Auto Loans – EdFed

Auto Loans

Thinking of getting a car? Find out what your options really mean for you. Find reputable sources that can help you guide the way in investing this important asset of yours wisely!

Auto Loans - New & Used Car Purchase

RATES FROM (APR)

LOAN AMOUNT

LOAN TYPE

MIN. CREDIT SCORE

1.90% and up

$8,000 and up

New/Used Purchase

575

1.25% – 21.24%

$10,000 to $175,000

Refinance

500

1.88% – 6.15%

5 to 25

Private & Federal

1.88% – 6.15%

5 to 25

Private & Federal

1.88% – 6.15%

5 to 25

Private & Federal

RATES FROM (APR)
1.90% and up

LOAN AMOUNT
$8,000 and up

LOAN TYPE
New/Used Purchase

MIN. CREDIT SCORE
575

0.94% – 11.44%

9 – 18 Months

$500 to $4,000

1.88% – 6.15%

5 to 25

Private & Federal

1.88% – 6.15%

5 to 25

Private & Federal

1.88% – 6.15%

5 to 25

Private & Federal

Auto Loans - Refinance

RATES FROM (APR)

LOAN AMOUNT

LOAN TYPE

MIN. CREDIT SCORE

1.89% and up

$8,000 and up

Refinance

550

1.99% and up

$5,000 to $150,000

Refinance

575

2.99% and up

$8,000 and up

Refinance

550

1.88% – 6.15%

5 to 25

Private & Federal

1.88% – 6.15%

5 to 25

Private & Federal

1.88% – 6.15%

5 to 25

Private & Federal

RATES FROM (APR)
1.89% and up

LOAN AMOUNT
$8,000 and up

LOAN TYPE
Refinance

MIN. CREDIT SCORE
550

RATES FROM (APR)
1.99% and up

LOAN AMOUNT
$5,000 to $150,000

LOAN TYPE
Refinance

MIN. CREDIT SCORE
575

RATES FROM (APR)
2.99% and up

LOAN AMOUNT
$8,000 and up

LOAN TYPE
Refinance

MIN. CREDIT SCORE
550

Want better auto insurance?

Find a policy with the right amount of coverage.

Compare lenders

Find out how much your auto loan would be with different rates and payments.

Check your credit score

Get your credit score before applying for an auto loan. This will help you understand where you stand and how much money you can spend on a car.

Our thoughts

Insightful articles that can help you stay on top of your finances.

Worst Time To Buy A Car? Not If You Need One.

Does Refinancing Terminate Your Auto Loan?

In-depth Car Loan Interest Rates by Credit Score

How Do Car Loans Work?

Can You Decline an Approved Car Loan?

How to Refinance Your Car Loan?

Trending Discussions

See what everyone is talking about.

Bank of America’s Business Loans

How Do Travel Credit Cards Work?

Best Cryptocurrency Stocks For A Retirement Portfolio

Worst Time To Buy A Car? Not If You Need One.

Coronavirus Outbreak On Federal Student Loan Information

What Is The Benefit Of Obtaining A Personal Loan?

Business Loan Eligibility Requirements

Best cash-back credit cards with no annual fee

Investing in Cryptocurrency or Stocks: What’s The Better Choice?

Does Refinancing Terminate Your Auto Loan?

support@edfed.com

Resources

Products

Company

© 2022 EdFed, Inc. All rights reserved.

EdFed intends to conduct its daily operations in an equal and fair manner with customers and Third Parties alike. EdFed does not discriminate on the basis of an applicant’s race, marital status, nationality, gender, age, or religion; an applicant whose income is derived from a public assistance program; or an applicant who, in good faith, exercised rights under the Consumer Credit Protection Act.

DISCLAIMER: Offered terms are subject to change and state law restrictions. Loans are made and serviced by EdFed’s lending partners and their affiliates. EdFed is not affiliated with the school you attend or are attending. None of the information contained in EdFed’s website constitutes a recommendation, solicitation or offer by EdFed or its affiliates to buy or sell any securities or other financial instruments or other assets or provide any investment advice or service.

Nelnet Disclosures

Interest Rates

Fixed interest rates range from 2.80% APR (with auto debit discount) to 6.94% APR (without auto debit discount). Your interest rate will depend on your (and if applicable, your cosigner’s) credit qualifications. The fixed interest rate will remain the same for the life of the loan.

