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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 better financial choices by providing you with interactive tools and financial calculators as well as publishing impartial and original content, by enabling you to conduct your own research and compare data for free and help you make informed financial decisions. Bankrate has partnerships with issuers, including but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this website are provided by companies that compensate us. This compensation can affect the way and where products appear on this website, for example such things as the order in which they be listed within the categories of listing, except where prohibited by law. Our mortgage home equity, mortgage and other home loan products. This compensation, however, does affect the information we publish, or the reviews appear on this website. We do not contain the vast array of companies or financial offers that may be available to you. Emma Turner/
5 minutes read. Published March 02, 2023
Writer: Meaghan Hunt. Edited by Personal finance contributor Meaghan Hunt works as a writer, researcher and editor in a variety of disciplines with a passion for personal finance topics. After a decade of working in libraries that were open to the public and writing, she now edits, and conducts research as a full-time freelancer. Editor: Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are committed to helping readers gain the confidence to take control of their finances by providing clear, well-researched information that breaks down otherwise complex subjects into bite-sized pieces. The Bankrate promise
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At Bankrate we aim to help you make better financial choices. We adhere to the highest standards of journalistic integrity ,
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Established in 1976, Bankrate has a proven track experience of helping customers make smart financial choices.
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You can rest assured that we're putting your interests first. All of our content was authored in the hands of and edited by ,
We make sure that everything we publish will ensure that our content is reliable, honest and reliable. Our loans reporters and editors concentrate on the things that consumers care about the most -- the various types of loans available and the most competitive rates, the most reliable lenders, the best ways to repay debt, and much more. So you'll be able to feel secure when making a decision about your investment. Integrity in editing
Bankrate adheres to a strict code of conduct , so you can trust that we're putting your interests first. Our award-winning editors, reporters and editors produce honest and reliable content that will assist you in making the right financial choices. The key principles We respect your confidence. Our goal is to provide readers with reliable and honest information. We have editorial standards in place to ensure this happens. Our reporters and editors rigorously check the accuracy of editorial content to ensure that the information you're reading is accurate. We have a strict separation between our advertisers and our editorial team. The editorial team of Editorial Independence Bankrate does not receive any direct payment by our advertising partners. Editorial Independence Bankrate's team of editors writes for YOU the reader. Our goal is to give you the most accurate advice to assist you in making smart personal financial decisions. We adhere to rigorous guidelines that ensure our content is not in any way influenced by advertising. Our editorial team is not paid directly from advertisers, and all of our content is checked for accuracy to ensure its truthfulness. So, whether you're reading an article or a review you can be sure that you're receiving reliable and dependable information. How we earn money
If you have questions about money. Bankrate has answers. Our experts have been helping you master your money for more than four decades. We continually strive to provide consumers with the expert guidance and the tools necessary to make it through life's financial journey. Bankrate follows a strict policy, which means you can be confident that our content is truthful and accurate. Our award-winning editors, reporters and editors provide honest and trustworthy information to assist you in making the best financial decisions. The content we create by our editorial staff is objective, factual, and not influenced by our advertisers. We're honest about the ways we're capable of bringing high-quality information, competitive rates and useful tools to you , by describing how we make money. is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for the promotion of sponsored goods and services or by you clicking on certain links posted on our site. This compensation could impact how, where and when products appear within listing categories, except where prohibited by law. We also offer loan products, such as mortgages and home equity and other home loan products. Other factors, like our own proprietary website rules and whether the product is available within your region or within your self-selected credit score range may also influence the way and place products are listed on this site. While we strive to provide an array of 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 it's a good option for an loan. There are more than 4,800 federally insured credit institutions in the United States, with over 134 million members, according to the National Credit Union Administration (NCUA). National banks have more branches and are typically quicker to roll out the latest technology. However, those who are interested in saving money should owe it to themselves to investigate the options that credit unions offer. Credit unions frequently have higher rates than online lenders or banks They also provide personal service as well as a range of other benefits. The most important thing to remember is
Credit unions can offer more benefits to the borrower than banks are in a position to rival. Lower interest rate, a community presence, and a business that is geared towards the borrower model make credit unions stand out.
