Hawaii Credit Unions See Car Loan Increase

Across the country, credit unions have been seeing an increase in the number of car loans, as more and more people have been exercising their option to not take the car loan through the dealership. We have reported before about the fact that many consumers are looking to get better auto loan terms, and thus are going to their local credit union for an auto loan or a personal loan – which they then use to pay for their car.

Now Hawaii is reporting that their credit unions have seen an increase in loans as well. Their banks have seen an increase in loans of 7% over the last year, but credit unions have seen an overall loan increase of 8.8% to total $3.4 billion in loans. They are taking a much larger chunk of business from the state’s larger banks, a trend that has been seen across the nation.

Mortgages have grown 10.7% since last year, to a total of $1.7 billion. The auto loan industry has grown as well, with car loans increasing 6% for a total of $1.1 billion.

The Hawaii Credit Union League has reported that their portfolio is really made up of mortgages and auto loans, and that is where they are seeing massive increases. There are 96 credit unions across the state and they are seeing more and more people looking to get their loans through them instead of the more predominant banks.

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