Banks Catching Up to CU Indirect Loan Rates
While many credit unions still have some of the best auto loan rates, banks are still competing in the indirect space.
According to rate tracking firm Informa Research Services, credit unions have remained consistent over the summer with lower auto loan rates. As of July 20, the average rate for a five-year, new auto loan was 3.85% compared to 5.25% at banks. The average loan rate for a two- to four-year-old used car was 3.97% at credit unions and 5.48% at banks.