Young couple buying a new car in dealership Source: AdobeStock

In recent years, we have witnessed the value of new and used vehicles increase. Now with interest rates rising and fewer incentives being offered, it’s become a challenge for consumers to find budget-friendly options in the market.

Experian’s “State of the Automotive Finance Market Report: Q4 2022” found that one in four new vehicle loans were financed through credit unions this quarter due to lower interest rate offerings, resulting in substantial market share growth in new vehicle financing for the lenders.

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