WASHINGTON (12/1/14)--Credit union auto loan rates remain below the average rates offered by banks, according to a new report from WalletHub.com.
Credit unions reported an average APR of 2.44% on a 36-month new-car loan, compared with an average 4.31% APR for a new car-loan with the same terms at a bank. For credit unions, that's a 1.27% decrease from the third quarter. Bank rates only decreased 0.47 basis points between the third and fourth quarters.
The finance website analyzed auto financing offers from 157 lenders including small banks, regional banks, national banks, credit unions and car manufacturers.
For used car loans, credit unions reported an average APR of 2.93% on a 36-month loan, compared with an average 5.12% APR for a used-car loan at a bank.
The number of new-auto loans at credit unions has risen 19.8% annually, used-auto loans have climbed 12.6% annually, and unsecured personal loans have jumped 11.6% annually, according to the Credit Union National Association's September monthly estimates (News Now Nov. 3).