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Few Consumers Pay Cash for Auto Loans, Cornerstone Survey Finds
Monday, March 3, 2014 7:00 AM

According to the Year-End 2013 Consumer Survey by the Cornerstone Credit Union League, only 4 percent of respondents save up and pay cash when they purchase a vehicle. Fourteen percent of respondents finance their auto purchase through a dealership and 79 percent choose to finance their purchase with a loan through their financial institution.

Auto Loan Survey 2

When it is time to buy, where will most consumers go to shop? Respondents to the Cornerstone survey said they were most likely to buy their car from the following sources:

  • New car dealership: 62 percent
  • Used car dealership: 32 percent
  • Private seller: 4 percent
  • CU buying service: 3 percent

Auto Loan Survey 1

Courtney Moran, executive director of the Cornerstone Credit Union Foundation encourages consumers to consider all the costs associated with purchasing vehicle – new or pre-owned. Aside from the monthly payment, Moran encourages borrowers to look at other costs, including fuel, maintenance and insurance. She also encourages consumers to shop around for the best deal on a car loan, and make sure they clearly understand the terms and conditions of the loan.