BURBANK, Calif. — Lockheed Federal Credit Union announced it has slashed summer rates on new and used car loans as a part of its Summer Loan Sale, which will run through Aug. 31.

"Consumers can save a bundle with special new tax deductions, manufacturer incentives and great terms on credit union financing," officials reported.

In fact, the credit union indicated that rates for new and used car loans have been slashed by 0.5 percent. During the sale, new-vehicle loan rates are as low as 4.49 APR.

According to Bankrate.com, the national average for auto loans is 7.27 percent APR, as of July 15.

Consumers who refinance a loan of $15,000 or more from another lender to LFCU can pocket an additional $100, officials noted.

"In addition, LFCU has a best rate guarantee. It will beat any approved auto loan rate offered by another lender, up to a maximum discount of 0.5 percent off the standard rate for which the buyer qualifies," the credit union explained.

"LFCU has plenty of money to lend and anyone can join the credit union, regardless of where they work," officials concluded.

For more information, visit www.lfcu.com/Rates/Consumer_Rates.