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Auto Loan Rates

Auto Loan Rates – Annual Percentage Rate (APR)

New Auto Used Auto
24 Months APR 6.50% Fixed 24 Months APR 7.00% Fixed
36 Months APR 6.75% Fixed 36 Months APR 7.25% Fixed
48 Months APR 7.00% Fixed 48 Months APR 7.50% Fixed
60 Months APR 7.25% Fixed

NOTES:

Add .50% to the interest rate if payments are not deducted from a ParkeBank Deposit Account.

New autos are 90% financing.

Used autos are 80% financing for vehicles 2012 or newer.

Full insurance required on all types of auto loans, collision, comprehensive, etc.

Example:  A new auto loan, of $10,000 with a terms of 36 months with an interest rate of 6.75% and APR of 6.75% would require 36 monthly payments of $307.58.

A used car auto loan, of $10,000 with a term of 36 months with an interest rate of 7.25% and APR of 7.25% would require 36 monthly payments of $309.86.

Loan information is provided to assist in evaluating alternatives only and does not constitute an offer to extend credit.

Rates are subject to change without notice.  Rates effective as of  January 1, 2018.

Loans subject to credit approval.

Payments do not include the amounts for taxes and insurance premiums.  The actual payment will be greater.

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The Federal Deposit Insurance Corporation (FDIC) has permanently increased deposit insurance on all accounts to $250,000 per depositor.