Access to reliable transportation is a foundational aspect of financial well-being for average Americans. Last week, CUNA announced their new analysis of Equifax data that reveals credit unions remain firmly focused on their mission of helping consumers, especially those of modest means, to finance auto loans at extremely favorable interest rates compared to other lenders.
READ THE REPORT HERE.
The life-of-loan savings enjoyed by consumers at the lowest end of the credit score spectrum in September 2022 averages $13,204 compared to what these borrowers would pay at other lenders. In general, significantly lower average monthly payments results in substantially higher levels of financial resilience among credit union members.
A typical consumer with an average credit score financing a six-year $40,000 auto loan at a credit union would now experience life-of-loan savings of $3,010 compared to the total payments at an auto finance company. Lower credit score consumers who finance at credit unions save even more.
National credit union auto lending trends in the report, using September 2022 data, include:
These numbers confirm what we’ve known for a long time: credit unions are consumers’ best financial partners. This is just the tip of the iceberg – stay tuned for more information in the coming weeks.
The Memo is DakCU's newsletter that keeps
Want the Memo delivered straight to your inbox?