Credit union celebrates growth in auto loans Bizjournals.com
Has surpassed the $1 billion mark in auto loans.Sonya McDonald , senior vice president of market development for Randolph-Brooks, attributes this area of loan growth to the credit union’s current low auto-loan interest rates and its consistent across-the-board lending policies for both financing and refinancing.
The credit union dropped its auto loan rate to 1.9 percent APR at the beginning of June and has seen an increase in loan applications and approvals since that time.
“I think it’s a milestone because it’s a billion dollars and we’ve done it in an economy where there’s a lot of turmoil going on,” McDonald says. “ ... (And) we’ve done it by being aggressive in marketing and pricing and just offering good old service.”
McDonald says that offering this low rate is one way the credit union is able to give back to and help its members.
Interestingly, Nancy Glennon , vice president of consumer lending, says much of the auto loan volume has come from vehicle refinancing.
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