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Auto Loans

We'll go the extra mile to provide you with the financing you need to purchase a new or used vehicle.

  • Low fixed rate for new and used vehicles
  • Same-day loan decision
  • Save 1/2% off your loan rate when payments are automatically deducted from your Melrose Bank checking account
  • Choose between convenient Electronic Loan Bills or traditional paper bills

Effective Date: Saturday, April 4, 2020

Down PaymentTermAPRMonthly Payments
per $1000 borrowed
New Cars110%5 Years4.990%$18.87
Used Cars120%5 Years4.990%$18.87

1 Annual Percentage Rate (APR) is subject to change and requires automatic payment from a Melrose Bank checking account. The interest rate for loans without automatic payment from Melrose Bank Checking Account will be increased .50%. The Maximum loan amount is based on the lower of the purchase price or the NADA retail value for average condition. Used Auto loans at these rates limited to model years 2017 & 2018. Contact us for rates & terms for model year 2015 & 2016 vehicles.  Other restrictions may apply.

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