SECU Auto Loans (2024)

FAQs

Which credit union has the best auto loan rates? ›

There isn't one specific score that's required to buy a car because lenders have different standards. However, the vast majority of borrowers have scores of 661 or higher.

Auto loan rates for new and used vehicle purchases fell in the first quarter of 2024 to 6.73% and 11.91%, respectively, down slightly from the 15-year highs we saw at the end of 2023, according to Experian.

What credit score do you need for an Ally loan? You can qualify for an Ally Bank auto loan with credit scores as low as 520, but for an Ally Bank refinance, you'll need a minimum of 620.

Car Loan APRs by Credit Score

Excellent (750 - 850): 2.96 percent for new, 3.68 percent for used. Good (700 - 749): 4.03 percent for new, 5.53 percent for used. Fair (650 - 699): 6.75 percent for new, 10.33 percent for used. Poor (450 - 649): 12.84 percent for new, 20.43 percent for used.

Credit score: You might need a credit score of at least 740 to be considered for a 0% APR loan. The minimum credit score depends on the dealership and the car you're interested in purchasing.

The base FICO score is also called FICO Score 8 or 9. It's not designed specifically for auto loans, but many lenders use it. It's a number between 300 and 850, and a higher score means that a person is more likely to make loan payments on time.

However, most lenders look for a threshold of at least 600. However, this may vary depending on the lender, car, and loan type. A score of 700-850 is what most lenders consider ideal. Borrowers in this range can expect to get offered lower interest rates and more flexible loan terms.

An interest rate under 5% is a great rate for a 72-month auto loan. However, the best loan offers are only available to borrowers who have the best credit scores and payment histories.

What is the best time to buy a car? ›

Best time of month to buy a car

The final weeks of December are especially important to car dealers because it's also the end of the year. But dealers have quotas to meet at the end of every month all year long. The end of most months. Overall, the best time to buy a car is the last few days of any month.

However, lenders and banks typically follow common guidelines, especially as it relates to age and mileage. For example, you usually can't finance a used car older than 10 years with a five year loan. Similarly, you might not be able to finance a car with 150,000 miles for more than three years.

It's possible to get approved for an auto loan if you have bad credit (sometimes called "deep subprime" credit), meaning a credit score under 580. But in many cases, options can be costly. To improve your odds of getting approved for a relatively affordable loan, follow these steps.

Chase doesn't list a minimum credit score, which means borrowers with fair credit may qualify for an auto loan. If your credit is poor, consider adding a co-signer to your application to increase your chances of being approved.

I... Top Banks like Canara Bank, HDFC Bank, ICICI Bank, Punjab National Bank, and State Bank of India are providing the cheapest car loans. Canara Bank interest rates range from 8.80 percent to 11.95 percent. HDFC Bank car loans start from 8.75 percent.

Experian also provides average car loan APRs by credit score, based on the VantageScore credit scoring model. Superprime: 781-850. 5.38%. 6.80%.

What credit score do auto lenders look at? The three major credit bureaus are Experian, TransUnion and Equifax. The two big credit scoring models used by auto lenders are FICO® Auto Score and Vantage.