Cabrillo Credit Union represents a small financial institution serving the San Diego County area as well as the Imperial County region, both in Southern California. Like most credit unions, Cabrillo Credit Union offers competitive rates for all of its financial tools, including auto loans, when compared to traditional banks. Cabrillo’s latest offering provides a car loan at a rather attractive rate of 2.9 percent for up to eight years. Even more attractive, car loan applicants who want to purchase their new car within four years instead and can do so with a 1.9 percent rate, pretty much knocking out most other auto loan competitors in the general San Diego-Imperial County region.
To maximize the rate offered, borrowers need to agree to automatic payment withdrawal from their checking account. Additionally, the Credit Union members also realize an extra 0.5 percent reduction in the interest rate if they have more than $10,000 on deposit with Cabrillo. This can be deposited either in the savings or checking. Finally, a quarter point is provided for purchasing an electric vehicle versus a normal combustion engine car. It’s also important to remember that Cabrillo’s loans do not involve 100 percent financing. In most cases, borrowers have to put up a down payment of 10 to 20 percent of the car purchase.
A borrower’s credit rating will also have an influence of accessing Cabrillo Credit Union’s favorable auto loan rates. Clearly, those who are struggling with a rating score closer to 600 are not going to be offered the favorable interest rate level. Those closer to a FICO score of 720 will have a much stronger success rate and access to the competitive rates.
