WEST PALM BEACH, Fla. - Credit unions have known for a long time just how competitive their auto loan rates are compared to other lenders. A recent article in Consumer Reports helped spread that news. The Consumer Reports March 22nd article on auto financing options encouraged consumers to do the research when buying a new car and consider various auto financing options when making a purchase. For shoppers planning to finance their auto purchase, "the question remains: Which of the many deals available is truly the cheapest?" the article asks. To answer that question, Consumer Reports compared various auto-financing options using real prices, incentives, interest rates and leasing quotes as of January 2005. Rates at credit unions can be lower than those offered by banks or through standard dealer financing, the article states. "When exploring financing options, we suggest you start with a credit union.," the article advises. According to Callahan & Associates, as of Dec. 31, 2004 the national average interest rate on a credit union auto loan was 5.79%. The average new auto loan rate is 5.26%, and the average used auto loan interest rate is 6.33%.
This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to your colleagues, clients or customers, click the "Reprints" link at the top of any article.
From the April-06, 2005 issue of Credit Union Times Magazine • Subscribe!
Consumer Reports: Check Out CUs' Auto Loan Rates
Want the latest credit union news?
Sign up for our free newsletter today! All the breaking credit union news and information you need to make the right decision for your credit union delivered to your inbox. For free!
Thanks for subscribing, you will start receiving the Daily News Alert tomorrow!
Comments
Resource Center
View All »
Winning the War on Cybercrime: The Four Keys to Holistic...
This white paper examines the importance of adapting to changes in fraud attacks without significant...
FFIEC Proposed Guidance on Social Media and How it Affects...
To learn how you and your institution can stay compliant with the new proposed FFIEC...
The Rise of "Mobile Commerce" and How it Affects YOU!
Could plastic cards become a thing of the past? This white paper explains what constitutes...
Key Indicators of High Performing Credit Unions
Get a complimentary demo of our loan portfolio analytics and access to the white paper,...
