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IUSA TodayI For auto loan rates shop your CU
MADISON, Wis. (5/12/10)--Consumers looking for the best deal on auto loan rates should check out credit unions when they shop around, USA Today said Monday. In a column titled, “Car dealers’ loans often aren’t the best deal, so shop rates first,” Sandra Block, USA Today personal finance columnist, mentions that consumers also should consider MoneyAisle.com. “[MoneyAisle is] an auction site that allow consumers to solicit bids from financial institutions for certificates of deposit and high-yield savings accounts,” Block wrote. “Last week, MoneyAisle added loans on new and used autos. To solicit bids, plug in your ZIP code and the make and model of the car you want to buy. If you see a bid you like, you can contact the bank or credit union.” So far, more than 75 credit unions and banks have signed up with the company to offer auto loans. MoneyAisle expects to have 200 participants by the end of July, Block added. “The Center for Responsible Lending, a consumer advocacy group, estimates that consumers spend more than $20 billion a year in excess interest by borrowing through dealerships instead of through a bank or credit union,” Block wrote. To read the article, use the link.
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