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Why you should get your car loan at a credit union Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive financial calculators and tools that provide objective and unique content. We also allow you to conduct research and compare data for free and help you make financial decisions with confidence. Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are advertised on this website are provided by companies that compensate us. This compensation can affect the way and when products are featured on the site, such as such things as the sequence in which they appear in the listing categories, except where prohibited by law. Our mortgage, home equity and other home lending products. But this compensation does affect the information we publish, or the reviews that appear on this website. We do not include the entire universe of businesses or financial offers that may be accessible to you. Emma Turner/Shutterstock.com
5 minutes read. Published March 02, 2023.
The article was written by Meaghan Hunt. Edited by personal Finance Contributor Meaghan Hunt is a writer, researcher, and editor across disciplines who is passionate about personal finance subjects. After 10 years of work in libraries that were open to the public, she now writes, edits, and conducts research as freelancer for full-time. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are committed to helping readers gain the confidence to take control of their finances through providing clear, well-researched information that breaks down complex issues into digestible chunks. The Bankrate promise
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There are money-related questions. Bankrate has answers. Our experts have been helping you master your finances for more than four decades. We are constantly striving to provide our readers with the professional guidance and the tools necessary to make it through life's financial journey. Bankrate follows a strict , so you can trust that our content is truthful and reliable. Our award-winning editors and journalists provide honest and trustworthy information to assist you in making the right financial choices. Our content produced by our editorial team is factual, objective, and not influenced by our advertisers. We're transparent about the ways we're in a position to provide quality information, competitive rates and helpful tools to our customers by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for the promotion of sponsored goods and services, or when you click on certain hyperlinks on our site. This compensation could impact how, where and in what order products are listed in the event that they are not permitted by law. This is the case for our credit, mortgage and other home lending products. Other elements, like our own proprietary website rules and whether a product is available within your region or within your personal credit score may also influence how and where products appear on this website. While we strive to provide a wide range offers, Bankrate does not include details about every credit or financial product or service. If you're thinking of buying an automobile, whether used or new then a credit union is an excellent choice for a loan. There are more than 4,800 federally insured credit unions within the United States, with over one hundred million members, according to the (NCUA). National banks have more branches and are generally faster to adopt innovative technologies. Still, consumers keen on saving money should owe it to themselves to investigate what credit unions have to offer. Credit unions typically have more benefits than banks and online lenders They also provide personalized service and a variety of other benefits. The most important thing to remember is
Credit unions are able to offer greater borrower perks than some banks are positioned to rival. Lower interest rates, a community presence and a borrower-oriented business model make credit unions stand out.
6 reasons to get a credit union car loan If you're looking for your next car, take into consideration these six benefits of getting an auto loan at the credit union. 1. Lower interest rates . Unlike financial institutions, credit unions can offer lower rates because they're not a profit-making institution. They're also witnessing an exponential increase in auto loan originations. "Typically the lending rate (at the credit unions) is competitive to other lenders in most conditions," says Bill Meyer who was a former public relations manager and content manager at CU Direct, which connects credit unions with dealers of all kinds across the country. In the final quarter of 2022, the on a five-year new car loan through a credit union was 4.74 percent, according to the NCUA. At banks they were 5.53 percent. When you borrow $30,000 for automobile The credit union will save you $327 in interest throughout the term that of the loan. 2. Community ties, personalized service The procedure for getting a car loan isn't much different between bank and credit union. If you've got a lower credit score, you may still be eligible for an auto loan with an institution like a credit union instead of a bank. "Credit unions will likely be more flexible in their underwriting processes," says Mike Schenk, vice president of research and policy analysis at the Credit Union National Association (CUNA), a trade association. They are more likely also to work with those who are going through a rough patch and need more time to make payments. "You have a distinct story and it's much more likely to be heard at an institution like a credit union. When you work with large financial institutions, you're more likely to have underwriting procedures that are established in stone and executed in some corporate office a couple of states away. Visit a credit union, and you're more likely to be in discussion." 3. An easy loan procedure Gone are the days when you had to go to a branch in order to apply for a car loan. Most credit unions now let you apply online, over the phone or . If you're seeking financing at a dealership, "invariably, the dealer may recommend credit union financing as well as a credit union you can become a member of," Schenk says, "so it's a simple process." Still you must do some research before going to the dealership. Some dealerships don't work with credit unions, and if you are able to be a member it is likely that you will be able to get the best rate you work directly with the credit union. Additionally, you'll be offered a competitive loan offer at the time you start car shopping and won't have to pay dealer markup on your rate. 4. Credit unions also have additional benefits. Members, not shareholders, have their own credit unions, and any profits they make go back to members in the dividends. Credit unions also can give back profits to their members via more favorable rates for deposit accounts as well as on loan products, like auto loans. Most credit unions also participate in a shared branch and ATM network. Schenk claims that CUNA's members use an ATM network that is shared with more than 40,000 ATMs. Credit unions are focused on educating their customers and educating them on how they will be able to receive advice regarding the best options for financial planning for your particular situation. "Credit unions are full-service, offering the same financial products like banks. They're structured differently and that results in significant advantages for members of credit unions," Schenk says. This focus on the member could be a more thorough discussion regarding your financial situation prior to when the credit union either approves or declines your loan. Credit unions might be more understanding and lenient than traditional banks in lending decisions. 5. It's easy to join. There are those who believe credit unions are open only to employees of a certain company, industry or government organization, and that any person who is not member of a group cannot join. Meyer says this is no longer the case. "Most credit unions are now allowing anyone to join." CUNA has credit unions with community charters which permit them to serve larger geographic regions. If you seek an institution near you then go to the website and enter your ZIP code. "It would be shocking to see a person that didn't have access an institution of credit," Schenk says. 6. Car loans are an integral part of the work that credit unions perform. Don't be surprised to hear that an auto dealer will refer customers to credit union prior to a bank. Credit unions for new and used cars alike increased in 17.9 percent and 19 percent in each case, as per 2022 . Credit unions held $166.8 billion in loan balances for new vehicles at the end of the third quarter of 2022. They also had $305.3 billion for used cars. How can I apply for an auto credit from a credit union loan? A car loan with a credit union is similar with other lending institutions, with the exception the membership requirement. If you are an active member, you are able to apply for a car loan via the internet, over the telephone or in branches, based on the credit union. The majority of credit unions will look over the following information to determine your eligibility for an auto loan your personal information. Your income and employment information. Your employment and income information . The VIN number for your vehicle. (VIN) and mileage for the vehicle you plan to purchase. Be prepared to submit proof of insurance to the credit union as part of the application procedure. Note that although you may be able to sign up and get an auto loan the next day, some credit unions may require you to wait a month or two before you can apply. What is the difference between a dealership, bank and credit union car loan? The major difference between a bank and an auto credit union loan is the financing terms. Certain banks may offer promotional offers particularly if you have a solid relationship, a solid payment history and . Credit unions as well as banks can offer incentives, such as autopay discounts if you are an existing customer. Because credit unions are not for-profit entities and are owned by their members, you are able to get better rates and reduced fees compared to for-profit banks that are owned by shareholders. When you apply for a auto loan and you are approved, the loan originates from a third party financial institution. Dealers are paid to match you with the financing partner of one. Because of this, you may have better options than the interest rate you get through the dealership versus the interest rates offered by a credit union or bank. If there's an issue with the financing firm and the dealer isn't able to assist you -- you will need to solve the problem by yourself. If you are looking to purchase a used or new vehicle, you have several choices to select from when it comes to financing. If you're a member of a credit union, you could benefit from lower interest rates and costs compared to big banks or dealership loans. The process for applying is the same once you've gained membership and the benefits could assist you in getting approval particularly if you don't have the best credit score.
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Written by Personal finance contributor Meaghan Hunt, a researcher and writer across disciplines with a passion for personal finance issues. After a decade of working in libraries that were open to the public She currently edits, writes, and researches as freelancer full-time. Editor: Rhys Subitch Edited and written by Auto loans editor Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers gain confidence to manage their finances by providing precise, well-studied information that breaks down otherwise complex subjects into bite-sized pieces.
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