ATLANTA (12/30/15)--New- and used-auto loans fueled solid third-quarter growth at Georgia’s credit unions, according to a recent report from the Georgia Credit Union Affiliates (GCUA).
On a year-over-year basis for 3Q, new-auto loans surged 25%, and rose 4.9% from the second quarter. Used-auto loans also posted a strong quarterly gain, climbing 3%.
Overall, total loans at the state’s credit unions rose 3% on a quarterly basis and 11% annually. In addition to strong auto-lending numbers, first-mortgages also improved, rising 2.8%.
“Strong loan growth at Georgia credit unions is indicative of a healthy economy,” said Mike Mercer, GCUA president/CEO. “The more comfortable people become with their financial situation, the more likely they are to take out a loan.”
Mercer added that because credit unions generally offer better rates, he expects credit unions to continue to post healthy growth through 2016.