Being co-borrower or cosigner requires a lot of trust. Choosing the right type of car loan depends on many factors — credit score, vehicle value, and payment arrangements, among other things. Applying for the right loan ensures you’ll have a greater chance of qualifying. It also can mean the…
3 reasons why you should get an auto loan at a credit union
- Better rates: should because they don’t pay taxes. Better auto loan rates, personal loans, and credit cards.
- As a member, you’re an owner. You have voting share. Because you’re a member and an owner of the organization, they will look deeper/harder to make sure that you qualify for a loan. The bond between a member and his/her credit union is stronger than a customer to his/her bank. Once you’re a member, you’re always a member.
- Banks are more focused on mortgages and commercial interest rather than on fixed rate loans (like auto loans) — CUs “bread and butter” are fixed rate loans like auto loans, so they’re good at it.
- CUs aren’t as exclusive as you think they are. Those with a growth mindset can and have expanded parameters legally
- Membership benefits (better general rates, voting power, you’re an owner/member, not just a customer)
- Credit Unions have the same terms and conditions, the same protective products, and will work harder to get your loan approved than a bank.
Credit Unions are the way to go. Which is why they comprise such a large portion of our lender network. Typically, when shopping for an auto loan, it’s best to shop around and price check each of your institutional options. Luckily, not only do we work with mostly credit unions, but we do the shopping for you.
CUs are best for auto loans. And we’re best to connect with CUs.