Members needing money for cars and businesses fueled lending in November among the nation's 5,806 credit unions, but CUNA Mutual Group is predicting car lending will slow this year.
Home equity lines of credit (HELOCs) and other second liens showed the weakest growth in November, while credit card growth lagged slightly, according to the Credit Union Trends Report from CUNA Mutual Group.
New car loans expanded faster than those for used cars from October to November, resulting in a 1% overall gain that matched last year's one-month gain. Credit unions ended November with $338.5 billion in new and used car loans, up 12.7% from a year ago and increasing its share 63 basis points to nearly 35% of total loans.
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