Best Auto Loan Rates in Houston

Posted by Chris Andy on August 8th, 2019

If you are looking to get an auto loan, you may first want to know what they are. Now most of the time, auto loans are basically simple interest loans. This means that, for each month that you are to pay back your loan, you are expected to pay the initial amount of the loan plus interest. This interest is the fee you pay to your lender. Now, this interest varies depending on the duration of your loan and the size of your monthly payments. It is, however, important to note that just as with any other kind of loan, the earlier you pay, the better. This means that, if you pay the agreed amount early every month, then you will be paying the exact amount of interest as agreed; however if you default and pay less or pay late, the interest charge on your loan would increase and you will end up paying more. There are also about 3 broad options for getting an auto loan and they include:
Indirect: These are not a direct credit facility however, they can be rather convenient. Most times they are the dealerships themselves. You may also find that their rates are higher than that at other options.
Direct: These are direct credit facilities and include banks, credit unions and online dealers. Banks may not be as convenient as online dealers, seeing that you would actually have to walk into the building and sign the necessary documents but, their rates are pretty standard and they offer low pressure. However online dealers make it more convenient for you to get a loan whenever you want.
When looking to buy a car in Houston and you are looking for the best auto rates, these are some of the top facilities you should look at in order to get the best rates around.
PenFed Credit Union: With a rate as low as 2.449%, PenFed Credit Union helps you save up to 2unlike the normal 4% annual percentage rate which is the average in Houston for a ,000 loan over a period of 36 months.
Anheuser-Busch Employees Credit Union: This Credit Union offers you a low rate of 2.69%. Now when compared with the annual percentage rate of 4%, Anheuser-Busch allows you to save up to 3 on a ,000 loan over a duration of 36 months
Bank of America National Association: The Bank of America National Association, helps you to save 6 on a ,000 loan over a 36 month period of time. This means that you are getting an interest rate of 3.59% as opposed to the annual percentage rate of 4%.
There are more facilities which over lower auto loan rates in Houston but these are just the top 3.

If you are searching for financing a car, then you can take idea from this article - https://www.bankofamerica.com/auto-loans/financing-car/