Variable interest rates range from 2.32% APR (with auto debit discount) to 8.33% APR (without auto debit discount). Your interest rate will depend on your (and if applicable, your cosigner’s) credit qualifications. Variable rates may increase after consummation. Variable rates for Nelnet Bank Refinance Loans are calculated as the One-Month SOFR plus the applicable Margin percentage. Variable rates will be based on the highest One-Month SOFR as published by the Federal Reserve Bank of New York and/or the Wall Street Journal “Money Rates” table on the twenty-fifth day (or the next business day) of the immediately preceding calendar month. The variable rate may change on the first day of each month if the SOFR index changes. This may result in higher monthly payments. The current One-Month SOFR index is 0.30% as of April, 7 2022.

The lowest rate for each loan type requires automatically withdrawn (“auto debit”) payment. The lowest rate is available only to the most creditworthy applicants. Not all borrowers will receive the lowest rate. The interest rate and Annual Percentage Rate (APR) may be higher depending upon (1) the credit history of the borrower and, if applicable, the cosigner, (2) the repayment option and loan term selected, (3) the loan type selected, and (4) the highest level of education attained. If approved, applicants will be notified of the rate qualified for within the stated range.

Auto Debit

Interest rate reduction of .25% for automatically withdrawn payments from any designated bank account (“auto debit discount”). Auto debit discount applies when full payments (including both principal and interest) are automatically drafted from a bank account. The auto debit discount will continue to apply during periods of approved forbearance or deferment if the auto debit discount was in effect at the time of receiving the forbearance or deferment. Auto debit discount will remain on the account unless (1) the automatic deduction of payments is canceled or (2) there are three consecutive automatic deductions returned for insufficient funds at any time during the term of the loan.

AUTOPAY Disclosures

LICENSING: THE SAVINGS GROUP, INC. AND ITS OPERATING SUBSIDIARIES, INCLUDING BUT NOT LIMITED TO RATEGENIUS LOAN SERVICES, INC. D/B/A RATEGENIUS, AND AUTOPAY DIRECT, INC. D/B/A AUTOPAY (COLLECTIVELY “TSG”), IS HEADQUARTERED IN AUSTIN, TEXAS AND DENVER, COLORADO. TSG OPERATES PURSUANT TO LICENSES IN JURISDICTIONS WHERE ITS ACTIVITIES REQUIRE LICENSING. ALL LENDERS IN THE TSG NETWORK ARE FDIC-INSURED BANKS, CREDIT UNIONS OR LICENSED LENDERS.

PATRIOT ACT NOTICE:

IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT

As a result of the 9/11 terrorist attacks, Congress enacted the USA PATRIOT Act. This Act, which is designed, in part, to fight the funding of terrorism and money laundering activities, includes a provision requiring all financial institutions to obtain, verify, and record information that identifies each person who opens an account.

WHAT THE IDENTIFICATION REQUIREMENTS MEAN FOR YOU

When you open an account, we will ask for your name, address, date of birth, and other information that will allow the financial institution to identify you. They may also ask to see your driver’s license or that you provide other identifying documents. They will verify the identity information that you provide. The means of verification are varied and may include the use of credit reports and similar information sources.

PLEASE REMEMBER THAT THESE IDENTIFICATION REQUIREMENTS: ARE MANDATED BY LAW; ARE INTENDED TO HELP COMBAT TERRORISM AND OTHER ATTEMPTS TO USE OUR COUNTRY’S FINANCIAL SYSTEMS FOR IMPROPER PURPOSES, AND HELP PROTECT YOU FROM IDENTITY THEFT.

EQUAL CREDIT OPPORTUNITY ACT: THE EQUAL CREDIT OPPORTUNITY ACT (ECOA) STATUTE PROVIDES THAT ITS PURPOSE IS TO REQUIRE FINANCIAL INSTITUTIONS AND OTHER FIRMS ENGAGED IN THE EXTENSION OF CREDIT TO “MAKE CREDIT EQUALLY AVAILABLE TO ALL CREDITWORTHY CUSTOMERS WITHOUT REGARD TO SEX OR MARITAL STATUS.” MOREOVER, THE STATUTE MAKES IT UNLAWFUL FOR “ANY CREDITOR TO DISCRIMINATE AGAINST ANY APPLICANT WITH RESPECT TO ANY ASPECT OF A CREDIT TRANSACTION (1) ON THE BASIS OF RACE, COLOR, RELIGION, NATIONAL ORIGIN, SEX OR MARITAL STATUS, OR AGE (PROVIDED THE APPLICANT HAS THE CAPACITY TO CONTRACT); (2) BECAUSE ALL OR PART OF THE APPLICANT’S INCOME DERIVES FROM ANY PUBLIC ASSISTANCE PROGRAM; OR (3) BECAUSE THE APPLICANT HAS, IN GOOD FAITH, EXERCISED ANY RIGHT UNDER THE CONSUMER CREDIT PROTECTION ACT.”

