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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 better financial choices by providing you with interactive tools and financial calculators as well as publishing impartial and original content. This allows users to conduct research and compare information for free to help you make sound financial decisions. Bankrate has agreements with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The deals that are advertised on this website are provided by companies that pay us. This compensation may impact how and when products appear on this site, including such things as the order in which they appear in the listing categories and other categories, unless prohibited by law. This applies to our mortgage or home equity products, as well as other home loan products. This compensation, however, does have no impact on the information we provide, or the reviews you read on this site. We do not contain the entire universe of businesses or financial offers that may be open to you. Emma Turner/Shutterstock.com
5 minutes read Read March 02, 2023.
Writer: Meaghan Hunt Written by Personal finance contributor Meaghan Hunt works as a researcher, writer, and editor across disciplines, with a love of personal finance topics. After more than a decade working in libraries that were open to the public, she now writes, edits, and researches as a full-time freelancer. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are passionate about helping readers gain the confidence to take control of their finances with precise, well-studied and well-researched data that breaks down complicated topics into manageable bites. The Bankrate promise
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If you have questions about money. Bankrate has the answers. Our experts have helped you understand your money for more than four years. We continually strive to provide our readers with the professional guidance and the tools necessary to make it through life's financial journey. Bankrate adheres to a strict code of conduct standard of conduct, which means that you can trust that our content is honest and precise. Our award-winning editors and reporters provide honest and trustworthy content that will help you make the best financial decisions. Our content produced by our editorial staff is factual, objective and is not influenced from our advertising. We're open regarding how we're capable of bringing high-quality content, competitive rates and helpful tools to you , by describing how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for the placement of sponsored products and, services, or through you clicking specific links on our site. Therefore, this compensation may impact how, where and in what order items appear within listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. Other elements, like our own proprietary website rules and whether a product is offered in your area or at your own personal credit score may also influence the manner in which products are featured on this website. We strive to provide a wide range offers, Bankrate does not include information about every credit or financial product or service. If you're looking to purchase an automobile, whether used or new then a credit union is an excellent option for the loan. There are more than 4,800 federally insured credit unions within the United States, with over the 134 million members that belong to the (NCUA). National banks have more branches and are typically quicker to roll out the latest technology. However, those who are interested in saving money owe it to themselves to explore what credit unions have to provide. Credit unions typically have more benefits greater advantages than online lenders and banks as well as personal service as well as a range of other benefits. Key takeaways
Credit unions offer more benefits to the borrower than banks are in a position to be able to compete with. Lower interest rates, a community presence and a borrower-oriented business model distinguish credit unions from other banks.
6 reasons to apply for a credit union car loan If you're looking for your next vehicle, think about these benefits of getting an auto loan from the credit union. 1. Lower interest rates . Unlike banks, credit unions can offer lower rates due to the fact that they aren't a profit-making institution. They're also experiencing exponential growth in auto loan originations. "Typically, the rate of lending (at the credit unions) is competitive to other lenders under most conditions," says Bill Meyer who was the former public relations manager and content manager at CU Direct, which connects credit unions and dealers of all kinds across the country. In the quarter that ended in 2022, the on a five-year , new vehicle loan through a credit union was 4.74 percent as per the NCUA. At banks they were 5.53 percent. When you borrow $30,000 to finance a car, the credit union saves the borrower $327 over the life of the loan. 2. Personalized service, community ties The process for taking out an auto loan isn't that different between bank and credit union. But if you have less credit however, you might still be able to qualify for an auto loan with an institution like a credit union instead of banks. "Credit unions are likely to offer more flexibility when it comes to underwriting," says Mike Schenk Vice President of Research and policy analysis at the Credit Union National Association (CUNA) an association for trade. Credit unions are also more likely to work with those who are going through an upswing and require longer to complete a payment. "You have a unique story and your story is much more likely to be heard at the credit union. When you work with large financial institutions, you're more likely to experience underwriting that is set in stone and done in a corporate office couple of states away. Visit a credit union, and you're more likely to be in discussion." 