VIENNA, Va. — Prompted by strong growth during the past few months of vehicle loans with similar rates, Navy Federal Credit Union recently lowered its 36-month new auto loan rate to an APR as low as 1.79 percent.

Navy Federal indicated that strong auto lending growth during the past several months was driven by its 1.99-percent APR new auto rate for loans up to 60 months. The credit union plans to maintain this rate along with the new 1.79 percent APR rate for 36 months.

In addition, Navy Federal intends to continue to offer a $100 bonus for members who choose to refinance their new-vehicle loans from other financial institutions with Navy Federal. 

"We believe this is the lowest rate being offered by any bank or credit union in the nation today," said Tony Gallardy, Navy Federal's vice president of consumer and credit card lending.

"We are very excited to offer this unprecedented low rate to members at the start of the fall car buying season. With a lot of good deals in the market, this is a great time to get a new car or truck," Gallardy stressed.

"Plus, our free auto buying service can help them get a great deal on the car of their dreams," he concluded.