State Employees' Credit Union - Calculator List (2024)

FAQs

What is the oldest car a credit union will finance? ›

Get Car Financing

Typically, a bank won't finance any vehicle older than 10 years, even if you have good credit. If you don't have great credit, you may find it difficult to finance through a bank, even for a new car.

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.

PenFed Credit Union is the best overall auto loan lender thanks to its wide selection of loan types and competitive rates, according to our research. It offers rates for used cars as low as 6.49%, and another one of our picks, OpenRoad Lending, offers refinance rates as low as 1.99%.

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.

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

SECU offers its members good value and benefits with a nice range of savings options, relatively low minimum balance requirements, and additional financial services.

What credit union is paying the highest CD rates? ›

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.

People with excellent credit qualified for rates around 5.38 percent, while people with bad credit had an average new car rate of 15.62 percent. Rates for used cars were higher — 11.91 percent across credit scores. And the average rate for bad credit was a sky-high 21.57 percent.

Yes, just like the price of the vehicle, the interest rate is negotiable. Dealers may not offer you the lowest rate that you qualify for. To get the best interest rate, shop around with multiple lenders and negotiate.

Age of the car: Older cars can be challenging to refinance, as lenders consider them high-risk. The older the car, the more likely it is to have issues with reliability, safety, and resale value. A car over 10 years old, for example, typically isn't eligible for refinancing.

Capital One Auto Finance only refinances cars, light trucks, minivans and SUVs that will be used for personal use. Vehicles must be no older than 10 years and have an established resale value.

The following vehicles are not eligible for financing, include but are not limited to: Vehicles older than 10 calendar years. Teslas older than 5 calendar years. Vehicles with more than 120,000 miles.