Check With Your Credit Union First For the Best Auto Loan Deal
News from Credit Unions Online:

Throughout the financial crisis the majority of Americans hung onto their car, concerned that purchasing a new vehicle would add another payment to their monthly expenses.

However now with rates lower than ever and the economy showing signs of life, 2013 is being considered to be the ideal year to spring for a new automobile.

Greg McBride, senior financial analyst at Bankrate.com tells USA Today that, “We’ve never seen rates this low” coming from both banks and credit unions. McBride adds that even though low rates have lingered for a considerable amount of time, he doesn’t believe they’ve bottomed out yet.

As of mid-January, Bankrate.com reports that the average new auto loan rate was 4.15% for a five-year new car loan and 4.77% for a four-year used car loan.

But Where Do Low to Moderate Income Borrowers Go?

Although the deals and rates are available, not all borrowers are in the same position to obtain a loan. Hank Hubbard, president and CEO of Communicating Arts Credit Union ($ 34 million, Detr…………… continues on Credit Unions Online

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