EL SEGUNDO, Calif.—Which credit union offers the best auto loan deal in the country?
Randolph-Brooks FCU, Live Oak, Texas, came out on top in Go Banking Rates Aug. 10 survey of CU car loan offerings across the country. RBFCU delivers members a rate of 1.65% APR for new and used vehicles with terms up to 66 months.
“With loan terms as short as 24 months and as long as 84 months, and with financing on up to 125% of the value of your car, RBFCU gives you a lot of flexibility when buying a car,” Go Banking Rates stated.
Suncoast CU in Tampa came in second with 1.75% APR on new cars up to 72 months.
“While Suncoast Credit Union also offers competitive rates on used car loans, to qualify for the best rates you have to sign up for automatic payments. You will also need to sign up for paperless statements and purchase a new vehicle with a combined EPA rating of 28 MPG or greater,” the website noted.
LA Financial CU in Pasadena, Calif., placed third with 1.99% APR for new and used auto loans with terms between 48 months and 84 months. The CU will finance up to 125% percent of the purchase price. Borrowers must set up automatic payments to get the low rate.
EECU’s 1.99% APR on car loans up to 66 months for 2014 and 2015 vehicles landed the Fort Worth, Texas, CU in fourth.
SchoolsFirst FCU in Santa Ana, recently rated by Consumer Reports as providing the best service in the country, finished fifth with a rock-bottom 1.49% APR that members can receive on new cars after a .75% discount for automatic payments. Rates on used car loans start at 1.61% APR.
Foothill CU, Arcadia, Calif., is sixth with 1.70% APR for up to 84 months on new cars. The rate includes a 0.50% discount for automatic payments.
In seventh is Alliant CU, Chicago, with 1.99% APR for new cars and a 2.24% APR for used cars up to 60 months. The rates include a 0.40% discount for automatic payments.
Navy FCU Vienna, Va., is eighth at 1.99% APR for new car purchases and a 2.29% APR up to 36 months.
Rounding out the top ten are Pentagon FCU, Alexandria, Va., with 2.24% APR for new car loans up to 60 months, and State Employees’ CU, Raleigh, N.C., at 2.75% APR for new cars up to 50 months. Automatic payments are required for SECU’s low rate.