Ga. CUs Beat Banks on Car Loans, Not Mortgages
While Georgia credit unions had better average rates on car loans, the state's banks offered better deals on their 15- and 30-year mortgages.
According to the Georgia Credit Union Benefits Index released today and is based on data collected during December 2009, the average rate for a 60-month new car loan was 5.34% for CUs, compared to 6.56% for banks. A 48-month used car loan had an average rate of 5.54% compared to 7.09% at banks.
Georgia's banks had better average rates on their mortgages at 4.66% on 15-year mortgages and 5.07% on 30-year mortgages. The state's CUs offered average rates of 5.32% and 5.69%, respectively, according to the tracking index from the Georgia Credit Union Affiliates. Still, CUs had stronger average rates on home equity lines and second mortgages at 4.61% compared to 5.57% at banks.
The state's CUs also edged out banks on credit cards with the average rate at 11.35% compared to 11.96% at banks. The average rate for a personal or unsecured loan was slightly higher for CUs at 11.08% and 11.01% at banks. While the number of loans granted decreased in 2009 compared to 2008, the average loan amount was slightly higher last year at $12,235 compared to $11,029 in 2008.