The experienced consumer loan team at Merrimack Valley Credit Union and Bridgewater Credit Union, a division of Merrimack Valley Credit Union, are here to help you make the best auto financing decision on your next purchase or refinance, no matter how big or small. Compare our rates and then apply online for fast approval.
|Effective Date: Friday, December 9th, 2022|
|Loan Type||APR* as low as||Loan Term in Months||Monthly Payment per $1,000|
Model Years 2022 - 2018
|4.74%||Up to 36||$29.86|
|4.74%||37 to 48||$22.91|
|4.74%||49 to 63||$17.96|
|4.99%||64 to 75||$15.55|
|4.99%||76 to 87||$13.73|
|*APR is Annual Percentage Rate. Offers are subject to change without prior notice. Additional rates and terms are available. Advertised rate(s) available on New & Used Vehicle Loans of Model Year 2018 or Newer with a maximum loan to value (LTV) of 100% or less. Cost per thousand is calculated using the highest term in the range.|
*APR is based on $10,000 financed, except for 73-84 month term Auto which is based on the $35,000 minimum loan amount. APR and term are determined by the evaluation of applicant's credit history and the actual rate and/or term may vary. We use risk-based pricing to determine the interest rate and/or term (see below).
What is Risk-Based Pricing?
Risk-based pricing is a system that evaluates the risk factors of your loan application and credit profile and adjusts the interest rate and/or term up or down based on this risk evaluation.
What Factors Can Affect My Loan Pricing?
We will obtain a credit report that shows the amount of debt you have outstanding and how you have historically paid on your debt. The credit report will also contain a "credit score" that ranks your credit history. Credit scores look at five main kinds of credit information, namely: payment history; amount owed; length of credit history; new credit; and types of credit in use. Generally, if you have had any history of nonpayment or late payments on any loans or debt, this may lower your credit score and increase your interest rate and costs. People with high credit scores consistently pay their debts on time, keep balances low on credit cards and other revolving loans, and apply for and open new credit accounts as needed.