3. A user-friendly loan process Long gone are the days when you had to visit a branch to get a car loan. Many credit unions are now letting you apply online, on the phone or . If you're seeking financing through a dealership, "invariably, the dealer will refer you to credit union financing and an institution that you could join as a member," Schenk says, "so it's a simple procedure." Still, you should before visiting the dealership. There are a few dealerships that work with credit unions, and if you can be a member and be able to get the best rate dealing directly with your credit union. Additionally, you'll have a competitive loan offer before you begin your car search -- and you won't be required to pay a markup from the dealer on the rate you are offered. 4. Credit unions offer a variety of other advantages. Members, and not shareholders, own credit unions and any profits they earn go to the members in the dividends. Credit unions also can transfer earnings to their members through greater rates on deposit accounts as well as on loan products, including auto loans. The majority of credit unions participate in a joint branch and ATM network. Schenk says CUNA's members have an ATM network shared by more than 40,000 locations. Credit unions focus on educating their members, too, so you are able to get help on the best financial choices 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 result in a more precise discussion about your financial situation before the credit union approves or declines your loan. Credit unions may be more understanding and lenient than traditional banks when it comes to the decision to lend. 5. Membership is simple. Many believe that credit unions are open only to people who work for a certain company, industry or government organization, and that those who are not part of a group can't join. Meyer states that this is not the case anymore. "Most credit unions will allow anybody to become a member." CUNA has credit unions with community charters which enable them to service more geographical areas. If you are looking for a credit union near you, visit and type in your zip number. "It is a shock to meet a customer that didn't have access the credit union," Schenk says. 6. Car loans are an integral part of what credit unions do Don't be surprised to hear that an auto dealer will refer the customer to a credit union before the bank. Credit union for new and used cars alike increased year-over-year to 17.9 per cent and 19, respectively, according to 2022 . Credit unions held $166.8 billion worth of loan balances for new vehicles at the end of the third quarter of 2022, and $305.3 billion of used vehicles. How do I apply for a credit union auto loan? The process of financing a car with a credit union is the same to other lenders, except the membership requirement. If you are a member, you can apply for an auto loan via the internet, over the telephone or in an office, depending of the institution. Most credit unions will review the following to determine your eligibility for an auto loan: Your personal information. The information about your income and employment. Your employment and income information . The vehicle identification number (VIN) and the mileage of the vehicle you want to purchase. You must provide proof of insurance to the credit union during the application process. And note that while you might be able to enroll and request an auto loan within the next day, some credit unions will make you wait for a month or two before you apply. What is the difference between a bank, dealership and credit union car loan? The main distinction between a bank and the credit union car loan is the financing terms. Some banks can offer promotions particularly when you have a good relationship, good payment history and a . Both banks and credit unions may offer incentives like an autopay discount when you're a current customer. But because credit unions are not-for profit organizations and run by members, you can usually get better rates and reduced charges compared with 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 entity. Dealers are paid to match you with any of their finance partners. Because of this, there may be better options than the interest rate that you receive from the dealership versus a bank or credit union. If there's an issue with the finance company and the dealer isn't able to assist the customer -- you'll have to sort it out by yourself. If you are looking to purchase a new or used car, you have several options for financing. If you're a member of a credit union, you might have access to low interest rates and lower charges compared to banks with large branches and dealership loans. The application process is identical once you've gained membership and the advantages could assist you in getting approval particularly if your credit score isn't the best credit score.
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Written by Personal finance contributor Meaghan Hunt, a researcher and writer across disciplines , with a love for personal finance issues. After 10 years of work in libraries for public libraries and writing, she now writes, edits, and researches as a full-time freelancer. Written by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are dedicated to helping readers gain confidence to take control of their finances through providing concise, well-studied and well-researched content that break down complex topics into manageable bites.
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