Auto Loan
Best Auto Loan Rates in California
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Credit scores always play an important role in determining your auto loan rates. It is not different in California, either. The auto loan rates in California also follow the norm: the better your credit score, the lower your interest rate (APR) will be.
The lowest auto loan rate in California would be around 4.31%. However, the APRs in California range from 4.31% to 7.25%. Here are the current auto loan rates in California offered by the best rates offered by banks, credit unions, and national lenders in California.
In addition to credit score, the loan term and even the type of vehicle you are financing also play a crucial role in impacting the auto loan rates in California. You can purchase loans from banks, credit unions, or national lenders. If you are looking at competitive rates, here are some of the best auto loan rates available in California.
In California, the average APR rates offered by banks range from 5.00% to 6.35%. Orange County Business Bank, Silvergate Bank, and MUFG Union Bank offer the best auto loan rates in California.
| Company | APR (36 months) | APR (48 months) | APR (60 months) | APR (72 months) |
|---|---|---|---|---|
| Boston Private Company & Trust Bank | 5.06% | 5.06% | 5.06% | 5.30% |
| Bank of America, National Association | NA | 6.35% | 6.35% | NA |
| Beneficial State Bank | NA | 5.30% | 5.30% | 5.30% |
| Comerica Bank | 5.45% | 5.45% | 5.45% | 5.45% |
| Delta Bank National Association | 5.30% | NA | NA | 5.80% |
| Farmers and Merchants Bank of Central California | 5.30% | 5.30% | 5.30% | NA |
| MUFG Union Bank, National Association | 5.06% | 5.06% | 5.06% | 5.06% |
| Opus Bank | 5.06% | 5.06% | 5.06% | 5.06% |
| Orange County Business Bank | 5.00% | 5.06% | 5.06% | 5.06% |
| Pan American Bank | 5.30% | 5.30% | 5.30% | 5.30% |
| Silvergate Bank | 5.06% | 5.06% | 5.06% | 5.06% |
Members of credit unions will be eligible for lower APR rates. Some of the best credit unions in California that offer the best interest rates include the Navy Federal Credit Union and the Yes Federal Credit Union. So, with a good credit score, you can get the best auto loan rates through credit unions.
| Credit Union | APR (36 months) | APR (48 months) | APR (60 months) | APR (72 months) |
|---|---|---|---|---|
| California Community Credit Union | 5.55% | NA | 5.85% | 6.41% |
| PenFed Credit Union | 5.60% | 5.60% | 5.65% | 6.15% |
| Foothill Credit Union | 6.05% | 6.05% | 6.15% | 6.41% |
| Aerospace Federal Credit Union | 5.06% | 5.06% | 5.05% | NA |
| Anheuser-Bush Employers Credit Union | 5.45% | 5.45% | 5.45% | NA |
| Navy Federal Credit Union | 4.15% | 4.80% | 4.45% | 4.85% |
| Redwood Credit Union | 5.55% | NA | NA | NA |
| San Mateo Credit Union | 5.05% | NA | NA | NA |
| Union Yes Federal Credit Union | 4.31% | 4.31% | 4.31% | 4.31% |
Stricter credit score requirements might be one factor that might make national institutions inaccessible. However, if you have a good credit score, then national institutions are a good option. Navy Federal Credit provides good rates in the state. While comparing the offers from different lenders, you can also see that Wells Fargo Bank offers APR as low as 3.63% for 36 months, while PenFed and USAA are 5.90% and 5.80% for 72 months. So, you must choose the one that best fits your financial and credit situation.
| Company | APR (36 months) | APR (48 months) | APR (60 months) | APR (72 months) |
|---|---|---|---|---|
| Connexus Credit Union | 6.55% | 6.75% | 6.95% | 7.25% |
| PenFed Credit Union | 5.50% | 5.60% | 5.65% | 5.95% |
| Chartway Federal Credit Union | 5.81% | 5.81% | 5.91% | 6.31% |
| Motorola Employees Credit Union | NA | 6.30% | 6.30% | NA |
| Affinity Plus Federal Credit Union | 6.05% | 6.05% | 6.30% | 6.55% |
| NASA Federal Credit Union | 5.80% | NA | NA | NA |
| Navy Federal Credit Union | 4.15% | 4.55% | 4.55% | 4.85% |
| USAA Federal Savings Bank | 5.80% | 5.80% | 5.80% | 5.80% |
| Wells Fargo Bank National Association | 3.43% | NA | NA | NA |
For used cars, the lowest APR rates are found with Boston Private Company & Trust Bank, with an APR as low as 5.06% for 36 months. Similarly, Pan American Bank, Total Bank, and T Silvergate Bank also provide similar APRs below 6%.
