Auto Loan Rates

FAQs About Oklahoma Auto Loan Rates

• How does WEOKIE determine what rate I get for my auto loan?

  In general, your annual percentage rate (APR) is based on your credit score and debt-to-income (DTI) ratio. Our lending team will also take into account your overall financial situation and work with you to get you the best rate possible. 

  The term you choose also impacts your rate – shorter terms usually come with lower rates than longer terms.

• Is there anything I can do to get a better auto loan rate?

  Before you apply for your auto loan, you can find out your credit score and take any possible steps to improve it. For example, you could consolidate high-interest debt with a personal loan or low-interest balance transfer card. 

  Make sure you don't have any outstanding payments, and work to lower your credit utilization rate, which is how much of your available credit you've used. Ideally, you want to use less than 30% across all your accounts.

• Will I get the same auto loan rate for a new car as for a used car?

  No, newer vehicles get lower rates than older cars. This is because newer vehicles are less likely to break down, and it's easier to estimate depreciation (loss of value) over time. 

  But don't worry – you can still get a competitive auto loan rate on older vehicles! At WEOKIE, we want everyone to be able to buy the car they need, and we work hard to help our members do just that.

• Why can WEOKIE offer lower rates than some other lenders?

  WEOKIE is a not-for-profit credit union, not a bank. While banks are focused on earning a profit for their stakeholders, we focus on returning our profits to our members by offering lower fees and lower interest rates.