VIENNA, Va. – Navy FCU announced this afternoon it is slashing rates on its 36-month new auto loans to just 1.79%, believed to be the lowest in the country.
"We are very excited to offer this unprecedented low rate to members at the start of the fall car buying season,” said Tony Gallardy, vice president, consumer and credit card lending for the $46 billion credit union.
"We believe this is the lowest rate being offered by any bank or credit union in the nation today," said Gallardy
Navy Federal reported strong auto lending growth in the past several months, driven by its 1.99% APR new auto rate for loans up to 60 months. The credit union plans to maintain this rate, along with the new 1.79% APR rate for 36 months. In addition, Navy Federal will continue to offer a $100 bonus for members who choose to refinance their new car loans from other financial institutions with Navy Federal.
