VIENNA, Va. — Navy Federal Credit Union announced that it has lowered its 36-month new auto loan rate to an APR as low as 1.79 percent.
“We believe this is the lowest rate being offered by any bank or credit union in the nation today,” said Tony Gallardy, vice president of consumer and credit card lending.
Navy Federal reported strong auto lending growth in the past several months, driven by its 1.99 percent new auto rate for loans up to 60 months, according to the company. The credit union plans to maintain this rate, along with the new 1.79 percent APR rate for 36 months.
Navy Federal also announced that it will continue to offer a $100 bonus for members who choose to refinance their new-car loans from other financial institutions with Navy Federal.
“We are very excited to offer this unprecedented low rate to members at the start of the fall car-buying season,” Gallardy said. “With a lot of good deals in the market, this is a great time to get a new car or truck.”