Idaho Central Credit Union Car & Vehicle Loan Rates
When it comes to realizing your dream of owning a car, motorcycle, recreational vehicle, watercraft, off-road vehicle, or even a trailer through Idaho Central Credit Union (ICCU), financial assistance is often necessary.
Updated: July 25, 2023 // Buying
Bank loans are one of the most common ways to buy a car, RV, watercraft or even a trailer. WhichCar.org is here to help, so we will provide you with a full breakdown of the ICCU interest rates for different vehicle categories. We will also include their age, loan terms, and specific interest rates associated with each.
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ICCU Auto Loans Rates for Cars
Purchasing a car is a huge milestone in life, and finding the right auto financing option is a must. Auto loans offer a viable solution for individuals seeking financial assistance. The interest rates for cars vary based on several factors, including the vehicle's age, loan term, and specific interest rate applicable to each category.
- 2021 or Newer Vehicles: For brand-new vehicles manufactured in 2021 or later, borrowers can expect interest rates ranging from 6.990% to 7.340%. Your rate depends on your creditworthiness, loan period, and financial institution.
- 2018-2020 Vehicles: If you're considering a slightly used vehicle within the 2018-2020 range, the interest rates typically range from 7.190% to 7.540%. Again, the specific rate applicable to your loan depends on various factors, such as the vehicle's age, loan term, and lender policies.
- 2015-2017 Vehicles: For vehicles falling within the 2015-2017 range, the interest rate typically settles at 7.640%. Lenders take into account the age of the vehicle when determining the interest rate, ensuring that the loan terms align with the associated risks.
- 2012-2014 Vehicles: If you're eyeing a vehicle manufactured between 2012 and 2014, it's important to note that the interest rate for such vehicles is usually higher, around 8.940%. Lenders consider the age and condition of these vehicles, leading to slightly higher interest rates to reflect the increased risk involved.
ICCU Financing Rate Options for Recreational Vehicles and Watercraft
Recreational vehicles and watercraft hold a special place in the hearts of adventure enthusiasts. Whether you're looking to finance an RV or a sleek watercraft, understanding the interest rates specific to these categories will help you make an informed decision.
- Recreational Vehicle (RV) Loans: Financing a recreational vehicle involves higher interest rates compared to traditional car loans. For 2021 or newer vehicles, borrowers can expect interest rates ranging from 9.340% to 9.790%, depending on the loan term. As with other types of loans, your creditworthiness and loan duration will influence the exact interest rate you're offered.
- Watercraft Loans: Similar to recreational vehicles, watercraft loans come with interest rates that account for the unique nature of these vessels. For 2021 or newer watercraft, borrowers can anticipate interest rates ranging from 9.340% to 9.790%, depending on the loan term. It's important to consider these rates when planning your budget for a thrilling watercraft purchase.
ICCU Rates for Off-Road Vehicles & Street Motorcycles
Off-road vehicles and street motorcycles cater to individuals seeking adrenaline-fueled adventures on different terrains. To facilitate the financing of these vehicles, lenders offer specific interest rates based on factors such as the vehicle's age and loan term.
- Off-Road Vehicle Loans: Off-road vehicles, known for their versatility and ruggedness, come with their own set of financing options.
- For 2021 or newer off-road vehicles, borrowers can expect interest rates ranging from 9.040% to 10.040%.
- The interest rates for 2018-2020 vehicles are slightly higher, with rates at 10.090% for a 36-month term and 10.590% for a 48-month term.
- Additionally, for 2014-2017 off-road vehicles with a 60-month term, the interest rate settles at 11.240%.
- Street Motorcycle Loans: If you're in the market for a street motorcycle, understanding the associated interest rates is crucial. For 2021 or newer motorcycles, the interest rate typically stands at 8.790% for a 60-month term. However, for 2018-2020 motorcycles, the rate is 11.090%, and for 2014-2017 motorcycles, the interest rate remains at 11.240% for a 60-month term.
Related: How to Get Out of an Upside Down Car Loan & How to Avoid it
Trailer Financing Rates Through ICCU
Trailers offer a convenient way to transport goods, embark on camping adventures, or even create mobile living spaces. Financing a trailer purchase is similar to other vehicle financing options, with interest rates designed to align with the specific market dynamics.
- Trailer Loans: If you're considering purchasing a 2021 or newer trailer, the interest rates typically range from 9.340% to 9.790%, depending on the loan term. Lenders take into account factors such as the trailer's age, loan duration, and their own policies when determining the exact interest rate.
2023 ICCU Vehicle Loan Rate Table
| Loan Type | Vehicle Age | Loan Term | Interest Rates Range |
|---|---|---|---|
| Auto Loans | 2021 or newer | Varies | 6.990% - 7.340% |
| 2018-2020 | Varies | 7.190% - 7.540% | |
| 2015-2017 | Varies | 7.640% | |
| 2012-2014 | Varies | 8.940% | |
| Recreational Vehicle Loans | 2021 or newer | Varies | 9.340% - 9.790% |
| Watercraft Loans | 2021 or newer | Varies | 9.340% - 9.790% |
| Off-Road Vehicle Loans | 2021 or newer | Varies | 9.040% - 10.040% |
| 2018-2020 | 36 months | 10.090% | |
| 2018-2020 | 48 months | 10.590% | |
| 2014-2017 | 60 months | 11.240% | |
| Street Motorcycle Loans | 2021 or newer | 60 months | 8.790% |
| 2018-2020 | 60 months | 11.090% | |
| 2014-2017 | 60 months | 11.240% | |
| Trailer Loans | 2021 or newer | Varies | 9.340% - 9.790% |
In conclusion, understanding the Idaho Central Credit Union interest rates with different vehicle categories is crucial when exploring financing options for your dream vehicle. Knowing the financing rates on a car, recreational vehicle, watercraft, off-road vehicle, street motorbike, or trailer helps you make financial choices.
Loan Rate and Options FAQs
Age, length, and creditworthiness affect car loan interest rates. Other loan rate factors include:
- Newer cars and shorter loans usually have cheaper interest rates.
- Good credit & financial history will enable you get a better interest rate.
Yes, it is possible to get an auto loan even if you have bad credit. However, individuals with poor credit may pay higher interest rates. To get the best loan conditions, shop around with several lenders, especially ones that specialize in bad credit loans.
Yes, there are loan options specifically tailored for financing recreational vehicles. Recreational vehicle loans have higher interest rates than typical car loans owing to their nature and expense.
The loan term, or the duration of your loan, can impact the interest rate. In general, longer loan terms may come with slightly higher interest rates. Lenders consider the increased risk associated with longer repayment periods. Shorter loan terms have lower interest rates, but it's important to find a balance that suits your budget and financial goals. Consider your ability to make monthly payments comfortably while aiming to minimize the overall interest paid over the life of the loan.
Disclaimer: The writers of this article may have used artificial intelligence to help them with some of the material. It should not be a replacement for professional help.
Sources:
- Vehicle Rates - Idaho Central Credit Union. (n.d.). Idaho Central Credit Union. https://www.iccu.com/rates/loans/vehicle/