From a historical point of view loans , auto loan at bargain prices today . WalletHub watching the price for a 36 - month auto loan calculator , and most car buyers want a 60 - month term for a manageable monthly payment.
The banks are not so interested in these higher-risk customers , because if a car loan has the advantage that the guaranteed debt.
In addition, these are the phrases that people with credit scores of 720 or higher can expect to receive. With lower credit , you may still be able to get a car loan . " Credit unions offer interest rates lower than 40 % of new auto loan , and interest 44% lower for loans used cars than traditional banks ," says WalletHub rates.
In the past , the big banks were not as competitive rate because they can not be , they mortgage and credit card portfolios , which had earned a lot of money . Banks loose enough to see the demand for credit in other products .
In the survey , he found that credit unions offer an average of 2.24 % APR for new car loan and 2.54% on used cars.