Finance company up2drive has cut its auto loan rates to a rock-bottom 2.84% for up to five years.
That's one of the cheapest loans we've seen anywhere. It's even cheaper than the great deals this online lender offered last winter.
And, good news, this deal is available in all 50 states and Washington, D.C.
Up2drive is a division of BMW Bank of North America, a subsidiary of the German auto company, but it finances loans for most brands of car and trucks (www.up2drive.com).
The 2.84% rate is much lower than the average cost of new-car loans, which is 4.37% for 60 months, according to our latest national survey of lenders.
If you borrow $22,000 for five years at the average rate, your monthly payment would be about $409. But if you finance a loan at up2drive's rate of 2.84% APR, your payment would be about $394.
So, taking advantage of the lower rate can save you $15 a month, or $900 over the entire loan period.
Use our auto loan calculator to help you budget what your monthly payment could be.
The lender also offers great used-car financing, as well — as low as 2.99%.
Indeed, it’s rare to find a lender that offers any vehicle financing for less than 3%, much less for used cars.
That rate is much lower than the national average of 5.01% for 36-month, used-car loans. And with up2drive, you can borrow for up to five years at the same low interest rate.
Up2drive’s used-auto loans are available for cars and trucks of the model year 2006 and later that have less than 90,000 miles.
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.
There is no application fee with up2drive loans. Borrowers will need to have excellent credit to get the lowest rates.
And up2drive offers financing for the full value of the car or truck, which means you won’t need to come up with a down payment.
The affordable rates assume use of the company’s Easy Pay electronic auto payment plan. If you choose not to enroll in the plan, the APR will be 0.50% higher.
Autos financed through the company must be purchased from franchised dealers but not BMW or Mini dealerships.
Apply online, and if you're approved, up2drive will send a loan packet with instructions and a check that you take with you to the dealer. Negotiate the price of a car, and then you can write the loan amount on the check and present it to the dealer.
If you’re looking to buy a new car or truck soon, use our 5 simple steps to the best deal on a new car or truck. You can learn how to shop smart and drive home a real bargain.
If you’re shopping for a preowned car, follow our 10 smart moves for buying a used car to help you avoid potential traps.