Banks, CUs Keep Up Indirect Auto Loan Competition
When it comes to five-year, new, indirect auto loans, credit unions and banks are running pretty close with their rates.
According to Informa Research Services, credit unions offered an average of 4.21% compared with 4.36% at banks as of Thursday. The rates were for the A tier category, which are borrowers with credit scores between 680 and 719.
For those with scores between 650 and 679, credit unions offered 6.06% while banks offered 6.11%, Informa Research Services said.
Banks offered a slightly better average rate at 8.13% for those with scores between 625 and 649. Credit unions offered 8.24% for the same type of five-year, new, indirect auto loans.