Research Shows: Now is the Time for Auto Loan Lending!

As the New Year marches on, and some resolutions go by the wayside, some credit union members may have a resolution that credit unions can help them keep – buying a new car.

While rates on both new and used cars are starting to rise, they still remain low, with Bankrate reporting national average auto loan rates at 4.24% (60-month, new car) 4.84% (36-month, used car), suggesting that the first quarter of 2014 is a prime time to highlight – or even amp up – your current auto loan offerings.

Additionally, recent research by Invest in America shows that most cars are sold between February and April more than any other time of the year as consumers prefer to use their tax refunds.

Credit unions can take advantage of this window of opportunity by reminding members how a better car can make what’s left of the winter easier to weather, showcase how your rates rank against the competition, or highlight a show stopping offer, with a variety of customizable campaigns. You can also see the results of one of our 2013 auto loan campaigns!