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US National Auto Interest Rates

73816 Views 309 Replies 57 Participants Last post by  javi_ID4
I am not a financial advisor, the research below is for informational purposes only. If you want to learn How To Pay No More Than MSRP, see my post here.

Always look for local credit unions around you first.

Avoid credit hard pulls if possible.

Just for fun I decided to check what is the Volkswagen US National interest rate for loans. Looks like up to 48 months the interest rate is 6.39% and up to 60 months 6.39%. Searching the "internets" I found:

1. Interior Federal Credit Union offering 5.00% for loans up to 36 months and 5.25% up to 60 months. The Credit Union has an open membership for anyone who join the New Mexico Wildlife Federation.

2. Fort Financial Credit Union offering "as low as" 5.49%. The Credit Union has an open membership for anyone who joins the Financial Fitness Association with an $8.00 donation. Rates are based on credit qualifications, including credit score, minimum amount financed and term, and includes Premier relationship discount of 0.25% APR.

3. Park Community Credit Union offering 3.25% up to 48 months and 3.50% up to 60 months. The Credit Union has an open membership for anyone who joins the Financial Fitness Association with an $8.00 donation. They are not accepting virtual applications at this time. You need to visit a local branch.

4. SRI Federal Credit Union offering 4.99% up to 72 months. Possible 0.26% rate discount on Zero Emission. The Credit Union has an open membership for anyone who joins the Financial Fitness Association with an $8.00 donation.

5. Tower Federal Credit Union offering 5.74% up to 36 months, 6.49% up to 60 months and 6.99% up to 72 months. The Credit Union has an open membership for anyone who becomes a member of the TowerCares Foundation with a $35 donation. Receive a 0.25% APR autodraft discount when you autodraft your payment from your existing checking account

6. Insight Credit Union offering 4.49% - 17.45% up to 84 months (Receive a 0.25% APR autodraft discount when you autodraft your payment from your existing Insight Credit Union checking account). The Cedit Union has an open membership with a $5.00 donation to the Insight Community Foundation.

7. United States Senate Federal Credit Union offering 2.99% up to 36 months, 3.24% up to 48 months and 3.49% up to 60 months (rates include 0.25% rate discount for automatic payment from a USSFCU account). Membership is open to anyone through a contribution to the US Capitol Historical Society (USCHS).

8. CommonWealth One Federal Credit Union offering 2.74% up to 36, 3.99% up to 48 months, 4.49% up to 60 months and 4.99% up to 72 months. You can join CommonWealth One FCU by becoming a lifetime member of the non-profit, consumer education organization, Virginia Consumer Council (VACC).

9. Gold Coast Federal Credit Union as low as 3.49%. You can become a member by making a contribution to $5.00 to the New Horizons Elementary School PTA. GCFCU is no longer accepting out of state applications. See post here.

11. Taleris Credit Union rates as low as 3.49%. You can become a member by making a $5.00 contribution to either the Public Animal Welfare Society (PAWS) or Seven Hills Historical Society. Loan Rate Discounts: Fuel Efficient, Electric, or Hybrid vehicle purchase = 0.10% discount Fuel Efficient Autos, which are five years old or less, and get 30 mpg Hwy or more, and have less than 75,000 mile

12. Digital Federal Credit Union (DCU) with rates as low as 5.74% up to 65 months. Published rate includes a 0.50% discount given when you maintain electronic payments and Plus or Relationship benefits on your DCU checking account. You can get an additional .25% off if you finance an energy efficient vehicle. You can become a member by following this referral link for a chance to get $20 with qualifying account with qualifying activities.

Non-Traditional Car Lending

1. Carputty a revolving line of credit is designed to seamlessly finance all of the vehicles in your garage – new or used, present or future. You’ll never have to apply for an auto loan again! A Carputty line of credit is tied to you—not a specific car.

2. First Republic Personal Line of Credit offering 6.95% – 8.45%. You can use your line of credit for whatever you want. Per their FAQs "First Republic Bank has a limited service area for retail banking. Personal Line of Credit applicants must be located within close proximity to our offices in San Francisco, Palo Alto, Los Angeles, Santa Barbara, Newport Beach, San Diego, Portland (Oregon), Bellevue (Washington), Jackson (Wyoming), Boston, Palm Beach (Florida), Greenwich or New York City."

