Best Auto Loans for Good Credit Customers

Best Auto Loans for Good Credit Customers

Congratulations – you’ve got great credit. With a score in the 690+ range, you’ll likely have a wide selection of low interest auto loans to choose from. Current rates vary from high one percent range to the mid three percent range depending on the type of borrowing you’d like to do (typically the range depends on the age of the car, and the amount of money you’d like to put down). Nonetheless – by examining available rate sheets and credit union requirements – we’ve compiled this comprehensive calculator and list to find the best auto loans for good credit customers.

Use our Loan Calculator to Find the Best Rates

County of residence FICO Term of loan(monthly) Vehicle year Vehicle mileage


Ranking the best Auto Loans for Good Credit Customers.

Note that these rates are available for the top rated customers within each county. Typically these rates are available to customers with 700+ FICO scores, but the tier may vary by individual credit union. Use the calculator above to find your exact best-rate.

Alameda County 1.24% Meriwest CU www.meriwest.com
Alpine County 1.99% CommonWealth Central CU www.commonwealthcu.org
Amador County 1.99% CommonWealth Central CU www.commonwealthcu.org
Butte County 1.99% Unify Financial CU www.unifyfcu.com
Calaveras County 1.99% Unify Financial CU www.unifyfcu.com
Colusa County 1.99% Unify Financial CU www.unifyfcu.com
Contra Costa County 1.24% Meriwest CU www.meriwest.com
Del Norte County 1.99% CommonWealth Central CU www.commonwealthcu.org
El Dorado County 1.99% Keypoint CU www.kpcu.com
Fresno County 1.99% CommonWealth Central CU www.commonwealthcu.org
Glenn County 1.99% Unify Financial CU www.unifyfcu.com
Humboldt County 1.99% Unify Financial CU www.unifyfcu.com
Imperial County 1.99% Unify Financial CU www.unifyfcu.com
Inyo County 1.99% CommonWealth Central CU www.commonwealthcu.org
Kern County 1.99% CommonWealth Central CU www.commonwealthcu.org
Kings County 1.99% CommonWealth Central CU www.commonwealthcu.org
Lake County 1.99% Unify Financial CU www.unifyfcu.com
Lassen County 1.99% Unify Financial CU www.unifyfcu.com
Los Angeles County 1.6% First City CU www.firstcitycu.org
Madera County 1.99% CommonWealth Central CU www.commonwealthcu.org
Marin County 1.94% Redwood CU www.redwoodcu.org
Mariposa County 1.99% Unify Financial CU www.unifyfcu.com
Mendocino County 1.94% Redwood CU www.redwoodcu.org
Merced County 1.99% Unify Financial CU www.unifyfcu.com
Modoc County 1.99% Unify Financial CU www.unifyfcu.com
Mono County 1.99% CommonWealth Central CU www.commonwealthcu.org
Monterey County 1.99% CommonWealth Central CU www.commonwealthcu.org
Napa County 1.94% Redwood CU www.redwoodcu.org
Nevada County 1.99% CommonWealth Central CU www.commonwealthcu.org
Orange County 1.74% USC CU www.usccreditunion.org
Placer County 1.99% CommonWealth Central CU www.commonwealthcu.org
Plumas County 1.99% Unify Financial CU www.unifyfcu.com
Riverside County 1.47% Pacific Marine CU www.pmcu.com
Sacramento County 1.99% Keypoint CU www.kpcu.com
San Benito County 1.99% Unify Financial CU www.unifyfcu.com
San Bernardino County 1.47% Pacific Marine CU www.pmcu.com
San Diego County 1.47% Pacific Marine CU www.pmcu.com
San Francisco County 1.24% Meriwest CU www.meriwest.com
San Joaquin County 1.99% Unify Financial CU www.unifyfcu.com
San Luis Obispo County 1.99% CommonWealth Central CU www.commonwealthcu.org
San Mateo County 1.99% Unify Financial CU www.unifyfcu.com
Santa Barbara County 1.99% CommonWealth Central CU www.commonwealthcu.org
Santa Clara County 1.24% Meriwest CU www.meriwest.com
Santa Cruz County 1.99% Unify Financial CU www.unifyfcu.com
Shasta County 1.99% Unify Financial CU www.unifyfcu.com
Sierra County 1.99% Unify Financial CU www.unifyfcu.com
Siskiyou County 1.99% CommonWealth Central CU www.commonwealthcu.org
Solano County 1.99% Unify Financial CU www.unifyfcu.com
Sonoma County 1.94% Redwood CU www.redwoodcu.org
Stanislaus County 1.99% Unify Financial CU www.unifyfcu.com
Sutter County 1.99% CommonWealth Central CU www.commonwealthcu.org
Tehama County 1.99% Unify Financial CU www.unifyfcu.com
Trinity County 1.99% Unify Financial CU www.unifyfcu.com
Tulare County 1.99% CommonWealth Central CU www.commonwealthcu.org
Tuolumne County 1.99% Unify Financial CU www.unifyfcu.com
Ventura County 1.99% Unify Financial CU www.unifyfcu.com
Yolo County 1.99% CommonWealth Central CU www.commonwealthcu.org
Yuba County 1.99% CommonWealth Central CU www.commonwealthcu.org

