Auto Loan
Best Auto Loan Rates in Oregon
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Unhappy with your current auto loan terms? Click here to refinance and drive home some savings!
In Oregon, like other states, the auto loan rates depend on your credit score. The better your credit score, the lower your interest rate (APR) will be. However, the APRs in Oregon range from a low of 6.40% to 17.50% when it comes to new cars. However, if the repayment term is more than 72 months, the highest APR provided by credit unions is 17.74%.
Here, we will explore some of the best rates offered by banks, credit unions, and national lenders in Oregon.
The auto loan rates in Oregon depend on your situation. Factors like credit score, loan term length, and even the type of vehicle you're financing can all impact the interest rate you receive.
It might look like you have a lot of options, but you should research well before finalizing whether you should go for a bank, credit union, or national lender. Here, we look at some of the top institutions known for offering good auto loan rates in Oregon to secure the loan that best fits your budget.
In Oregon, the average APR rates range from 4.31% to 8.31%. While Columbia State Bank has the lowest APR of 4.31% for 36 months, Albina Community Bank offers around 5.30% for 36 and 72 months.
| Company | APR (36 months) | APR (48 months) | APR (60 months) | APR (72 months) |
|---|---|---|---|---|
| Citizens Bank | NA | 7.62% | 7.62% | 7.25% |
| Albina Community Bank | 5.30% | 5.30% | 5.30% | 5.30% |
| Bank of Oswego | 6.06% | NA | 6.81% | 6.81% |
| Beneficial State Bank | 5.30% | 5.30% | 5.30% | 5.30% |
| Columbia State Bank | 4.31% | 4.31% | 5.06% | NA |
| First Citizens Bank & Trust Company | 5.51% | 5.51% | 5.51% | 5.56% |
| Heritage Bank | 4.55% | 4.55% | 4.55% | 4.55% |
| HomeStreet Bank | 6.44% | 6.44% | 8.31% | 8.31% |
| Premier Community Bank | 4.55% | 4.55% | 4.55% | 4.55% |
| Umpqua Bank | 5.31% | 6.30% | NA | 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 Oregon that give the best interest rates include IBEW & United Workers Federal Credit Union and PenFed 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) |
|---|---|---|---|---|
| Connexus Credit Union | 6.55% | 6.75% | NA | NA |
| PenFed Credit Union | 5.50% | 5.60% | 5.65% | 5.95% |
| Castparts Employees Credit Union | 5.56% | 6.06% | 6.05% | NA |
| Clackmas Community Federal Credit Union | 6.06% | 6.30% | 6.55% | 6.60% |
| EWEB Employees Federal Credit Union | 5.31% | NA | NA | NA |
| First Community Credit Union | 5.31% | 6.30% | NA | NA |
| IBEW &United Workers Federal Credit Union | 4.55% | 4.55% | 4.55% | 5.05% |
| Operating Engineers Local Union Federal Credit Union | 6.55% | 6.55% | NA | NA |
| Teamsters Council Federal Credit Union | 5.31% | 5.56% | 5.81% | 6.06% |
National institutions may offer lower rates but often have stricter credit score requirements. This can make them a good option for borrowers with excellent credit. Two national institutions known for competitive rates in Oregon are PenFed Credit Union and Navy Federal Credit Union. However, it is good to compare offers from various lenders to find the best fit for your 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% |
| JP Morgan Chase Bank, National Association | 6.05% | NA | NA | 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 | 4.60% | 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 Heritage Bank, with an APR as low as 5.51% for 60 months. Similarly, Beneficial State Bank, Albina Community Bank, and Premier Community Bank also provide similar APRs below 6%.
