The $46 billion Navy Federal Credit Union said it believes the 1.79% annual percentage rate on its 36-month new auto loan may be the lowest offer in the country.
The new rate comes as the Vienna, Va.-based credit union reports strong lending growth over the past several months driven by its 1.99% APR new auto rate for loans up to 60 months.
The credit union said it plans to maintain this rate, along with the new 1.79% APR rate, for 36 months. It will also continue to offer a $100 bonus for members who refinance their new car loans from other financial institutions with Navy Federal.
"We believe this is the lowest rate being offered by any bank or credit union in the nation today," said Tony Gallardy, vice president of consumer and credit card lending at Navy Federal. "We are very excited to offer this unprecedented low rate to members at the start of the fall car buying season."
In June, Experian ranked the credit union among the nation's top 20 used auto lenders.
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