Auto Loan Rate Deal of the Day: Wiregrass Federal Credit Union at 2.99% APR
News from Go Banking Rates:
If the thought of taking on an auto loan makes you feel heavy and weighed down, just remember that a low car loan rate can make all the difference between staying in the black or falling into the red every month. Wiregrass Federal Credit Union?has auto loan rates as low as 2.99% APR, so that the apprehension of financing a new car is eased completely.
Auto Loan Terms and Conditions
2011-2012 model cars and trucks in new condition may be eligible for auto financing at an affordable 2.99% APR. A maximum term duration of 60 month loans are available to borrowers, so that members get the benefit of being able to choose a loan that?s right for them.
Wiregrass Federal Credit Union finances up to 100 percent of the vehicle?s value. Borrowers with less than three years of credit history are only financed up to 80 percent, if they do not have a co-signer for the loan.
Interest rates on all auto loans are heavily based on the creditworthiness of members, and may adjust to a higher interest rate for those with lower credit scores.
About Wiregrass Federal Credit Union
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Auto loan terms loosen further
News from Cherry Hill Courier Post:
DETROIT ? For car buyers seeking auto loans, happy days are here again.
U.S. banks and auto finance companies are once again welcoming all kinds of customers, even those with less-than-stellar credit. The average credit scores of new- and used-car buyers, which spiked during the economic downturn, have fallen to nearly the same level as 2008.
Better yet, experts don?t think the credit pipeline will dry up anytime soon. Low interest rates are making it cheaper for banks to get money, which makes them more willing to lend. The federal funds rate ? or the rate at which banks lend money to each other ? is now near zero percent, down from 2 percent in the summer of 2008.
Loans to subprime buyers ? or buyers with credit scores of 679 or lower ? are particularly attractive, since banks can charge higher interest rates. The average interest rate for a deep subprime loan ? or a loan to someone with a credit score below 550 ? on a new car is 12.9 percent, compared with 3.2 percent for buyers with the highest scores, according to Experian Automotive, which tracks automotive credit data.
At the same time, both banks and consumers have lowered their debts, meaning even subprime loans are less risky because they?re less likely to be in debt and unable to pay.
For example, just 0.57 percent of auto loans were 60 days del????? continues on Cherry Hill Courier Post
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