An important fact consumers need to realize is that credit unions offer their members lower interest rates on auto loans than other types of lenders. With the costs of light vehicles rising, according to a recent analysis by Kelley Blue Book, it’s more important than ever for members to turn to credit unions as their financial institution of choice for auto loans. The study, released this month, showed the estimated average transaction price for a light vehicle in the United States was $38,259 in October 2019. New-vehicle prices increased $1,064 (up 2.9%) from October 2018, while decreasing $141 (down 0.4%) from last month.
The auto industry average climbed 3% year-over-year, partially due to the shifting sales mix from cars to trucks and SUVs. And car prices grew by 2% in October 2019, their biggest jump in nearly a year. Trucks have shown the most strength of any segment with full-size trucks up 3%, while mid-size trucks rose 6%, aided by new and redesigned models.
LEVERAGE offers auto loan opportunities through partner Credit Union Loan Source (CULS). Click here for details.