Auto Loans

Car Loan Deal of the Week: TrustCo Bank

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Offering a car loan with an interest rate of 2 percent for five years will definitely raise eyebrows, especially when the average market rate is closer to 3 and 4 percent. TrustCo Bank is the lender of the day with this exceptionally inexpensive car loan option for New York and Vermont car buyers.TrustCo Bank serves both New York as well as Florida, providing customers in both regions traditional banking services as well as loan products. Customers also include businesses in the areas as well. Established in 1903, the Bank has been through some of the more contentious and risky moments in banking history, having successfully operated through the Great 1929 Crash, the 1980s stock market crash, and the 2008 Recession.The current car loan deal of 1.99 percent was originally started in March 2013 at 2.12 percent, but the bargain is still available today through the end of April. Even better, the deal may be sweetened by reducing the rate an additional fraction by agreeing to automatic loan payments versus paper check payments per the loan schedule. That leaves a customer financing a new car with one of the lowest in the nation if not the best available. It’s almost enough to make a person travel to New York or Florida, set up a bank account, and buy a car in either state to then drive it home, the savings are that good over the life of the loan.

TrustCo’s auto loans can be used to purchase used or new cars, as well as conventional vans and pickup trucks. Used cars are financed at 2.99 percent currently, however. Separate loans can also be had for off-road vehicles or non-car vehicles such as motorcycles, boats, RVs, and snowmobiles, but the interest rates tend to be higher.

About John Krystof

John Krystof writes about personal finance and money matters for He was born and educated in Central Europe, but presently resides in New York City.

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