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March 30, 2021
Why is everything so much more expensive than it was a year ago?
April 9, 2021

Did you finance your vehicle at the dealership? You could save over $2,600 with one click!

If you financed your last car or truck at the dealership out of convenience, you may have saved some time — but are you saving money?

According to the latest report from TrueCar, the average interest rate on new vehicles is 4.7% APR* and the average interest rate on used vehicles is 8.3% APR.* For comparison, since March 2020 the average used auto loan rate Caro Federal Credit Union members have paid is between 4.7% APR* and 5.7% APR.* What do those actual numbers mean?

Let’s say you bought your used vehicle for $30,000 and got your loan from the car dealer at 8.3% APR* for 72 months. Your payment would be roughly $530. That same payment with a loan from Caro at 5.7% APR* would be around $492.

You would also save over $2,695 in interest over the course of the loan. Those are big savings!

Wondering if you could benefit from refinancing your auto loan? It costs nothing to find out. Click below to apply now or contact us to find out more!

*APR=Annual Percentage Rate. Rates vary based on credit score. See credit union for details.


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