The ECOA has two principal theories of liability: disparate treatment and disparate impact. Disparate treatment occurs when a creditor treats an applicant differently based on a prohibited basis, such as race or national origin. Disparate impact occurs when a creditor employs facially neutral policies or practices that have an adverse effect or impact on a member of a protected class unless it meets a legitimate business need that cannot reasonably be achieved by means that are less disparate in their impact.

In keeping with the broad reach of the statute’s prohibition, the regulation covers creditor activities before, during, and after the extension of credit.

Savings Claims: Savings claims are based on monthly payment savings alone. If approved, lower monthly payment may result from a lower interest rate, a longer term or both. A reduced monthly payment does not necessarily mean that you will pay less overall with a new loan. If you choose to extend the new term from your remaining term for more monthly savings, you may pay more in interest and have more monthly payments which will impact any savings from a reduced monthly payment.

Loan Origination Fees: Title filing/lien transfer fees apply. Depending on your state of residence, a loan origination fee may apply.

Use of “Cookies” and Other Tracking Technologies: We may use cookies and other technologies to facilitate and track your use of services offered on this website and in connection with our e-mail communications. For more information on our use of such technology, please see the privacy policy accessible via a link provided at the bottom of the homepage of this website.

Accuracy of Information: Although we strive to ensure the accuracy of the information found on this website, neither TSG, nor its affiliates, licensees, suppliers, or agents, can be held responsible by you for the accuracy of such information. It is solely your responsibility to evaluate the accuracy, completeness, and usefulness of all information provided on this website.

Disclaimers: TSG PROVIDES THIS WEBSITE, THE SITE MATERIALS, AND ANY PRODUCT OR SERVICE OBTAINED THROUGH OR IN CONNECTION WITH THIS WEBSITE ON AN “AS IS” AND “AS AVAILABLE” BASIS WITHOUT REPRESENTATIONS OR WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, UNLESS OTHERWISE EXPRESSLY PROVIDED IN A WRITTEN, AGREEMENT WITH TSG TO WHICH YOU ARE A PARTY WITH REGARD TO A PARTICULAR PRODUCT OR SERVICE. TO THE FULLEST EXTENT PERMISSIBLE PURSUANT TO APPLICABLE LAW, TSG AND ITS AFFILIATES, LICENSEES, SUPPLIERS, ADVERTISERS, AND AGENTS DISCLAIM ALL WARRANTIES, EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, IMPLIED WARRANTIES OF TITLE, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NONINFRINGEMENT, UNLESS OTHERWISE EXPRESSLY PROVIDED IN A WRITTEN, AGREEMENT WITH TSG TO WHICH YOU ARE A PARTY WITH REGARD TO A PARTICULAR PRODUCT OR SERVICE.

Conflicts: In the event a conflict arises between any information posted on this website and/or any contract you have with us or one of our lenders, the terms of your contract with us or our lender will prevail.

Limitation of Liability: AS A CONDITION OF YOUR USE OF THIS WEBSITE, YOU AGREE THAT NEITHER WE, NOR ANY OF OUR AFFILIATES, LICENSEES, SUPPLIERS, DIRECTORS, OFFICERS, SHAREHOLDERS, EMPLOYEES, OR AGENTS, WILL BE LIABLE TO YOU OR ANY THIRD PARTY FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, EXEMPLARY, PUNITIVE, OR OTHER DAMAGES UNDER ANY CONTRACT, NEGLIGENCE, STRICT LIABILITY, OR OTHER THEORY, OR CONSEQUENTIAL LOSS OF PROFITS, LOSS OF EARNINGS, LOSS OF BUSINESS OPPORTUNITIES, LOST DATA, INTERRUPTED COMMUNICATIONS, DAMAGES, EXPENSE, OR COSTS RESULTING DIRECTLY OR INDIRECTLY FROM OR OTHERWISE ARISING IN CONNECTION WITH:

THE USE OF THIS WEBSITE, INCLUDING, BUT NOT LIMITED TO, DAMAGES RESULTING OR ARISING FROM YOUR RELIANCE ON THIS WEBSITE OR ANY INFORMATION OR MATERIALS FOUND ON THIS WEBSITE OR HYPERLINKED FROM THIS WEBSITE, OR THE MISTAKES, OMISSIONS, INTERRUPTIONS, ERRORS, DEFECTS, DELAYS IN OPERATION, TRANSMISSIONS, EAVESDROPPING BY THIRD PARTIES, OR ANY FAILURE OF PERFORMANCE OF THIS WEBSITE;

