Get the best auto loan rates in CT with a convenient and low-cost Charter Oak auto loan!

Auto Loan Rates

Model Year New and Pre-Owned Car Loans

**Rates As Low As

  • 2020 & Newer 1.99% APR*
  • 2018 – 2019 1.99% APR
  • 2015 – 2017 1.99% APR
  • 2012 – 2014 3.74% APR
  • 2011 4.74% APR

*APR=Annual Percentage Rate. APR effective March 5, 2021. **Your rate may vary depending on your credit history, year of vehicle and term of loan. The lowest APR assumes that your vehicle meets our underwriting guidelines and you have an excellent credit history.

Auto Loan Features

At Charter Oak, we are committed to providing our credit union members with access to the best auto loan rates in CT. With a Charter Oak auto loan, you can get off-lease financing when your lease term runs out, a loan with Guaranteed Asset Protection (GAP) Waiver, or a straightforward auto loan with convenient terms that fit your budget.

Auto loan borrowers get a $25 rebate when they set up automatic payments from their Charter Oak account.

Please note:

  • All Charter Oak auto loan amounts have a loan-to-value amount calculated using the following formula: Total amount of funded loan divided by MSRP (new vehicles) or JD Power Retail (used vehicles)
  • Eligible vehicles include those with mileage at or below 125,000 with a minimum loan amount of $5,000 (except 84-month term)
  • Charter Oak’s Consumer Loan Department does not provide financing for commercial use vehicles
  • Max GVW 10,000 lbs.

Finding a Preferred Dealer

Charter Oak Credit Union has partnered with leading automotive dealerships throughout eastern CT to provide easy and convenient auto loans.

Auto Financing Terms To Know

  • Amortization: With an amortizing loan, a portion of each monthly payment goes towards paying off the money borrowed and a portion goes toward paying down the interest owed on the loan.
  • Annual Percentage Rate (APR): The amount of money it costs to borrow money, expressed as a percentage. APR includes fees and interest.
  • Co-signer: A person that fills out a loan application with a primary borrower, pledging to pay back the loan if the potential car owner fails to make payments as promised. People who have difficulty getting financing may be able to use a co-signer to get approved. The co-signer is as legally responsible for paying back the loan as the person who will own and drive the car.
  • Down payment: The upfront amount of money a borrower pays toward the cost of a vehicle when they make the purchase. Making a larger down payment reduces the total amount of the car loan.
  • Vehicle service contract or extended warranty: If the manufacturer’s warranty on a car is no longer in force, the vehicle owner has the option to purchase coverage that may pay for a portion of future auto repair bills. Before agreeing to a vehicle service contract or extended warranty, read the fine print to understand how to make a claim, the deductible amount, and which systems and parts are covered.
  • Finance and insurance department (the dealership’s F&I or business office): After agreeing on a purchase price at a car dealership, borrowers may meet with someone in the F&I office to go over their options for extended warranties, service contracts and optional add-ons.
  • Guaranteed Auto Protection (GAP) insurance or GAP Waiver: GAP insurance or Waiver covers the difference between the insurance payout and the amount of money you own on your loan if your car is stolen or totaled. GAP insurance is optional. Without it, the borrower is legally responsible to pay off their total loan amount, even if an insurance settlement doesn’t cover the debt.
  • Interest Rate: The interest on an auto loan is the amount of money a borrower pays during one year to borrow money, expressed as a percentage. Interest rates do not include fees.
  • Loan term: The number of months a borrower makes payments between when they initiate the loan and when their vehicle is paid off.
  • Loan-to-value ratio: The loan-to-value (LTV) ratio is the amount of money borrowed for a car loan, divided by the actual cash value (ACV) of the vehicle. Lenders may use Kelly Blue Book (KBB) or NADA to calculate a car’s ACV.
  • Manufacturer Suggested Retail Price (MSRP): The amount of money that the manufacturer (automaker) suggests that the dealer charges for a specific vehicle.
  • Negative equity: When a car is worth less than the amount owed on the corresponding auto loan, the borrower has negative equity, or is “upside-down” on their loan.
  • Principal: The amount of money financed to purchase a vehicle. An auto loan has three parts: principal, interest and fees.1

Auto Insurance

Your car’s most important accessory doesn’t come from your dealer.

None of your car’s accessories is more important than the insurance policy that covers it.

Charter Oak Federal Credit Union members have access to the TruStage Auto & Home Insurance Program. Even if you already have insurance coverage with another company, you can effortlessly check your rates and see if TruStage Auto & Home could save you money.

TruStage Insurance Agency provides the insurance you need at a price you’ll love. With an “A” rating from AM Best for financial stability, TruStage offers dependable coverage to more than 3,500 credit union members across the country.

TruStage has more than 4,701 reviews from verified customers at Trustpilot, with an average 4.7-star out of 5-star rating.2

1 Consumer Financial Protection Bureau (CFPB), 2021, Auto loans key terms, Accessed September 13, 2021, [Consumerfinance.gov]

2 Trustage.com, 2021, Trustage Insurance, Accessed September 13, 2021, [Trustage.com] 

TruStage™ Auto & Home Insurance Program is made available through TruStage Insurance Agency, LLC and issued by leading insurance companies. To the extent permitted by law, applicants are individually underwritten; not all applicants may qualify. Discounts are not available in all states and discounts vary by state. A consumer report from a consumer reporting agency and/or motor vehicle report will be obtained on all drivers listed on your policy where state laws and regulations allow. Please consult your policy for specific coverages and limitations. The insurance offered is not a deposit and is not federally insured. This coverage is not sold or guaranteed by your credit union. Individual premiums and savings will vary. MAH-0213-40ED