CUs Set Record For New Auto Loans In 2006

Published February 05, 2007, 1:00 a.m. EST

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Updated August 27, 2020, 2:06 a.m. EDT

1 Min Read

DETROIT - The automotive industry press is praising credit unions for achieving a record-setting year in auto lending. A Jan. 8 article in Automotive News quoted a J.D. Power statistic showing that credit unions captured nearly 10% of the new vehicle loan market in 2006, a new record. The article went on to explain that dealers prefer credit unions during higher interest rate periods, because they offer lower rates and longer terms than banks. In 2006, the average new car loan rate for credit unions was 5.7%, compared to 6.8% for banks.

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