-
2018 Buick Enclave “Avenir” will have ionic air purifier - April 12, 2017
-
Lease a Luxury Car for Less Than You Think - April 5, 2017
-
Shopping for a Car When Your Credit is Low - March 31, 2017
-
Aston Martin Closer to Unveiling Second-Generation Vantage - March 21, 2017
-
2017 Bentley Bentayga SUV: Offroad for $238,000 and Up - March 14, 2017
-
Pagani Huayra is Finally Here, Only $2.4M - March 9, 2017
-
Mercedes AMG E63 – For When Your Wagon Needs Drift - February 6, 2017
-
2018 Audi Q5 SUV: Enhanced Performance - January 30, 2017
-
2018 Toyota Camry Due in Late Summer - January 27, 2017
-
2018 Dodge Challenger SRT Demon Will Outstrip Hellcat - January 23, 2017
Dealers Turn to Credit Unions to Get Auto Loans for Their Customers
Car dealers in Maine are looking to credit unions and other sources to provide third-party auto loans for their customers as banks shy away from auto financing, the AP reports.
As banks nationwide pull back from automotive lending, finance managers at dealerships have to search for other ways to get their customers a loan.
Turning to credit unions for automotive financing is helping struggling dealerships because the credit unions typically didn’t get involved in the mortgage crisis, so they still are able to loan money.
"They’re my new best friends," said Adam Lee, president of Lee Auto Malls. "They want to loan money, they have members who buy cars, and I have a bunch of cars I want to sell."
About seven out of 10 buyers finance their vehicles through a dealer, working with third-party lenders and the financial arms of car manufacturers, the AP reports. Not all banks have exited the third-party auto loan industry though.
So if you are shopping for a car and an auto loan, be sure to check your local credit union before you head to the dealer. They might be able to give you the best interest rate for your next auto loan.