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Who Has the Best Rates?



Despite the fact that we are all experiencing economic hardships, the number of individuals applying for car loans is astonishing! It’s apparently becoming clearer to people that even though they have to make sound financial decisions to survive, they also need to sacrifice a tad bit for them to feel comfortable. For instance, the use of public service transport is to an extent inconvenient for persons who commute daily. Subsequently, banks or other financial institutions receive car loan applications daily at an alarming rate. However, the question many individuals seek answers to is, “Who has the best car loan rates in the market?”

Around June, the United States auto loan debt was 1.1 trillion dollars according to the New York Federal Reserve Bank. In comparison to the previous year, this was an additional 97 billion dollars, and second to the mortgage’s consumer debt which had an increase of 246 billion dollars. The overall mortgage tab in that period rose to a whopping 8.36 trillion dollars.

Another observation worth noting is how close the auto loan is to the nation’s student loan debt that’s 1.26 trillion dollars and even surpasses the 726 billion dollar credit card debt. But there’s a kicker to all this, and it’s the fact that compared to the 11.1 percent student loan and the 7.2 percent credit card debt, 3.5 percent of car loans past due can only get described as minuscule at this point.

The following organizations offer the best rates around:


Andrews Federal Credit Union

In 1938, near Andrews Air Force Base, eight individuals came together and founded the firm with a deposit of five bucks apiece. Since then the credit union has had its branches spread to New Jersey, Washington, D.C., Virginia, Maryland, joint bases Andrews, and Germany military installations, the Netherlands, and Belgium. It’s no secret the backbone of the business is made up of active duty military together with their family members. Their services are however open to all successful applicants. The union offers new car loans at a rate of 1.39% for three years.


Advance Financial Federal Credit Union

This union offers impossibly low rates of one percent on a two and four-year-old used cars, together with new vehicles for three years. It got established in 1937 by eight inland steelworkers who tried to encourage saving among individuals. This ideology steered the firm to its present success as it depends on its fellow credit unions and 5000 shared branches. It serves mostly Lake and Porter counties, but members enjoy federal benefits.


Nassau Educators Federal Credit Union

Based in New York, the union has twelve branches on Long Island and offers incredibly low-interest loan rates for all qualified individuals. In 1938, the union got established to enable the school staff to bring together their finances with the aim of supporting one another. What began as a ten-member organization worth 50 dollars has metamorphosed to a firm boosting of one hundred and sixty thousand members with assets amounting to 2 billion dollars throughout Suffolk and Nassau counties. Just like the Teachers Federal Credit Union, they offer car loans at 1.45% for periods ranging from 3 to 6 years.


Ontario Shores Federal Credit Union

This company has only two branches in Western New York which is in Medina and Newfane. It offers a 2-year-old used car loan and new car loans at a rate of 1.2 percent for three years. Its online dominance and few restrictions are the reasons behind its success. With Ontario Shores, you will be able to build your savings and credit and hence qualify for more loans. The low rates and easy access to the institution from anywhere are what turns this firm into a community gem.


ServU Federal Credit Union

It’s a credit union that offers meager rate to its clients on a 2-year old and 4-year-old used car and new car loans for three years at 1.24 percent. It’s near the Pennsylvania border in southern New York. Previously known as the Corning Teachers Credit Union, ServU serves 35000 residents of Allegany, Steuben, Yates, and Schuyler counties and it got founded in 1956. Before 2004, it was a teachers-only affair as it worked with teachers from surrounding districts with the goal of increasing its numbers. As of now it strives to offer opportunities for its members to save more, and ease the economic burden.


The Teachers Federal Credit Union

This union offers new car loans at 1.45 percent rates. The rates apply to loans that have a period ranging from 3 to 6 years. You don’t have to hassle to become a member due to the friendly stipulations and the staff members diligently serve all successful applicants. The union’s location is on Long Island, and it has only ten branches. If you are a resident of Nassau County or certain parts of Suffolk County like the Poospatuck Reservation, Babylon, Riverhead, Huntington, Islip, Smithtown, or Brookhaven, then you are eligible to apply. As a member, your entire family can enjoy the same benefits you receive.


The Fortera Credit Union

It started in 1954 by providing services to strictly civil service staff members before expanding to military families in 1960. Currently, it offers its services for everyone who resides in Stewart or Montgomery counties in Tennessee. The loans offered are at a 1.29 percent for new car loans and 2-year-old used car loans for three years. If you’re looking for the best rates out there, visit these unions and get assured of an investment that won’t bleed you dry.

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