About Auto Loans by Heritage Credit Union
“Be prepared next time you need to buy or refinance a car.”
— Carly
From articles to calculators, check out everything you need to know about getting a car loan.
Car Loan Purchase
Time to buy a new car? Learn how easy it is…
Refinance a Car Loan
Spend less on your car loan. Get started…
Car Loan Pre-Approvals
Why is it important to get pre-approved before you buy? Learn more…
Rates & Calculators
Take advantage of great rates. Get started…
Check out our most popular car loan articles.
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Calculate your car payment with our easy loan calculator.
View today's auto loan rates below to help you get started.
New Auto Loan Rates
(per $1,000 borrowed)
Used Auto Loan Rates:
(per $1,000 borrowed)
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6 Essential Auto Loan Terms You Should Know
1) Interest Rate: An auto loan's interest rate is the amount of money paid each year to borrow from a lender shown as a percentage. Additional fees are not included in the interest rate.
2) APR (Annual Percentage Rate): APR is the amount of money paid each year to borrow from a lender, including fees, shown as a percentage. The APR of a loan is best described as the "all-in" yearly cost you will pay.
3) Principal: the principal of a loan is the amount of money you initially agree to pay back, without the added interest.
4) Loan Term: A loan's term is a broad description that includes various details of the loan. The term typically includes the loan's repayment period, rates, and fees. For example, a new car loan's term may include a 60 month repayment period at an interest rate of 4.00%.
5) Maturity Date: The maturity date of a loan is the date when the principal amount of a loan becomes due. For example, if you took out a $20,000 car loan with a 72-month term, your maturity date would be reached at the end of the 72 month period.
6) Amortization: Amortizing a loan is a technique used to spread out payments over a certain period of time (usually the loan term's repayment period). This is a great way to plan monthly payments and repay your loan in full before its maturity date.
Use our Car Payment Calculator to get an estimated month-by-month payment schedule for your next loan.
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