Contents
The Offer
- Northwest Federal Credit Union is offering auto loans from 2.19% APR on 2017 – 2023 model cars for 72 months
Our Verdict
Normally we don’t post auto loan rates, but this seems to be significantly less than what is available elsewhere.
Hat tip to Econ0mist
I looked them up at bbb and decided the slight assistance in monthly cash flow wasn’t worth it. Numerous recent complaints about being reported late on their auto loans when they were not and having forced insurance put on when coverage was in place and/or them not registering the person confirmed their coverage. Sounded like a mess I didn’t want to take a risk on.
Any of these loans payable with debit card?
Georgia’s Own Credit Union has 1.99%-2.28% with LTV up to 125% https://www.georgiasown.org/personal-account-rates-service-fees/
Wait for the economy to collapse. I did, In may 2019 when COVID hit, dealers offered 0% for 84 months! Lets go brandon
You were very prescient 🧐
Wow, if you knew about Covid in May 2019, you really did have a crystal ball. So what month does the next pandemic/economic collapse peak?
You might not have a job when the economy collapses.
Will they do a loan for lease buy out for someone looking to buy the car during end of the lease term?
Great rate compared to the overall market. If you are considering this offer to refinance an existing auto loan, keep in mind the amortization schedule of your loan. If you are on the second half or towards the tail end of the loan, you may end up paying more interest if you refinance even to a lower rate.
This credit union has an interesting field of membership if you are part of the Federal Government. From their website (and I quote):
Personnel assigned or detailed to the Agency
National Geospatial-Intelligence Agency at Building 213
National Reconnaissance Office
Office of the Director of National Intelligence
Personnel assigned or detailed to the Department of Homeland Security
All federal govt doesn’t qualify – I tried that excuse many years ago. The Agency refers to CIA/Secret Service IIRC…. but anyone can join if you join the Save the Koala’s foundation… err, I mean, it was some other way in when I joined.
Now I think a Membership in Northwest Federal Credit Union is open to anyone by joining the Florida Literacy Coalition ($10 membership fee).
The lowest is AAFCU. 1.9% with direct deposit
Their website shows 3.79%
it says 1.9% – 10.95% up to 36 mth
https://www.aacreditunion.org/49da88/globalassets/documents/loanrates.pdf
AAFCU != AACU
DCU is comparable
They were a few weeks ago, but now they’re at 3.24% with the relationship discount.
Yeah DCU shot up pretty high after being consistently low for years. Affinity still has rates between 2.2 and 2.8 for new cars, 2.5ish for used,
Yeah I just finalized a loan with DCU at 2.49 a few days ago..
Now they’re 3.9
Do they offer loans on paid off vehicles? If not, would they refinance a private loan?
There is a cash-out refi option on the loan application