop around.
By Tina Brown