You must be an Affinity credit union member 18 years of age or older.
Generally speaking, used car rates are a bit higher than new car loan rates, but all rates can change from day to day. In addition, the specific rate you are offered by an auto lender will be affected by your credit score, the length of the finance term, and other factors. For reference, here are Affinity's auto loan rates.
A traditional bank may not be the best choice for a car loan. Credit unions, such as Affinity, can be a good source for car and other loans because they are non-profit institutions that exist to support their members, in part because they are owned by their members.
Rates can change daily, and as this is written in May 2022, loan rates are expected to rise in the future. However, at the current time, 5% is not considered a good rate for a used car loan – all of Affinity's used car loan rates are significantly lower than that.
Edmunds estimates that the average down payment is 11.7% of the purchase price, which means $3,000 is a typical down payment for a $28,000 car. However, if you can afford a larger down payment, it may be worth your while because the more you pay upfront, the less you'll have to repay each month for the life of the loan.
No. Affinity does not charge prepayment penalties on auto loans to members.
To qualify for new car annual percentage rates (APR), the vehicle must meet the following criteria: