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5 Reasons Credit Unions Offer the Best Auto Loans

The purchase of a vehicle is likely to be your second largest expenditure. Whether you desire a new vehicle, or if you are content with finding a reliable used one, we want to help you to get the most for your money.

Here are five reasons it makes more sense to get your loan through a credit union. 

1. Loans are evaluated on an individual basis. Even though the loan application process and underwriting process is similar, the credit union may make some adjustments that a commercial bank would not. Many credit unions are also more inclined to listen to their members’ needs and unique situations when considering approval.

2. Overall, we offer lower rates. A five-year term is the most common loan term for a new or used car, and rates at a credit union are typically much lower than the average rate at a competitor bank. The savings in interest alone is a major reason to consider financing with a credit union. Just think of what you can do with that money.

3. We provide personalized service. You can openly discuss your concerns about your loan, talk about flexible repayment options, and review your financial situation with a professional lending officer. Member-centric service helps to alleviate some of the pressure of applying and securing financing for your vehicle, and you can be more confident that the credit union is working with your best interests in mind.

4. We offer educational resources. Many credit unions will provide information such as financing options and how to make the best decisions when assessing the value of your car purchase. If you’re a first-time car buyer and apprehensive about the loan process, you can turn to a credit union for unbiased answers.

Utilize our vehicle calculators to see the vehicle price you can afford or determine what your monthly payment would be:

Vehicle Calculators

5. We offer a non-sales approach. Unlike commercial banks, which often give their lenders bonuses or some form of compensation for approved loans, credit unions, as not-for-profit financial institutions, work for their members and do not try to sell you something you don’t need.

The bulk of a credit union’s profits go back to members in the form of lower rates on financial products and more flexible loan options. If you don’t like the pressure of working with lenders from a commercial bank, a credit union is a reliable option. 

Are you in the market for an Auto Loan?

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Copyright 2018 Credit Union National Association Inc.


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