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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 mission is to help you make smarter financial decisions by offering you interactive financial calculators and tools that provide objective and unique content. We also allow you to conduct research and compare information for free to 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 products that appear on this website are provided by companies that pay us. This compensation can affect the way and when products appear on this website, for example such things as the order in which they be listed within the categories of listing and other categories, unless prohibited by law. Our mortgage home equity, mortgage and other home lending products. However, this compensation will not influence the content we publish or the reviews you read on this site. We do not cover the vast array of companies or financial offers that may be available to you. Emma Turner/Shutterstock.com
5 minutes read Read March 02, 2023
The article was written by Meaghan Hunt. Edited by personal finance contributor Meaghan Hunt, a researcher, writer and editor across disciplines who is passionate about personal finance subjects. After more than a decade working in libraries that were open to the public and writing, she now edits, and researches as a full-time freelancer. Written 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 control their finances through providing precise, well-studied and well-researched data that breaks down otherwise complex subjects into bite-sized pieces. The Bankrate promises
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They ensure that what we write ensures that everything we publish is accurate, objective and trustworthy. We have loans reporter and editor are focused on the things that consumers care about most -- the various kinds of loans available as well as the most favorable rates, the top lenders, how to repay debt, and much more. So you can feel confident when investing your money. Integrity in editing
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You have money questions. Bankrate has the answers. Our experts have been helping you master your money for over four years. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life's financial journey. Bankrate adheres to a strict code of conduct , so you can trust that our content is truthful and reliable. Our award-winning editors and reporters provide honest and trustworthy content to help you make the right financial decisions. The content created by our editorial team is factual, objective, and not influenced through our sponsors. We're open about how we are in a position to provide quality information, competitive rates and useful tools to you , by describing how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for placement of sponsored products and services, or by you clicking on certain links posted on our site. This compensation could influence the manner, place and in what order items are listed and categories, unless it is prohibited by law. We also offer loan products, such as mortgages and home equity, and other products for home loans. Other factors, like our own website rules and whether a product is available in your area or at your own personal credit score may also influence how and where products appear on this website. Although we try to offer a wide range offers, Bankrate does not include specific information on every financial or credit product or service. If you're looking to purchase an automobile, whether used or new it's a good option for a loan. More than 4800 federally insured credit unions in the United States, with over 134 million members, according to the (NCUA). National banks have more branches and are generally more quick to introduce new technology. However, those who are interested in saving money should owe it to themselves to explore the benefits that credit unions offer. Credit unions frequently have higher rates than online lenders or banks, and they also offer personal service as well as a range of other benefits. The most important thing to remember is
Credit unions are able to offer greater benefits to the borrower than banks are positioned to compete with. Lower interest rates, a community presence and a borrower-oriented business model make credit unions stand out.
Six reasons to take out credit union auto loan If you're shopping for your next car, consider these six benefits of getting an auto loan from a credit union. 1. Low interest rates, unlike most bank, credit unions can offer lower rates due to the fact that they're not for profit. They're also seeing an exponential rise in auto loan originations. "Typically, the rate of lending (at credit unions) is extremely competitive when compared to other lenders in the majority of situations," says Bill Meyer who was the former director of public relations manager and content manager at CU Direct, which connects credit unions with auto dealers nationwide. In the final quarter of 2022, the rate for a five-year , new vehicle loan from a credit union was 4.74 percent according to the NCUA. For banks they were 5.53 percent. For example, if you're borrowing $30,000. to purchase an automobile and the credit union is able to save you $327 on interest over the course that of the loan. 2. Personalized service, community ties The procedure for getting an auto loan isn't that different between banks and credit unions. If you've got a lower credit score however, you might still be able to get an auto loan through the credit union rather than one with a bank. "Credit unions are likely to have more flexibility in the underwriting process," says Mike Schenk who is vice president of research and policy analysis at the Credit Union National Association (CUNA) which is a trade organization. The credit union is also likely to cooperate with you if you hit the rough spots and require longer to complete an installment. "You have a story that is unique and it is better suited to being heard by the credit union. When you work with large financial institutions there is a greater chance that you will experience underwriting that is set in stone and done in a corporate office few states away. Walk into a credit union, and you're more likely to be in discussion." 3. An easy loan process Gone are the days of needing visiting a branch to apply for a car loan. Many credit unions are now letting you apply online, on the phone or . If you are applying for financing at a dealer, "invariably, the dealer will direct you to credit union financing as well as a credit union you can join as a member," Schenk says, "so it's a simple process." Still, you should before visiting the dealership. Not all dealerships collaborate with credit unions and if you're able to be a member, you will likely get the best deal when you work directly with the credit union. Additionally, you'll receive a favorable loan offer when you start car shopping and won't have to pay dealer markup on the rate you are offered. 4. Credit unions have many other benefits Members, not shareholders, have their own credit unions and any profits they earn are returned to the members in dividends. Credit unions are also able to 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 joint branch and ATM network. Schenk states that CUNA's members are part of a shared ATM network with more than 40,000 ATMs. Credit unions focus on educating their members as well, which means you are able to get help regarding the best options for financial planning to suit your needs. "Credit unions are full-service with the same products like banks. They're structured differently which results in substantial benefits for credit union members," Schenk says. This member focus could also be a more thorough discussion about your financial situation before the credit union decides whether or not to approve or refuses your loan. Credit unions might be more understanding and accommodating than traditional banks with regards to the decision to lend. 5. It's easy to join. Some believe credit unions are open only to those who work for the same industry, business or government organization, and that those who are not member of a group cannot join. Meyer says this is not the case anymore. "Most credit unions will allow anyone to join." CUNA has credit unions with community charters which permit them to serve larger geographic areas. If you seek a credit union near you then go to the website and enter your ZIP code. "It would be shocking to find a consumer who was not able to access an institution of credit," Schenk says. 6. Car loans are a huge part of what credit unions do Don't be surprised when an auto dealer recommends you to a credit institution prior to a bank. Credit union for used and new cars alike grew year-over-year by 17.9 per cent and 19, respectively, according to 2022 . Credit unions had $166.8 billion in loan balances for new vehicles at the end in the 3rd quarter 2022, and $305.3 billion in used vehicles. How do I apply for an auto credit from a credit union loan? The process of financing a car with a credit union is similar with other lending institutions, with the exception for the membership process. When you're an enrolled member, you may apply for an auto loan on the internet, by phone , or at a branch, depending upon the particular credit union. A majority of credit unions review the following information to determine your eligibility to get an auto loan The information you provide about yourself. Your income and employment information. Your employment and income information . The vehicle identification number (VIN) and the mileage of the car you wish to purchase. You must show proof of insurance the credit union as part of the application procedure. Note that although you may be able sign up and get an auto loan within the on the same day, certain credit unions will make you wait for a month or two before you can apply. What are the main differences between a bank, dealer and credit union car loan? The primary distinction 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 good track record of payment and a . Credit unions as well as banks can offer incentives, such as an autopay discount when you are an existing customer. But because credit unions are not-for-profit organizations and owned by the members, they typically enjoy better rates and less fees compared to for-profit banks that are owned by shareholders. If you take out a car loan and you are approved, the loan is provided by a third-party financial institution. Dealers get paid to match you with one of their financing partners. This means that you may have better alternatives to the rate you get through the dealership , compared to an institution like a credit union or bank. Plus, if there is an issue with the financing company they won't be able to help the customer -- you'll have to sort it out yourself. The bottom line When purchasing a new or used car there are a variety of options to choose from for financing. If you're a member of the credit union you may benefit from lower rates of interest and fees compared to large banks or dealership loans. The process for applying is the same after you've joined, and the benefits may aid in getting approved even in the event that you don't have the greatest credit score.
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Written by a contributor to Personal Finance Meaghan Hunt is a research and writer across disciplines with a passion for personal finance issues. After a decade of working in libraries that were open to the public and writing, she currently edits, writes and conducts research as freelancer full-time. Editor: Rhys Subitch Editored by Auto loans editor Rhys has been writing and editing for Bankrate from late 2021. They are enthusiastic about helping readers gain confidence to control their finances with precise, well-studied information that break down complex topics into digestible chunks.
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