When you're in the market for a new or used auto loan there are some very important elements to consider. At First Commonwealth, our members can take advantage of exceptional loan rates, a simple pre-approval process, and some great resources related to purchasing a vehicle. In addition, you'll be able to lock in your rate for 30 days while you consider your options. The result-we'll enable you to make the best decision. With a new Auto Loan, you can borrow up to 100% of MSRP (Manufacturers Suggested Retail Pricing), plus the cost of tax and tags. We offer terms up to 84 months.
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There are two basic parts to the total cost of car loan payments: principal and interest.
The principal is the negotiated cost of the vehicle itself.
The interest is the total amount of the costs accrued over the life of the loan based on the principal amount and the stated interest rate.
An interest rate is a basic rate charged to the borrower for the money loaned. The interest rate is normally expressed as a percentage for a one-year period and known as the annual percentage rate (APR).
The down payment is an upfront amount of cash paid by the borrower at the time of the purchase of the vehicle. It is usually expressed in terms of a percentage of the total price. It is not a legal requirement when taking out a car loan, but is almost always required by the lender.