SafeAmerica Credit Union is rocking the boat when it comes to auto financing lately by offering an unbelievably low 1.49 percent rate for eligible borrowers. The loan rate offered is good for both new and used vehicle purchases, assuming they are standard consumer cars, trucks and minivans. Further, the loan rate offered works for both dealership sales as well as private party sales.

The Credit Union caveats, however, that approval of its very competitive rate will depend on an applicant’s credit history, the car being purchased, and other undisclosed factors. This is likely to mean that fewer applicants will actually be able to benefit from the offer, with most consumers realizing the standard rate offer of 2.74 percent instead. That said, even the default offer is still fairly competitive with the market right now as most auto lenders are at the higher 3 percent mark.

SafeAmerica Credit Union was first established in 1953 and currently provides banking services to over 24,000 customers. Most of the membership lives or works in the East Bay or South Bay regions of Northern California, across from San Francisco, including Alameda, Contra Costa and San Mateo Counties. Physically, the Credit Union has six branches, again all in East Bay counties aside from the Hayward, California office. That said, customers can definitely apply for loans and manage banking with SafeAmerica online as well. Eligibility is open to anyone who lives, worships, goes to school, or works in three counties specified above.

As a result, for those are eligible and can be approved at the great rate, SafeAmerica is definitely the way to go for a car loan, shaving off 1.5 points of interest and resulting in hundreds of dollars in savings for borrowers.