Starting at 5.49% (car loans for 2017-2020 vehicles) Starting at 5.54% (through PenFed Car Buying Program) Starting at 5.99%* with autopay and excellent credit. Starting at 5.24% (car loans for 2021 or newer vehicles) Starting at 4.59% (through PenFed Car Buying Program) *Rates may vary depending on your location. In addition, the minimum financing amount is $7,500, which rules out Bank of America as a loan financier for more inexpensive used vehicles. For example, it offers one of the least flexible loan terms on this list, with the shortest loan term set at 48 months. For example, if you qualify for Bank of America’s Preferred Rewards program - based on your qualifying combined balances in your Bank of America deposit and/or Merrill® investment accounts - you can be eligible for up to 0.50% off your APR.īut Bank of America’s loan policies can lack variety. Though you don’t need to be a member of Bank of America to use its auto loan services, members may qualify for special perks. Loan amounts: $7,500 ($8,000 in Minnesota) to $100,000Īs one of the world’s largest banks, Bank of America is widely available and offers competitive rates.APR: Starting at 5.39% (new car loans), 5.59% (used car loans), and 8.29% (private-party loans)*.With flexible loan terms extending up to seven years, nationwide availability and no prepayment penalties, PenFed is the contender to beat in the auto loan industry. If you’re not interested in using PenFed’s program to buy a car, you can still secure lower-than-average rates on new and used cars purchased outside of the service. You’ll need to become a credit union member to use this service, but membership is open to everyone, and requires opening a savings account with a minimum $5 deposit. Pentagon Federal Credit Union is a credit union that offers low auto loan rates for both new and used cars, through the PenFed Car Buying Service. Loan terms: 36 to 84 months (depending on loan type).APR: Starting at 4.59% (new car loans through PenFed Car Buying Service), 5.54% (used car loans through PenFed Car Buying Service) Loans outside of this service start at 5.39% (new car loans) or 6.04% (used car loans).
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