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Credit unions are noted as a good source of affordable auto loans in a Wall Street Journal piece that ran Friday and quotes NAFCU-member Pentagon Federal Credit Union and Mid-Atlantic Federal Credit Union.

The article touches on the challenges of getting a loan in today's market and draws on what some financial institutions are doing to help lessen the difficulty and cost. Regarding auto lending, the article notes Pentagon FCU charges "as little as 1.49%" for those applying online for a new-auto loan.

It also quotes Michelle Day of Damascus, Md., a member of Mid-Atlantic FCU, who with her husband got a $30,000 car loan with a 1.99% interest rate from the Germantown, Md.-based institution. "When I saw the 1.99%, I said I totally have to give that a shot," she was quoted saying. "It was a no-brainer."

The article also draws on data from SNL Financial, which says credit unions charged an average rate on four-year and five-year new-auto loans 2.64 percent and 2.75 percent as of June 27. By contrast, banks charged average rates of 4.79 percent and 4.9 percent, respectively.

More consumer loan deposit and credit product rate comparisons can be found at CULookup.com, a credit union locator website administered by NAFCU Services Corporation.

Second-quarter call report data show federally insured credit unions grew new-car loans 17 percent year over year, to $77.7 billion.