MADISON, Wis. (7/25/12)--The Credit Union National Association (CUNA) provided information for a credit.com article Tuesday, explaining to consumers how to determine if they are being offered or are paying for a good interest rates on autos, homes, mortgages and refinancings.
For auto loans, CUNA's Daily (financial) Rate Comparison indicates the average five-year new-auto loan rate is 3.06% at credit unions versus 4.6% at banks.
The national average four-year used-auto loan rate is 4.34%, according to Informa Reserach Service's July 17 Interest Rate Review, with the highest rate at 11.25%, and the lowest at 1.50%, based on direct fixed-rate loans of $15,000 for two-year-old used-vehicle purchases, with a four-year repayment term.
CUNA also indicates that, as of July 19, the average 30-year fixed conforming mortgage rate is 3.67% through credit unions, and 3.59% with banks.
The national average interest rate is 3.87% according to Bankrate.com.
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