SunTrust offers some of the best auto loan deals in the financial market. The regional bank helps finance cars in 11 states in the Southeast as well as the District of Columbia. The interest rates on the SunTrust auto loans vary for each state but they can be as low as 3.99% for new as well as used car loans with a repayment period of six years. While the highest rates on the SunTrust auto loans is 4.29%.
This is much lower than the average interest rates of 60-month new car loans which stand at 5.5%. The most surprising thing about SunTrust is that they offer the same interest rates for both the new and used car loans if the car has a value of at least $12,000. Lenders usually charge a bigger amount for the used car loans and limit the duration to three to four years.
Individuals that already have an account at the SunTrust bank can save more on their SunTrust auto loans. The customers can qualify for a discount of 0.25% if they have a saving, checking or money market account. Those who allow the monthly loan payment to be automatically deducted from their SunTrust accounts are also eligible for an additional 0.25% discount. The SunTrust home loan recipients can avail a 0.25% discount as well. This means the SunTrust auto loans lender that qualifies for all three discounts can borrow at an APR of 3.24%.
You can search each and every database to find a deal better than that offered by SunTrust but you will fail. Their auto loan calculator can help you find out how much you would have to pay per month.
Search our database of the best auto loan rates from scores of other lenders in your area to see if you can find a better deal. The approval rate for SunTrust auto loans is high therefore you can start selecting the car that you want to buy. Those who are taking out a loan can negotiate the price of the car with the dealership and buy a car at affordable rates.