If you financed your last car or truck at the dealership out of convenience, you may have saved some time but are you saving money?
According to the latest report from TrueCar, the average interest rate on new vehicles is 4.7%APR and the average interest rate on used vehicles is 8.3%APR.
For comparison, since March 2020 the average rates Maple Federal Credit Union members have paid are 3.8%APR for new vehicles and 4.68%APR for used vehicles. What do those actual numbers mean?
Let’s say you bought your used vehicle for $30,000 and got your loan from the car dealer at 8.3%APR for 72 months. Your payment would be roughly $530. That same payment with a loan from Maple Federal Credit Union at 4.68%APR would be around $478.
You would also save over $3,700 in interest over the course of the loan. That’s a big savings!
Wondering if you could benefit from refinancing your auto loan? It costs nothing to find out. Apply now or contact us to find out more.
*APR=Annual Percentage Rate. Rates vary based on credit score. See credit union for details.
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