| Company | APR (36 months) | APR (48 months) | APR (60 months) | APR (72 months) |
|---|---|---|---|---|
| Albina Community Bank | 5.30% | 5.30% | 5.30% | 5.30% |
| Bank of Oswego | 6.06% | 6.81% | 6.81% | 6.81% |
| Beneficial State Bank | 5.30% | 5.30% | 5.30% | 5.30% |
| Columbia State Bank | 4.81% | 5.81% | 6.06% | NA |
| First Citizens Bank & Trust Company | 5.51% | 5.51% | 5.51% | NA |
| Heritage Bank | 4.55% | 4.55% | 4.55% | 4.55% |
| HomeStreet Bank | 6.44% | 6.44% | 8.31% | 8.31% |
| Premier Community Bank | 4.55% | 4.55% | 4.55% | 4.55% |
| Umpqua Bank | 5.31% | 6.30% | NA | NA |
| Washington Trust Bank | 6.81% | 6.81% | NA | NA |
For used cars, credit unions that offer the best rates in Oregon include IBEW &United Workers and Teamsters Council Federal Credit Union. The APR rate ranges between 4.55% and 6.98% 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% | NA | NA |
| PenFed Credit Union | NA | NA | NA | 7.05% |
| Castparts Employees Credit Union | NA | NA | 6.05% | NA |
| Clackmas Community Federal Credit Union | 6.84% | 6.30% | 6.98% | NA |
| EWEB Employees Federal Credit Union | 5.31% | NA | 6.31% | NA |
| First Community Credit Union | 5.31% | 6.30% | NA | NA |
| IBEW &United Workers Federal Credit Union | 4.55% | 4.55% | 4.55% | 4.55% |
| Operating Engineers Local Union Federal Credit Union | 6.55% | 6.55% | NA | NA |
| Teamsters Council Federal Credit Union | 5.31% | 5.56% | 5.81% | 6.06% |
Chartway Federal Credit Union and JP Morgan Chase Bank, National Association is a good option for your used car loan if you are opting for a national institution. The average lowest auto loan rate would start at 5.80% for 36 months while the highest can be up to 7.25%. However, there are even lower rates available with banks like JP Morgan Chase Bank, which has an APR of 3.45% 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% | 7.01% | 7.05% |
| Chartway Federal Credit Union | 5.81% | 5.85% | 5.91% | 6.31% |
| JP Morgan Chase Bank, National Association | 3.60% | 3.60 | 3.50% | 3.45% |
| Affinity Plus Federal Credit Union | 6.30% | 6.30% | 6.30% | NA |
| NASA Federal Credit Union | 5.80% | NA | NA | NA |
| Navy Federal Credit Union | 5.50% | 6.06% | 6.05% | 6.15% |
| USAA Federal Savings Bank | NA | NA | NA | 6.75% |
Improve Your Credit Score
Regularly monitor your credit report and address the errors. Consistently paying your bills on time will improve your credit score by building a solid payment history.
Loan Term and Down Payment
Opt for a shorter loan term, if possible, as it will result in lower interest rates, though it will mean higher monthly payments. In addition, making a larger down payment reduces the amount you need to borrow, leading to better rates and lower monthly payments.
Shop Around
Comparing quotes from banks, credit unions, and online lenders allows you to find the best rates and terms. Getting pre-approved from multiple lenders helps you understand the rates you qualify for without significantly impacting your credit score, enabling you to negotiate better terms with your chosen lender.
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 under 6.40 % for new cars and 6.70% for used cars are considered favorable. 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. PenFed Credit Union, Navy Federal Credit Union, and Affinity Plus Federal Credit Unions are some of the national institutions that offer the best auto loan rates in Oregon.
PenFed Credit Union, JP Morgan Chase Bank National Association, and Premier Community Bank are some of the banks and unions that offer the best car loan rates in Oregon.
If you have an excellent credit score, then the best rates for auto loans now stand at 3.45% in Oregon. Lenders like JP Morgan Chase Bank Premier Community Bank offer auto loan rates in the range of 3.45% and 4.55%.
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.
JP Morgan Chase Bank, IBEW &United Workers Federal Credit Union, and Teamsters Council Federal Credit Union are the credit unions that provide the best auto loan rates in Oregon.
The average auto loan interest rate for used cars in Oregon starts at 6.70%.