Auto Loan
Best Auto Loan Rates in Colorado
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The auto loan rates in Colorado, like any other state, are based on different factors. The major factor that influences the auto loan rates is the credit score. The higher your credit scores are, the lower your APRs will be. The general range of APRs would be 5.64% and 21.55%.
Here are the details of the best auto loan rates in Colorado and the banks, credit unions, and other national institutions that offer it.
Like in every other state, the auto loan rates in Colorado too are based on different criteria. The best auto loan rate for you will depend on your creditworthiness, loan terms, and the type of vehicle you're financing.
There are banks, credit unions, and other national institutions that offer auto loans at good rates. However, to find one that suits your budget, you should carry out extensive research. Here is a list of banks, credit unions, and other national institutions that provide the best auto loan rates in Colorado.
In Colorado, the average APR rates range from 5% to 7%. While Sunflower Bank has the lowest APR of 5.91% for 36 months, UMB Bank offers around 7.15% and 7.25% for 36 and 72 months.
| Company | APR (36 months) | APR (48 months) | APR (60 months) | APR (72 months) |
|---|---|---|---|---|
| UMB Bank, National Association | 7.15% | 7.6% | 7.15% | 7.25% |
| Sunflower Bank, National Association | 5.91% | 7% | 6.51% | 6.81% |
| Premier Bank | 6.75% | 7.08% | 6.81% | NA |
| MidFirst Bank | 7.07% | 6.81% | 7.08% | 7.08% |
| Great Western Bank | 7% | 6.20% | 6.50% | NA |
| Compass Bank | 6.80% | 7.15% | 7.15% | NA |
If you are a member of a credit union, then you will be eligible for lower APR rates. Some of the best credit unions in Colorado that give the best interest rates include Bellco Credit Union, Penfed Credit Union, Denver Community Credit Union, and Denver Fire Department Federal Credit Union. So, if you have a good credit score, then credit unions can provide the best auto loan rates.
| Credit Union | 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% |
| BellCo Credit Union | 6.30% | 6.30% | 6.30% | 6.30% |
| Colorado Credit Union | 6.30% | 6.30% | 6.30% | 6.55% |
| Denver Community Credit Union | 6.75% | 6.31% | 6.75% | 6.75% |
| Denver Fire Department Credit Union | 6.55% | 6.55% | 6.55% | 6.50% |
| Rocky Mountain Law Enforcement Federal Credit Union | 5.05% | 5.05% | 5.05% | 5.55% |
| West Denver Community Credit Union | 6.75% | 6.75% | 6.95% | 6.75% |
| White Crown Federal Credit Union | 6.30% | 6.30% | 6.30% | 6.49% |
The rates at nationalized institutions can be lower, but the credit score requirements can be stricter. PenFed Credit Union and Affinity Plus Federal Credit Unions are some of the national institutions that offer the best auto loan rates in Colorado.
| 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% |
| GTE Federal Credit Union | 6.05% | 6.05% | NA | NA |
| Affinity Plus Federal Credit Union | NA | 6.30% | 6.30% | 6.55% |
| NASA Federal Credit Union | 5.80% | NA | NA | NA |
| Navy Federal Credit Union | 4.60% | 5.06% | 5.05% | 5.35% |
| 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 Sunflower Bank, with APR as low as 6.11% for 36 months.
| Company | APR (36 months) | APR (48 months) | APR (60 months) | APR (72 months) |
|---|---|---|---|---|
| Compass Bank | 7% | 7% | 7.15% | 7.20% |
| Premier Bank | 7.06% | 7.06% | 7.06% | NA |
| Sunflower Bank, National Association | 6.11% | 6.41% | 6.71% | NA |
For used cars, credit unions that offer the best rates in Colorado include Credit Union of Denver, Colorado Credit Union, and Belco Credit Union. The APR rate ranges between 6.30% and 7% for most credit unions.
| Credit Union | 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% | 7.05% |
| BellCo Credit Union | 6.30% | 6.30% | 6.30% | 6.30% |
| Colorado Credit Union | 6.30% | 6.30% | 6.30% | 6.55% |
| Credit Union of Denver | 6.31% | 6.31% | 6.31% | 6.91% |
| Denver Fire Department Federal Credit Union | 6.51% | 6.55% | 6.55% | 7.31% |
| White Crown Federal Credit Union | 6.30% | 6.30% | 6.30% | 6.55% |
Chartway Federal Credit Union is a good option for your used car loan if you are opting for a national institution. The lowest APR for 36 months is 5.85%, and the highest is 6.31% 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% | 7.05% |
| Chartway Federal Credit Union | 5.85% | 5.85% | 5.91% | 6.31% |
| Affinity Plus Federal Credit Union | 6.30% | 6.30% | NA | NA |
| JP Morgan Chase Bank National Association | 5.80% | 3.60% | 3.50% | NA |
| Navy Federal Credit Union | 5.50% | 6.05% | 6.05% | 6.15% |
| USAA Federal Savings Bank | 5.80% | 5.80% | NA | 6.75% |
| Truist Bank | 6.43% | 6.43% | 6.43% | 6.43% |
Improve Your Credit Score
Check your credit report regularly and the reasons for any errors, if any. Similarly, paying your bills on time will provide you with a flawless payment history, which will, in turn, improve your credit scores.
Loan Term and Down Payment
If you can, always opt for a shorter loan term, which will reduce the interest rates, but the monthly payments might be higher. Similarly, if you can put down a larger down payment, it will lower the loan amount you need to borrow. As a result, you get better rates and reduced monthly payments.
Shop Around
Shopping around lets you compare. This includes getting quotes from banks, credit unions, and online lenders to compare rates and terms. Similarly, getting pre-approved from several lenders allows you to see the rates you qualify for without impacting your credit score significantly. This empowers you to negotiate for a better rate with your final loan provider.
There are several factors you need to consider while researching your car loan rates.
A good car loan interest rate depends on your credit score and other factors. Generally, rates below 5.18% for new cars and 6.79% for used vehicles are considered good. If you check the average interest rates for your credit score category, it will give you a baseline to compare offers from lenders and determine if you're getting good rates.
Maintaining credit scores is the best way to secure a good loan rate, may it be new or used cars. PenFed Credit Union and Affinity Plus Federal Credit Unions are some of the national institutions that offer the best auto loan rates in Colorado.
PenFed Credit Union, JP Morgan Chase Bank National Association, and BellCo Credit Union are some of the banks and unions that offer the best car loan rates in Colorado.
If you have an excellent credit score, then the best rates for auto loans now stand at 4.67%.
Your location, your credit history, and your down payment amount will influence the loan rates. It will vary with the person and with the lender and the criteria they weigh for providing loans.
Bellco Credit Union, PenFed Credit Union, Denver Community Credit Union, and Denver Fire Department Federal Credit Union are the credit unions that provide the best auto loan rates in Colorado.
The average auto loan interest rate for used cars is 11.93% for used cars.