BOK Financial offers auto loan rates as low as 2.79%
Some of the best new-car auto loan deals this season -- 2.79% APR for 60 months -- are available at the banks operated by BOK Financial Corp.
The Tulsa, Okla.-based financial services firm operates banks with branches in eight states across the middle and western sections of the country.
They are: Bank of Albuquerque, Bank of Arizona, Bank of Arkansas, Bank of Kansas City, Bank of Oklahoma, Bank of Texas and Colorado State Bank and Trust.
This incredibly cheap auto loan offered at six of the seven banks -- Bank of Oklahoma's lowest advertised rate is 3.99% -- crushes the national average for five-year, new-car loans: 4.52% APR, a record low, according to our most recent national survey of auto lenders.
If you borrow $15,000 on a five-year, new-car loan at 2.79%, your monthly payment would be about $268.
If you finance at the national average rate, your monthly payment would be about $280. That's $12 more per month, or $720 over the life of the loan, compared with BOK's lowest interest rate.
BOK Financial also offers outstanding auto loan rates on used-car loans. You can qualify for the same low rate for 60 months on preowned vehicles, model year 2008 and later.
It’s rare to find a lender that charges the same rate to finance both new and used vehicles. Most banks charge higher interest rates for used-car financing.
If you have your eye on an older preowned car, the member banks also offer financing for model year 2004 or later. These loans have 36- and 48-month terms with loan rates as low as 3.49% APR. That’s still well below the national average for preowned vehicles.
Customers can qualify for an additional 0.25% interest rate discount if they sign up for automatic debit from a premium checking account with the lending bank.
Buyers will need to have excellent credit to qualify for the best interest rate.
Search our database of the best auto loan rates from scores of other lenders in your area to see if you can find a better deal.
Then you can use our auto loan calculator to help you budget your monthly payment.
Knowing about a deal like this makes it much easier to judge any loan you're offered by a dealership's finance manager.
If he or she can beat BOK Financial bank’s terms, then you're driving home with a real bargain. If not, you’ll still know about the banks’ deals.
If you're planning to buy a new car soon, our 5 simple steps to the best deal on a new car or truck can help you shop with confidence.
If you’re in the market for a preowned auto, take advantage of our 10 smart moves for buying a used car. We can help you avoid the pitfalls of the used car market and find an affordable, reliable ride.