Rate as low as
5.49% APR*

Car prices are set to rise with new tariffs

What Car Buyers Should Know as Tariffs Kick In? Car Prices Set to Rise!

Buying a car is a major financial step—not something to rush into. Recently, many of our members have voiced concerns about the rising cost of vehicles, bringing back memories of similar challenges during the pandemic. At Goldmark FCU, we encourage careful planning when making big purchases. But if a new or used vehicle is on your horizon, now may be the time to act.

Why Timing Matters?

Auto industry analysts are sounding the alarm: significant price increases may be just around the corner due to tariff changes. While a 25% tariff on steel and aluminum is already in effect, the temporary exemption on auto imports from Mexico and Canada is scheduled to expire on April 2. If the exemption ends, prices for vehicles and parts are expected to climb sharply. Estimates suggest a potential increase of $4,000 to $12,500 per vehicle, affecting both American and foreign automakers like Ford, GM, Toyota, and BMW. Supply may also take a hit, with North American production predicted to drop by as many as 20,000 vehicles per day. To make matters more urgent, incentives like rebates and cash-back deals could vanish with little notice.

What This Means for You?

The market is already reacting. According to the New York Federal Reserve, 33% of car shoppers now expect to be denied an auto loan – the highest rate ever recorded. Meanwhile, the used car market is tightening, as more drivers hold onto their current vehicles to avoid overpaying for new ones. While it may be tempting to rush a purchase to beat the increases, Goldmark FCU encourages you to stay informed. Resources like the American Automobile Labeling Act report can help you determine where a vehicle is manufactured and how tariffs might impact pricing. That said, we don’t recommend buying a car that doesn’t meet your needs just to avoid a potential price jump. A hasty decision today could cost more down the road.

Final Thoughts

Dealerships and manufacturers are already adjusting pricing to maintain margins. If you’ve been seriously considering a car purchase, acting soon could help you lock in a better price – and take advantage of our current loan rate as low as 5.49% APR*

Need guidance or a competitive auto loan? We’re here to help you navigate your next vehicle purchase with confidence.

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Finance your next vehicle with confidence through Goldmark FCU’s Auto Loans.

Loan Term Options

• Up to 84 months for vehicles less than 4 years old.
• Up to 72 months for vehicles 5-6 years old.
• Vehicle Age Limit: Must be no older than 10 years.
• Loan Amount: 0% to 125% of the JD Power vehicle value.
• Important Note: Auto loans exceeding 100% of the vehicle value will require GAP insurance for protection.

At Goldmark FCU, we offer a wide range of loan products designed to meet your financial needs, whether you’re buying a car, making home improvements, or building credit. All loans, except the Mass Save Loan, Credit Builder Loan, and Share/Certificate Pledge Loan, are offered with risk-based pricing.

Quick & Easy Process

Our loan process is designed for convenience, with some loans even eligible for same-day closing.

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* APR – Annual Percentage Rate. Featured rate is based on a four-year term and requires auto pay. Rate is valid on new Goldmark FCU loans only, cannot be combined with any other discount. Subject to credit. Borrow $30,000 for 4 years at 5.49%, pay $23.25 per $1,000 borrowed.