ATLANTA (4/9/14)--With the help of lower loan rates, higher saving rates and lower fees, members of Georgia credit unions chopped $124 million off of what they would have paid had they purchased these services from banks in 2013.
This according to the Member Benefits Index (MBI), released Tuesday by Georgia Credit Union Affiliates (GCUA).
"Credit unions are literally structured to serve members," said GCUA President/CEO Mike Mercer. "There are no stockholders ... Credit unions' only purpose is to deliver value to their members, and they do it in all kinds of ways."
For a 60-month new car loan in 2013, Georgia credit unions boasted a 2.81% interest rate compared with 3.61% at the state's banks, according to the MBI. For pre-owned cars, the average 48-month loan carried a 3.05% interest rate at the member-owned institutions, compared with 4.33% at banks in 2013.
These lower rates, among other reasons, appear to be grabbing the attention of Georgia consumers, as credit unions statewide saw a 2.2% increase in membership last year. The state now hosts nearly 2 million credit union members.
Additional credit union advantages in Georgia: