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5 Reasons Credit Unions Offer the Best Auto Loans

by | Nov 6, 2019 | News

Did you know, the average cost of a new vehicle today is around $37,000? The purchase of a car likely will be the second largest expenditure you have, second only to the purchase of a home. Whether you desire the shiny, brand new one, or if you are content with finding a reliable used one, we want to help you get the most for your money.

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

  1. Loan Approval Even though the loan application process is the same and the underwriting process is similar, a credit union may make some adjustments that a commercial bank would not. Many credit unions are also more inclined to listen to its members’ needs and unique situations—sometimes adjusting terms of a loan accordingly.
  2. 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 this financing. Just think of what you can do with that money.
  3. Personalized Service Because credit unions are not-for-profit organizations and work to provide members with high-quality customer service, you can openly discuss your concerns about your loan, talk about flexible repayment options, and review your financial situation with a loan officer. This can 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. Educational Resources Many credit unions 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 the credit union for unbiased answers.
  5. Non-sales Approach Unlike commercial banks, which often give their lenders bonuses or some type of compensation for the loans they get approved, credit unions, as not-for-profit financial institutions, work for their members and do not try to sell you something you don’t need. 

Not only does our credit union have your best interest in mind, but from now until December 31st, we are having a Year End Auto Savings Event with discounts on all auto loans up to .55% apr*! With rates available for all credit tiers starting as low as 2.74% apr*, we can help you find the car you want at a rate you need.

To get started on your car buying process, reach out to our loan officers to answer your questions or kick start the process by completing the online application!

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