 

Other than the APR, loan term, and fees  – what other things should I consider for my auto loan?

There’s a number of other criteria to consider in your lending decision. Here’s a brief overview of what to look out for besides just the headline APR:
  • Prepayment Penalties:
    • Some lenders may not offer “early repayment” as an option and charge you additional fees for paying your loan early
  • Discounts for Direct Deposits:
    • Many lenders will offer an additional 0.25-0.50% discount if you agree to both setup a credit union checking account and offer direct deductions from your balance
  • Discounts for Green or Eco-Friendly Cars:
    • Some lenders (RedWood Credit Union for Example) has special offers for eco-friendly cars. You may receive a discount of 0.25% or more on your loan if you’re buying a plug-in hybrid or electric car.

Why does the interest rate of my auto loan vary by County?

We’ve already detailed in great length why Credit Unions typically offer the best auto loans for good credit customers, but its worth examining why these rates vary so much by county or region.

Credit Unions were originally setup to be not-for-profit member-only banks (originally setup in 1934). The intention of these community guided banks was to operate as a not-for-profit that conducted general retail banking for its members. In essence, deposits from credit union members are used to also issue loans to credit union members.

But because of these individual charters required a basis for membership (common workplace, religion, or region) these individual credit unions end up being limited to a select audience. Most of the credit unions we encounter typically have charters where membership is based on location or workplace. And because each charter serves slightly different interests, some regions will have lower available rates. To find the best auto loans for good credit customers – its worth looking at the exact individual requirements of each given credit union. Some credit unions have “memberships” that don’t necessarily require residency in a county, but only working or worshiping. Others consider family ties for eligibility as well.

What about 0% interest deals from dealerships?

For short-term promotions many of the captive auto finance companies (these are the finance companies run by the auto-brand itself) will run 0% interest rate promotions. As part of these promotions they also typically run a “cash back” incentive as well. Unfortunately, you can’t get both the cash back incentive and the 0% financing because in essence the company is discounting the car by buying down the interest rate.

What is Buying Down? This is essentially paying all of the interest upfront. As an example let’s say Toyota was running a promotion for either $1,500 cash back or 0% interest rate on a $25,000 Camry Hybrid.  Assuming your local credit union offered you a 1.99% interest rate your total interest payments would come out $1,285. Had you simply taken the cash-back offer, you could’ve saved $215 initially (this doesn’t account for additional benefits from time-value of money). So, to find the best auto loans for good credit customers sometimes requires accounting for various incentives and other factors that will affect the payments.

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