Thank you for sharing!

Your article was successfully shared with the contacts you provided.

Auto loans come in all shapes and sizes in order to accommodate the budgetary goals of members. In an effort to meet these needs, credit unions have found it necessary to provide extended loan options. A decade ago the average auto loan remained fixed at 60 months. However, this has changed with the average loan term for new vehicles at 68 months and 66 months for pre-owned, as reported by Experian Automotive. With that in mind, credit unions remain committed to providing this option to members as it allows them to be competitive in the marketplace. The average loan term is expected to climb as prices of vehicles continue to rise. Meanwhile, consumers look toward capping monthly payments at a threshold they are comfortable with.

Dig Deeper

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2019 ALM Media Properties, LLC. All Rights Reserved.