| Company | APR (36 months) | APR (48 months) | APR (60 months) | APR (72 months) |
|---|---|---|---|---|
| Boston Private Company & Trust Bank | 5.06% | 5.06% | 5.06% | NA |
| Bank of America, National Association | NA | NA | 6.65% | NA |
| Beneficial State Bank | 5.30% | 5.30% | 5.30% | 5.30% |
| Comerica Bank | 5.55% | 5.45% | NA | 5.45% |
| Delta Bank National Association | NA | NA | 5.30% | 5.80% |
| Farmers and Merchants Bank of Central California | 5.30% | 5.30% | 5.30% | 5.80% |
| MUFG Union Bank, National Association | 5.06% | 5.06% | 5.06% | 5.06% |
| Opus Bank | 5.06% | 5.06% | 5.06% | NA |
| Orange County Business Bank | 5.06% | 5.06% | 5.06% | 5.06% |
| Pan American Bank | 5.30% | 5.30% | 5.30% | 5.30% |
| Silvergate Bank | 5.06% | 5.06% | 5.06% | NA |
Credit unions that offer the best rates in California for used cars include Union Yes Federal Credit Union, Aerospace Federal Credit Union, and Navy Federal Credit Union. The APR rate ranges between 4.31% and 6.40% for most credit unions.
| Credit Union | APR (36 months) | APR (48 months) | APR (60 months) | APR (72 months) |
|---|---|---|---|---|
| California Community Credit Union | 5.55% | NA | 5.85% | 6.41% |
| PenFed Credit Union | NA | 5.60% | 5.65% | 6.15% |
| Foothill Credit Union | 6.30% | 6.05% | 6.15% | 6.41% |
| Aerospace Federal Credit Union | 5.06% | 5.06% | 5.05% | NA |
| Anheuser-Bush Employers Credit Union | NA | 5.45% | 5.45% | NA |
| Navy Federal Credit Union | 4.15% | 4.80% | 4.45% | 4.85% |
| Redwood Credit Union | 5.55% | NA | NA | NA |
| San Mateo Credit Union | 5.05% | NA | NA | NA |
| Union Yes Federal Credit Union | 4.31% | 4.31% | 4.31% | 4.31% |
Motorola Employees Credit Union and JP Morgan Chase Bank, National Association are good options for your used car loan if you are opting for a national institution. The lowest APR for 36 months is 3.60%, and the highest is 7.25% for 72 months.
| Company | APR (36 months) | APR (48 months) | APR (60 months) | APR (72 months) |
|---|---|---|---|---|
| Connexus Credit Union | 6.55% | 6.75% | 6.95% | 7.25% |
| PenFed Credit Union | 6.85% | 6.95% | 7.00% | 7.05% |
| Chartway Federal Credit Union | 5.81% | 5.85% | 5.91% | 6.31% |
| Motorola Employees Credit Union | 6.30% | 6.30% | 6.30% | 6.65% |
| Affinity Plus Federal Credit Union | 6.30% | 6.30% | 6.30% | NA |
| JP Morgan Chase Bank | 3.60% | 3.60% | 3.50% | 3.45% |
| Navy Federal Credit Union | 5.05% | 5.55% | 5.55% | 5.65% |
| USAA Federal Savings Bank | NA | NA | NA | 6.75% |
Work on your credit score
Paying your bills on time and monitoring your credit report will easily help you stay on track with your credit score.
Down payment and shorter loan term
A shorter loan term is always a good option for lower interest rates, even though this will result in higher monthly payments. Similarly, making a larger down payment reduces the amount you need to borrow, leading to lower monthly payments.
Research and shop around
Find the best rates and terms by comparing quotes. Similarly, the option to get pre-approved by multiple lenders helps you understand the rates you qualify for without impacting your credit score. This will also help you negotiate better.
There are several factors you need to consider while researching your car loan rates.
A good car loan interest rate varies based on your credit score and other factors. Typically, rates begin around 4.80% for new cars. However, some banks, like JP Morgan Chase Bank, offer APR rates as low as 3.60%. By checking the average interest rates for your specific credit score category, you will help you compare offers from lenders and determine if you're getting a good deal.
Maintaining credit scores is the best way to secure a good loan rate, may it be new or used cars. JP Morgan Chase Bank, Navy Federal Credit Union, Orange County Business Bank, and Union Yes Federal Credit Union are some of the national institutions that offer the best auto loan rates in California.
JP Morgan Chase Bank, Navy Federal Credit Union, MUFG Union Bank, and Orange County Business Bank are some of the banks and unions that offer the best car loan rates in California.
If you have an excellent credit score, then the best rates for auto loans now stand at 3.60% in California. Lenders like JP Morgan Chase Bank Motorola Employees Credit Union offer auto loan rates in the range of 3.60% for 36 months.
Your location, your credit history, and your down payment amount will influence the loan rates. It will vary with the person and the lender and the criteria they weigh for providing loans. MUFG Union Bank and Orange County Business Bank are the banks that offer the best rates in California.
JP Morgan Chase Bank, Motorola Employees Credit Union, and Union Yes Federal Credit Union are the credit unions that provide the best auto loan rates in California.
The range of auto loan interest rates for used cars in California is between 4.15% and 7.25%.