GOVERNMENT RESTRICTION, STRIKES, WAR, ANY NATURAL DISASTER OR FORCE MAJEURE, POWER FAILURES, LARGE INCREASES IN ON-LINE ACTIVITY IN A SHORT PERIOD OF TIME (USAGE SPIKES), VIRUSES, CATASTROPHIC HARDWARE FAILURES, ATTACKS ON OUR SERVERS, FIRES, EARTHQUAKES, FLOODS, UNUSUALLY SEVERE WEATHER, OR ANY OTHER CONDITION BEYOND OUR REASONABLE CONTROL LIMITING, PREVENTING OR OTHERWISE AFFECTING EITHER YOUR ACCESS TO OR USE OF THIS WEBSITE OR SITE MATERIALS OR OUR ABILITY TO PROVIDE PRODUCTS OR SERVICES IN CONNECTION WITH, OR RESERVED OR ORDERED THROUGH, THIS WEBSITE; OR

LOSS OF SECURITY OF INFORMATION YOU HAVE PROVIDED IN CONNECTION WITH YOUR USE OF THIS WEBSITE, OR INTERCEPTION OF ANY SUCH INFORMATION BY UNAUTHORIZED THIRD PARTIES.

YOUR SOLE REMEDY FOR DISSATISFACTION WITH THIS WEBSITE AND/OR SITE MATERIALS CONTAINED WITHIN THIS WEBSITE IS TO STOP USING THIS WEBSITE AND/OR SITE MATERIALS, AS APPLICABLE.

Availability of this Website: This website is usually available 24 hours a day, 7 days a week. However, we retain the right to make this website unavailable from time to time for any reason or no reason. We shall not be liable for any damages arising from any interruption, suspension, or termination of this website.

Caribou Disclosures

Credit Authorization Consent

To check the rates and terms you qualify for, Caribou and its lenders conduct soft credit pulls that will not affect your credit score. However, if you choose a loan product and continue your application, we or one of our lenders will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

Federal Disclosure

IMPORTANT INFORMATION ABOUT PROCEDURES FOR APPLYING FOR CREDIT

When you apply for credit, we will ask for your name, address, date of birth and other information that will allow us to identify you. We may also ask to see the applicant’s driver’s license or other identifying documents.

State Specific Application Disclosures

For California Residents: Married individuals may apply separately. In compliance with the California Financial Privacy Act, if you are a resident of the State of California and would like to opt-out from the disclosure of your personal information to any third-party for marketing purposes, please contact us at legal@gocaribou.com.

For Maine Residents: You have the right of free choice in the selection of the agent and insurer through or by which insurance in connection with a loan is to be placed, including the right to choose an agent or broker whether or not that agent or broker is affiliated with a Creditor or Lender. Obtaining insurance products from a particular agent or broker does not affect credit decisions by the lender. Your choice of insurance will not affect the credit approval process unless the insurance does not satisfy the contract requirements or the insurance company does not satisfy the reasonable standards of the Lender.

For New York Residents: In connection with this application, a consumer report may be requested in connection with your application. Upon your request, we will inform you whether or not a consumer report was requested and, if it was, give you the name and address of the consumer reporting agency that furnished the report. If your application is granted, additional consumer reports may be obtained without further notice in connection with any update, extension or renewal of credit.

For Ohio Residents: The Ohio laws against discrimination require that all creditors make credit equally available to all creditworthy customers and that credit reporting agencies maintain separate credit histories on each individual upon request. The Ohio Civil Rights Commission administers compliance with this law.

For Rhode Island Residents: Credit reports may be obtained in connection with this application for credit.

For Vermont Residents: If an account is created, you authorize the obtaining of credit reports for purposes of reviewing or taking collection action on the account or for other legitimate purposes associated with the account.

For Wisconsin Residents: Wisconsin law provides that no provision of a marital property agreement, a unilateral statement under the marital property law, or a court decree, will adversely affect a creditor’s interests unless the creditor, prior to the time the credit is granted, is furnished with a copy of the agreement, statement or decree or has actual knowledge of the adverse provision. If you are making this application individually and not jointly with your spouse, you understand that Wisconsin law requires that your spouse be given notice of this credit obligation.

For Maine, Rhode Island and Tennessee Residents: You must have physical damage insurance covering loss or damage to the vehicle for the term of the contract. You may purchase required insurance through any agent or broker and from any insurance company that is reasonably acceptable to Caribou. You are not required to deal with any of our affiliates when choosing an agent, broker or insurer. Your choice of a particular agent, broker or insurer will not affect our credit decision, so long as the insurance provides adequate coverage with an insurer who meets our reasonable requirements.