Navy Federal Credit Union has set its interest rate on 36 month new car loans for military personnel to 1.79%. ”We believe this is the lowest rate being offered by any bank or credit union in the nation today,” said Tony Gallardy, vice president, Consumer and Credit Card Lending. The credit union had seen significant growth with its 1.99% interest rate on 60 month loans and hopes to continue that growth with the new, lower rate.
Navy FCU will continue to offer the 1.99% rate on 60 month auto loans while the 36 month deal is in place. Additionally, Navy Federal is offering $100 to anyone who refinances their new car from a competing financial institution.
This low rate may be the rock bottom financing rate that anyone will see. As the year drags on, interest rates are apt to rise, so this may be the best time to buy a new car in 2011.