Best 5-Year New York Auto Loan Rates
When buying a new car, there are several strategies you can employ to make the purchase more affordable. The first is to buy a car that realistically fits into your budget. Secondly, getting the best auto loan rate possible will keep the cost of buying a car down. You can also obtain a longer loan in order to lessen monthly payments.
A longer loan term spreads out the amount you borrow over more time so you have to pay less each month. However, this means you’ll pay more in interest over the life of your loan. To help you decide if a longer car loan is for you, here are some of the best auto loan rates available today for a term of 5 years.
Lowest Auto Loan Rates: Term of 60-Months
- Pentagon Federal Credit Union: 2.49% APR
- Bank of America: 2.99% APR
- Up2drive – a division of BMW Bank: 3.99% APR
- M&T Bank: 5.240% APR
- HSBC: 6.990% APR
The above rates are based on a principal loan amount of $20,000 and are accurate as of 5/10/11. Please note rates are subject to change at any time and you may be offered a different rate based on your credit profile.