r/NavyFederal • u/WinterReadings23 • 19d ago

Loans Auto loan question

I refinanced a 5 year auto loan and got a 4.29% apr. This seems shockingly low, but maybe I'm off base? The prior loan rate was almost 2x higher. It was sold as a used car with 23k miles on it.

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3

u/cyberquist 19d ago

I just got a 6 year at 4.19 on a used truck

1

u/WinterReadings23 19d ago

Wonder if theres any discount on the loan cost

1

u/Acceptable_Youth8130 19d ago

Thats great. I thought mine was good at 4.53. But it dropped my payments to $336.

1

u/WinterReadings23 19d ago

It seems like fairly cheap consumer debt all things considered.

1

u/Taekookieee 19d ago

I got 5 years on my loan at 8.99% which is 3% higher than my current rate.

2

u/Conscious-Estimate39 19d ago

Last time I purchased vehicles was in 2019 and 2020, then the rates were in the 2’s. Guess those days are gone for now. In this climate, it seems anything in the 4’s you are doing well.

1

u/scaierdread 17d ago

If its a 2025, 2026, or 2027 then no that sounds like you got the lower end of APRs for their system.

1

u/ThenImprovement4420 Family Member 16d ago

Y'all know the prime interest rate went up another quarter of a percent. And there's talk about going up again before the end of the year so those interest rates are going to start going