Auto Loans
Milford Federal Bank offers a full range of secured and unsecured loans for individuals seeking competitive rates, flexible terms and prompt, friendly and professional service. Loans are available within our lending area which includes Massachusetts, Rhode Island and Northern CT. Most consumer loan products allow you to save even more money if payments are automatically deducted from your Milford Federal deposit account.
Whether you are buying the car of your dreams, a used car for a family member or a truck for your business, Milford Federal has the right loan for you. We offer financing on both new and used vehicles at very competitive fixed rates. Motor vehicle loans at annually adjustable rates are also available at a 1/2% discount.
If you wish to apply for a consumer loan or need additional information, please contact us now, stop in at any of our four banking offices, or fill out an online application today.
Motor Vehicle Loans | |||
| Effective as of 10/1/2024. Fixed rates shown below. Adjustable rate loans, adjusted annually are available at 1/2% below the fixed rate. Rate for adjustable motor vehicle loan may increase after first year. Rates reduced 1/4% on most motor vehicle loans with automatic loan payment from MFB deposit account. *60 Month New Vehicle rate not eligible for automatic payment reduction. |
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Year | Max. Term | Annual | Payment |
| New Vehicle 2024/2025 | 60 months* | 7.00% | $19.81 |
| 72 months | 7.75% | $17.42 | |
| Used Vehicle 2024 | 60 months | 7.50% | $20.04 |
| 2023 | 54 months | 7.50% | $21.88 |
| 2022 | 48 months | 8.00% | $24.42 |
| 2021 | 42 months | 8.00% | $27.38 |
| 2020 | 36 months | 8.00% | $31.34 |
| 2019/2018 | 24 months | 8.00% | $45.23 |
