Loan term: This is how long it takes to pay off the loan.Interest rate: The interest rate is used to calculate what you pay the lender to borrow the money.Īlong with the interest rate, it determines the total cost of the loan. If youre not sure about the interest rate of your loan, you can use your credit score to estimate the rate.Along with the term, it determines the total loan cost. Keep in mind that if you are getting a used car loan, your interest rate will be higher.īased on the inputs above, the calculator determines the following: Navy Federal Credit Union New Auto Loans The estimates are based on the average interest rates for new car loans by credit score according to Experian data from the second quarter of 2020. Whats unique about Navy Federal auto loans for new cars is not that it offers one of the lowest APRs available its unique because of the way it classifies a new car. To NFCU, a new car or truck was manufactured in the last three years, including the current year. So, for the current year, 2017, a new vehicle includes the 20 model years, as long as its mileage is less than 7,499. The lowest current APR of 1.99 percent comes with a loan term of up to 36 months. For a 37 to 60 month loan term the lowest APR is 2.39 percent. The APR bumps up a notch to 2.69 percent for a 61 to 72 month term but it jumps considerably to 4.09 percent on a 73 to 84 month term. While some car buyers might appreciate the longer terms of 85 to 96 months, they will pay much higher rates as the low APR for that range is 4.89 percent.
Buyers with less than stellar credit can expect to be charged APRs of 15 percent to 19 percent depending on the length of the loan term.ĭon’t Miss: Can My S Corp Pay My Student Loan Military Service Awards: We’re Military The lowest APRs in all loan ranges are reserved for the most creditworthy borrowers with a credit score of at least 700. We were founded with a vision to provide affordable loans for military members.
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