Timed to Veterans Day, the $340 million Global Credit Union has launched a "Veterans Day Car Sale" with rates at 2.99%, far below the current 3.99% APR "and significantly lower than the national average of 4.36% APR at credit unions and 5.84% for banks."
The Spokane, Wash. CU said its primary goal for the seven-day campaign, which winds up on Sunday, is to "save members on loan interest" and that it hopes to reach a $1.5 million goal by year-end.
"We've focused on saving members money by refinancing higher rate loans they have elsewhere," said Kim Shill, vice president of lending. "We've been so successful at saving our members money that we want to reach out to potential members at the time they are thinking of buying a vehicle to let them know they can come to Global the first time around."
So far, based on overall loans extended, Global estimates it has saved members more than $1 million on interest dating to June.
In honor of Veterans Day, Global said it is offering the special financing to qualified applicants with a focus on the military through participating auto dealers in Washington State and northern Idaho. The offer is available whether or not they are currently credit union members.
Global said the $1 million in saved interest is based on 50-55 extended loans with an average balance of $20,000.