Auto Lending Rates Rule the Road
More dealership alliances, better marketing, lower rates or a combination of all three?
These may be among the factors that have helped some of the industry’s largest credit unions, notably those in the billion-dollar asset range, to become frontrunners in the auto lending sector.
“Not including any current rate specials, Pentagon Fed’s average rate on a 60-month new car loan was 2.74% as of SNL’s most recent rate collection date, significantly below the national average rate of 4.24%,” according to Charlottesville, Va.-based data and analytic firm SNL Financial.
Other credit unions that made the top 25 auto lender list were the $52 billion Navy Federal Credit Union in Vienna, Va., which ranked 14th, $6 billion Security Service Federal Credit Union in San Antonio, (No. 17), $5 billion Alaska USA Federal Credit Union in Anchorage, Alaska (No. 23) and the $5 billion America First Federal Credit Union in Riverdale, Utah (No. 25).