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The nation's seventh-largest credit union is offering some of the cheapest new-car loans we've seen this year.

Chicago-based Alliant Credit Union charges as little as 2.75% APR on 60-month auto loans.

That's about half the 5.34% APR average for 5-year auto loans, according to our national survey of lenders.

If you borrow $19,000 at 2.75% APR for 60 months, your monthly payment would be about $339.

Taking advantage of Alliant’s more affordable financing can save you about $23 a month over the average auto loan, or $1,380 over five years.

If you finance less than $20,000, the 2.75% APR is good up to 60 months. If you borrow more on certain model years, you can get the top rate for up to 84 months.

Alliant Credit Union will allow you to finance up to 100% of your vehicle purchase, and there is no application fee for auto loans. You can submit an application online and get your loan the same day.

Search our database of the best auto loan rates from several 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.

Alliant’s rates for used-car loans also caught our eye.

It's charging as little as 2.95% APR for used-car loans. That’s much lower than the national average of 6.35% for 36-month loans on previously owned vehicles.

These affordable rates from Alliant include a 0.4% discount for choosing an automatic payment option.

You must become a member of Alliant Credit Union to enjoy these low rates.

Membership is open to anyone who lives or works in the Chicago area or belongs to a qualifying organization. Find a full list on credit union's membership eligibility page.

If you don't meet any of the requirements, you can still join by making a donation of at least $10 to the organization Foster Care to Success.

If you’re in the market for a new vehicle, use our 5 simple steps to the best deal on a new car or truck.

If you’re shopping for a pre-owned car, follow our 10 smart moves for buying a used car to help you avoid potential traps.

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