Credit unions continue to fulfill their mission through extremely favorable auto lending interest rates, according to Credit Union National Association’s (CUNA) inaugural Credit Union Auto Lending Monthly Report. The report — covering September 2022 — shows consumers on the lowest end of the credit score spectrum average approximately $13,200 in life-of-loan savings compared to other lenders.
“Access to reliable transportation is a foundational aspect of financial well-being for consumers,” said CUNA Chief Economist Mike Schenk. “The significantly lower average monthly auto loan payments result in substantially higher levels of financial resilience among credit union members compared to non-members.”
National trends in credit union auto lending in September 2022 include: