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iOrlando Sentineli reports CUs pursuit of auto loans
ORLANDO, Fla. (8/3/11)--Financing for vehicle loans is rebounding, and credit unions are among the financial institutions seeking loans, according to a July 31 Orlando Sentinel article. Credit unions are becoming more aggressive in pursuing loans outside of their existing memberships, according to the article. Several credit unions have reached out and asked to be considered as a finance source, said Chad Rogers, general manager of Classic Mazda and Holler Hyundai in Orlando. The article also says “credit unions should not be overlooked” and cites a Datatrac survey from March that said the average interest rate on a 60-month new car loan from U.S. credit unions was 4.12% compared to 5.46% from banks. Overall, loan approval rates have increased since the height of financial crisis. In June, the approval rate for new auto loans was 74.7%, up from 46.3% in December 2008. To read the article, use the link.
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