Car Buyers Turn to Credit Unions for the Lowest Rates

A new report from Experian finds that American credit unions are seeing a big increase in their market share of automotive loans.

In fact, credit unions have increased that share of the overall market by two full percentage points since last year, increasing from 17.6% to 19.6%.

Credit unions’ share of the new-vehicle loan market is up by even more, from 9.9% to 12%.

Experian points out that credit unions typically have the most competitive interest rates. With the recent increase in interest makes, this makes CUs even more attractive to shoppers looking to save money on their auto loans.

If you’re in the market for an auto loan, be sure to check with your CU before you sign onto a new or used vehicle loan. Chances are, your CU will have the best rate.

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