More info here

3. Bank of America Business Auto Loan Fixed rates as low as 6.19% - You can get up to four Small Business Auto Loans with one Experian hard pull the same day. If you wait till the next day to apply, you will get a second hard pull on your Experian credit report. What you need:

1. Properly established LLC with EIN (The LLC I used I established it last month for my Turo business)
2. Stated personal income
3. Stated business income
4. Maximum combined loan amount $75K. For example, you can do three $25K loans or divvy up the $75K between 4 loans.
5. You need to wait till a loan is approved before applying for the next loan.
6. All four loans have to be requested the same day. If you wait till the next day or later, there will be another Experian hard pull.
7. Minimum Experian FICO score 720
8. Make sure that you write down exactly the same information on each application

If you need help establishing an LLC and/or getting business funding up to $250K in unsecured business credit cards, go to this link.

Did any of you get a lower interest rate recently? If so, what bank or Credit Union?
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Has anyone applied to GCFCU yet? Does it matter which checking account we choose for the best rate? They have Easy Pay Checking or regular Checking.

Update - I called and they said either checking is fine. The only difference is Easy Pay has overdraft protection. The rep today said it was 2.49% for 60 months as well (I was previously told 2.74% for 60 months) so we'll see. They also said there's a 0.25% discount for either putting 20% down, or having direct deposit for your full paycheck. I submitted my application. They said application process takes 1-2 weeks. I hope the rates don't go up by the time I get approved.
How'd you find their process? Just called my dealer and they said my car should be here within the week.
Has anyone who signed up with GCFCU heard back from them? I applied online a few days ago and have yet to hear anything from them.
I have been having nothing but headaches with trying to apply for out of state CU loans. No responses. Confused why I am applying out of state.

Unfortunately, all my local CUs have basically the same interest rate as VW right now. My car is supposed to be ready for take home by this weekend. My current plan is to finance through VW and refinance once my tax refund gets here and I apply it to the principal. Hopefully by then interest rates are down.

Thank you so much for all the info @javi_ID4 i hope everyone else is luckier than I am with using it.
Would it be dumb to sign a Bank of America 8+% private party rate to have a quick process, then immediately refinance to Tower? I’d like to close on my car tomorrow but cant wait the 2-3 weeks processing time that Tower has because the seller won’t wait
I don't think so, as long at there is no pre-payment penalty.

I basically am doing the same thing. I financed with VW just to get things going - it was mid December and it was before they announced the battery requirements got waived until March.
I waited until the new year to apply with Tower. I got approved for 3.49% (VW was 6.75% :oops:) and it's been relatively painless so far. I am just waiting for them to get my notarized form, whole process so far has taken about a week. They have been very responsive but I still think it would take a few weeks to get a check in hand if you were trying to finance directly through them.
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TO: Tower out of state members can advise

Im trying to become member but Tower Federal Credit Union has an eligibility requirements....

1) I am an employee of a business that is within Tower's field of membership
2) I am a member of an association that tis within Toweer's field of membership
3) I am related to a current Tower member.

Which option is appropriate?
You want to pick option two, but only if you have already made the $35 donation to their foundation.
Does anyone have any contact information of a loan officer specifically at Gold Coast Federal Credit Union. Been 3 weeks, havent called daily but alot of days have called 2 or 3 times; finally earlier in the week got ahold of a someone who answers the phone. They give me the contact information for my loan officer. Both the extension and email they gave me were incorrect. After enought time I figured out their extension via the phone system and have left multiple VMs for this person. After a couple days of trying different spelling of email addresses; by linkedin was able to figure out this persons name have emailed them a couple times.

At least a dozen follow up and no contact back. If anyone has the email address of a loan officer that helped them; and chance you can privately message me. Might not be polite to put it in the general forums; any help would be greatly appreciated. Bought a car last weekend and only have a couple weeks to get this done.
I gave up on Gold Coast. They never even processed my application. That was over 6 weeks ago. If they haven't hard pulled your credit yet it might be best to cut your losses.
Keeping the ask to the audience live.

Although how did you resolve in the end? Who did you goto?
I financed through VW because I was running out of time to make the 2022 cut off (of course turns out I didn't need to rush but didn't know that then).
Currently refinancing through Tower. The new auto and refi rates are the same.
They have been very responsive and helpful. Should have everything wrapped up by next week.
Just applied for Tower FCU membership via donation to the Tower Cares Foundation. How long does it usually take to get everything setup and I can initiate a car loan app for my ID.4?
You can start the loan application before your membership is officially approved. In fact I would suggest this, membership approval took far longer than loan approval. They just leave the loan approval as pending until your membership is approved. Membership approval for me took about 2 weeks.
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