Whether you follow market fluctuations or not, it never hurts to check in periodically to see if there has been a significant improvement in the interest rates associated with various forms of lending. Even if you only bought your automobile a few months ago, interest rates may have dropped dramatically since your purchase Interest rates are changing all the time, reflecting the progression of the economy. But in order to get the impetus to move forward, you may first need to understand some of the reasons why you should consider a new arrangement. And while there will certainly be fees associated with making changes to existing agreements, the money you end up saving on interest payments over the life of the contract could cover these costs - and then someĪnd it costs you nothing to consult with banks and other lending institutions to find out if you qualify to finance your vehicle at a lower rate of interest, as well as how much you could end up saving in the process. Other terms are available at different rates and may vary based on individual creditworthiness.Although plenty of people have at least considered the prospect of revisiting the interest rates attached to their home mortgage loans, few people are even aware of the fact that you can try the same strategy as a means of reducing interest payments on automotive lines of creditĪs a matter of fact, lenders offer ample opportunities to retool lending contracts. Payment examples are based on our best rates for qualified members: 48 monthly payments of $24.81 (at 8.65%) to $29.68 (at 18.15% APR) per $1,000 borrowed 60 monthly payments of $20.67 (at 8.65% APR) to $25.67 (at 18.15% APR) per $1,000 borrowed. Other secured financing available up to 90% MSRP. Payment examples are based on our best rates for qualified members: 48 monthly payments of $24.49 (at 7.99%) to $26.22 (at 11.49% APR) per $1,000 borrowed 60 monthly payments of $20.47 (at 8.24% APR) to $21.21 (at 9.74% APR) per $1,000 borrowed. New boat/ RV financing available up to 100% MSRP. Motorcycle financing available up to 100% MSRP. 50% discount for automatic payment transfer from American First account):Īuto loan payment examples are based on our best rates for qualified members: 36 monthly payments of $29.34 (at 3.49% APR) to $34.00 (at 13.24% APR) per $1,000 borrowed 48 monthly payments of $22.43 (at 3.59%) to $27.64 (at 14.29% APR) 60 monthly payments of $18.38 (at 3.84% APR) to $24.51 (at 16.04% APR) per $1,000 borrowed 72 monthly payments of $15.65 (at 3.94% APR) to $17.32 (at 7.44% APR) per $1,000 borrowed 84 monthly payments of $13.67 (at 3.94% APR) to $15.37 (at 7.44% APR) per $1,000 borrowed.
Vehicle Loan Payment Examples (do not include.
Additional discounts available for 80% financing, and automatic payment from an AFCU account. Rates may vary based on individual's credit history and underwriting factors. Rates & terms not applicable to previously funded American First Credit Union loans. Some financing exceptions made for vehicles not listed in current Kelley Blue Book. Current American First loans are not eligible for refinancing. A New Auto is a current year model with less than 7,500 miles, financing of up to 125% of MSRP. A Used Auto is a model 7 years old or newer, financing up to 125% Kelley Blue Book. A one time $5 lifetime membership fee may apply. 50% discount for automatic payment transfer from an American First account. Other Secured (Utility Vehicles Not Listed Above)