|By PR Newswire||
|March 17, 2014 09:30 AM EDT||
AUSTIN, Texas, March 17, 2014 /PRNewswire/ -- Car prices are rising, yet auto loan rates remain low, at least for the moment; to get behind the wheel, American borrowers are taking out larger loans than ever before.
To help car buyers take advantage of the lowest auto loan rates today from local banks and credit unions, GOBankingRates released a list of the best rates in Austin.
"Although mortgage rates are increasing, auto loan rates are still relatively low," said Amanda Garcia, of GOBankingRates. "GOBankingRates consistently finds auto loan rates below 3% at many community banks and credit unions."
To provide borrowers benchmarks for comparison shopping, GOBankingRates also surveyed the average auto loan rates on the city, state and national levels.
Average New Auto Loan Rates:
9 Lowest Auto Loan Rates in Austin
Auto loans from RBFCU are notable for offering borrowers the lowest rates in Travis County. The 1.65% rate applies to several loan terms. The credit union's website, rbfcu.org, also features a calculator that estimates payment amounts and vehicle costs.
- No. 1- RBFCU (2- through 5.5-Year): 1.65%
- No. 2- Credit Union of Texas (3-Year): 1.69%
- No. 3- Bank of America (5-Year): 2.34%
- No. 4- BB&T (3-Year): 2.84%
- No. 5- Chase Bank (4-Year): 2.88%
- No. 6- BBVA Compass Bank (5-Year) and Woodforest National Bank (3-Year): 2.99%
- No. 7- Regions Bank and Wells Fargo (4-Year): 3.24%
- No. 8- Prosperity Bank (3-Year): 3.49%
- No. 9- Amegy Bank (5-Year) and Cadence Bank (3- through 5-Year): 3.75%
About This Study
This study surveyed base rates for three-, four- and five-year auto loans from banks and credit unions in Travis County as of March 3, 2014. Data is from the GOBankingRates interest rate database, which partners with Informa Research Services Inc. to aggregate interest rates from more than 6,000 U.S. financial institutions.
Interest rates could change and accuracy cannot be guaranteed. Other terms and conditions could apply. All rates are shown in APR.
GOBankingRates.com is a personal finance website that connects consumers with the best interest rates nationwide. Its editors have been featured on U.S. News, Yahoo! Finance, Forbes, The Street, Huffington Post and more.
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