Borrowers at the largest credit union auto lenders have taken out a total of $48.37 billion in auto finance loans as of Sept. 30, according to SNL Financial, a bank and credit union data firm.
The Charlottesville, Va.-based firm reported that just over half of those balances (53.25%) were held in used car loans and rates for a direct five-year, new-car loan averaged 3.96% across the U.S. as of Nov. 7.
Rates for three-year, used-car loans averaged 4.18% and both rates fell over the past year.
Auto loan delinquencies at the largest credit union auto lenders also crept up nine basis point since the third quarter of 2013 to stand at 1.50% as of the end of September, according to SNL Financial.
The credit union auto lenders covered in the report included the $62 billion Navy Federal Credit Union in Vienna, Va., with 21.92% of its overall loan portfolio in auto notes, the firm reported.
SNL Financial also reported the San Antonio-based $8.1 billion Security Service Federal Credit Union's auto loans accounted for 76.09% of its overall portfolio.
The report comes at the same time that WalletHub, a national consumer finance website, reported that auto manufacturers charged the lowest interest rates for auto loans at 40% below average, while credit unions charged the second lowest at 24% below average, according to the National Auto Dealers Association.
WalletHub said the spread between rates for a new car versus a used car rose to 20%, the highest in two years.
Further, a car will cost borrowers roughly $6,000 more in interest on a $20,000 note if they have only fair credit versus excellent credit, according to WalletHub.
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