Auto Loan
Best Auto Loan Rates in Maine
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Unhappy with your current auto loan terms? Click here to refinance and drive home some savings!
There are many factors that affect Maine auto loan rates, just like every other state. Credit scores, loan terms, your vehicle, and even your lender play an important role in it. Having a clean credit history is necessary with good research to choose the lender that best suits your needs.
In Maine, the lowest auto loan rate would be 4.15% for credit unions and 5.06% for banks for 36 months. Here are the current auto loan rates in Maine, as well as the best rates offered by banks, credit unions, and national lenders in Maine.
Many factors affect Maine auto loan rates, just like every other state. Credit scores, loan terms, your vehicle, and even your lender play an important role in it. Having a clean credit history and good research are necessary to choose the lender that best suits your needs.
In Maine, the lowest auto loan rate would be 4.15% for credit unions and 5.06% for banks for 36 months. Here are the current auto loan rates in Maine, as well as the best rates offered by banks, credit unions, and national lenders in Maine. For example, Biddeford Savings Bank, Five County Credit Union, and Trademark Federal Credit Union are some of the providers offering the best auto loan rates in Maine.
When it comes to banks that offer the best auto rates in Maine, there are a few that offer APR in the range of 5% and 7%. Biddeford Savings Bank is a good, auto loan provider in Maine.
| Company | APR (36 months) | APR (48 months) | APR (60 months) | APR (72 months) |
|---|---|---|---|---|
| Biddeford Savings Bank | 5.06% | 5.31% | 5.56% | 5.81% |
| Mechanics Savings Bank | 5.06% | 5.31% | 5.56% | 5.81% |
| Saco and Biddeford Savings Institution | 5.81% | 6.05% | 6.31% | 6.56% |
| Aroostook County Federal Savings & Loan Associations | NA | 6.56% | NA | NA |
| Norway Savings Bank | NA | NA | 6.80% | 6.80% |
When it comes to credit unions in Maine, the rates fall in the range of 4.50% to 6.05%. The credit unions that offer affordable rates are Navy Federal Credit Union, Five County Credit Union, and Trademark Federal Credit Union.
| Credit Union | APR (36 months) | APR (48 months) | APR (60 months) | APR (72 months) |
|---|---|---|---|---|
| PenFed Credit Union | 5.50% | 5.60% | 5.65% | 5.95% |
| Capital Areas Federal Credit Union | 4.56% | 5.05% | 5.56% | 6.05% |
| Cumberland County Federal Credit Union | 5.21% | 5.65% | 5.96% | 6.36% |
| Evergreen Credit Union | 5.55% | 5.45% | NA | NA |
| Five County Credit Union | 4.55% | 4.55% | 4.56% | 5.31% |
| Maine Harvest Federal Credit Union | 5.55% | 4.56% | 4.56% | 5.31% |
| Navy Federal Credit Union | 4.15% | 4.55% | 4.55% | 4.85% |
| Otis Federal Credit Union | 4.96% | 5.36% | 5.66% | 6.05% |
| Trademark Federal Credit Union | 4.55% | 4.55% | 4.55% | 4.55% |
Different national institutions in the state offer auto loan rates below 7%. Some of them include the PenFed Credit Union, American Heritage Federal Credit Union, and Navy Federal Credit Union.
| 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 | NA | 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% |
| American Heritage Federal Credit Union | NA | 6.30% | 6.30% | 6.55% |
If you own a used car in Maine, then there are some banks that offer auto loan rates from 5%. Biddeford Savings Bank is a good choice if you are looking for loan rates below 6%.
| Company | APR (36 months) | APR (48 months) | APR (60 months) | APR (72 months) |
|---|---|---|---|---|
| Biddeford Savings Bank | 5.06% | 5.31% | 5.56% | NA |
| Mechanics Savings Bank | 5.06% | 5.31% | 5.56% | NA |
| Saco and Biddeford Savings Institution | 6.05% | 6.31% | 6.56% | NA |
| Aroostook County Federal Savings & Loan Associations | 6.56% | 6.56% | 6.81% | NA |
| First Federal Savings and Loan Associations of Bath | NA | NA | 6.81% | 6.80% |
If you are already a member of any credit union, then obtaining auto loans from these institutions becomes easier. While an extended term of 72 months can be up to 6.36%, shorter terms mean more affordable loan rates. The credit unions that offer the best auto loan rates in Maine for used cars include Maine Harvest Federal Credit Union, Navy Federal Credit Union, and Trademark Federal Credit Union.
| Credit Union | APR (36 months) | APR (48 months) | APR (60 months) | APR (72 months) |
|---|---|---|---|---|
| Connexus Credit Union | 6.55% | NA | NA | NA |
| Capital Area Federal Credit Union | 4.81% | 5.31% | 5.81% | 6.31% |
| Cumberland County Federal Credit Union | 5.21% | 5.65% | 5.96% | 6.36% |
| Evergreen Credit Union | 4.55% | NA | NA | NA |
| Five County Credit Union | 4.81% | 4.81% | NA | NA |
| Maine Harvest Federal Credit Union | 4.81% | 4.81% | 4.56% | NA |
| Navy Federal Credit Union | 5.05% | 4.55% | 4.55% | 6.05% |
| Otis Federal Credit Union | 4.96% | NA | 5.66% | 6.05% |
| Trademark Federal Credit Union | 5.05% | 5.05% | 5.05% | 5.05% |
Many nationalized institutions also provide good loan rates for used cars. However, the loan rates are slightly higher than new cars and can cost up to 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% | 5.81% | 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% | NA | NA |
| Navy Federal Credit Union | 5.05% | 5.55% | 5.55% | 5.65% |
| USAA Federal Savings Bank | NA | 5.80% | NA | 6.75% |
| American Heritage Federal Credit Union | 6.30% | 6.30% | 6.30% | NA |
Improve your credit score
Having a strong credit report is equally important, so is paying your bills on time. Consequently, monitor your credit report to stay on track with your credit score.
Down payment and shorter loan term
You can either opt for a larger downpayment or opt for a shorter loan term, whichever works best for you, for better monthly loan rates.
Research and shop around
You can negotiate better 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.
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. 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.
In Maine, there are banks and credit unions that offer affordable auto loan rates. Biddeford Savings Bank, Navy Federal Credit Union, Five County Credit Union, and Trademark Federal Credit Union are some of the national institutions that offer the best auto loan rates in Maine.
Biddeford Savings Bank, Navy Federal Credit Union, Five County Credit Union, and Trademark Federal Credit Union are some of the banks and unions that offer the best car loan rates in Maine.
If you have an excellent credit score, then the best rates for auto loans now stand at 4.15% in Maine. Lenders like Navy Federal Credit Union offer auto loan rates in the range of 5.05% and JP Morgan Chase Bank, National Association 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. Biddeford Savings Bank and Mechanics Savings Bank are the banks that offer the best rates in Maine.
Navy Federal Credit Union, Five County Credit Union, and Trademark Federal Credit Union are the credit unions that provide the best auto loan rates in Maine.
The range of auto loan interest rates for used cars in Maine is between 4.55% and 7.25%.