Six reasons to take out credit union auto loan If you're looking for your next car, take into consideration these benefits of getting an auto loan from a credit union. 1. Low interest rates, unlike most financial institutions, credit unions may offer lower rates because they aren't a profit-making institution. Consequently, they are witnessing an exponential increase in car loan originations. "Typically the lending rate (at the credit unions) is competitive to other lenders in most situations," 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 last quarter of 2022, the interest rate on a five-year new vehicle loan at a credit union averaged 4.74 percent according to the NCUA. For banks they were 5.53 percent. For example, if you're borrowing $30,000. for automobile The credit union will save you $327 in interest over the course of your loan. 2. Community ties, personalized service The process for taking out a car loan isn't much different between bank and credit union. But if you have an unsatisfactory credit score, you may still be able to get an auto loan through a credit union versus a bank. "Credit unions are likely to be more flexible in the underwriting process," says Mike Schenk Vice President of Research and policy analysis at the Credit Union National Association (CUNA) which is a trade organization. Credit unions are also more likely to assist those who are going through a rough patch and need more time to make a payment. "You have a unique story and it's much more likely to be heard by a credit union. In big financial institutions they are more likely to encounter underwriting that's written in stone and carried out in some corporate office a couple of states away. If you visit an institution like a credit union, and you're more likely to engage in a discussion." 3. User-friendly loan process Long gone are the days of needing visiting a branch to get the car loan. Many credit unions are now letting applicants apply online, over the phone or . If you're applying for financing through a dealership, "invariably, the dealer can direct you to credit union financing and an institution that you could join as a member," Schenk says, "so it's really an easy process." But it is recommended to do your research prior to visiting the dealership. Not all dealerships cooperate with credit unions and if you can join a credit union, you will likely receive the best price when working directly with the credit union. Additionally, you'll have a competitive loan offer at the time you start buying a car -- and you won't be required to pay a markup from the dealer on the rate you are offered. 4. Credit unions also have other advantages. Members, and not shareholders, have their own credit unions, and any profits they make go back to the members in the dividends. Credit unions also can transfer the profits to their customers through greater rates on deposit accounts and on loan products, including auto loans. A majority of credit unions are also part in a joint branch and ATM network. Schenk says CUNA's members have an ATM network that is shared with more than 40,000 locations. Credit unions focus on providing education to their members and educating them on how they are able to get help on the best financial options for your particular situation. "Credit unions are full-service with the same products as banks. They're structured differently and that results in significant benefits for credit union members," Schenk says. This focus on the member could be a more thorough discussion about your financial situation before the credit union approves or refuses your loan. Credit unions may be more understanding and flexible than traditional banks with regards to 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 entity and that anyone not a member of a particular group isn't able to join. Meyer says this is no longer the case. "Most credit unions are now allowing any person to sign up." CUNA has credit unions with community charters which enable them to service larger geographic areas. If you're looking for an institution near you, visit and type in your ZIP code. "It would be shocking to meet a customer who didn't have access to an institution of credit," Schenk says. 6. Car loans are a huge part of what credit unions do Be prepared when an auto dealer recommends you to a credit union before the bank. Credit unions for used and new cars alike increased by 17.9 percentage and 19.9 percent and 19 percent, respectively, according to 2022 . Credit unions held $166.8 billion of loan balances for new vehicles at the close in the 3rd quarter 2022 and $305.3 billion in used vehicles. What is the procedure to apply for an auto loan? Financing a car through the credit union is comparable to other lenders, with the exception for the membership process. If you are an active member, you are able to apply for a car loan online, over the telephone or in branches, based of the institution. The majority of credit unions will look over the following to determine the eligibility requirements for an auto loan your personal information. Your income and employment information. Your . The VIN number for your vehicle. (VIN) and mileage for the vehicle you want to purchase. Be prepared to provide proof of insurance to the credit union in the application process. And note that while you might be able to join and apply for an auto loan within the same day, some credit unions require you to wait a month or two before you apply. What are the differences between a bank, dealer and credit union auto loan? The major difference between a bank or an auto credit union loan is the financing terms. Some banks can offer promotions in particular if you have a solid relationship, good payment history and . Credit unions and banks might offer incentives such as an autopay discount when you're an existing customer. However, since credit unions are not for-profit entities and are owned by their members, you are able to enjoy better rates and less costs compared to banks that are for profit that have shareholders who own. If you take out a car loan it is because the loan is provided by a third-party financial entity. Dealers receive compensation to match you up with the financing partner of one. This means that there may be better options than the interest rate you get through the dealership versus an institution like 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 have to sort it out your own. The bottom line When purchasing a used or new vehicle, you have several choices to select from when it comes to financing. If you belong to the credit union you might be able to enjoy lower rates of interest and costs compared to big banks as well as dealership loans. The application process is identical once you've gained membership, and the benefits may assist you in getting approval particularly if there's no best credit score.
Written by the Personal finance contributor Meaghan Hunt is a research as well as a writer and editor across disciplines , with a love for personal finance-related topics. After more than a decade working in libraries that were open to the public, she is now writing, editing, and researches as freelancer full-time. Editor: Rhys Subitch Editored 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 by providing precise, well-studied information that breaks down otherwise complex subjects into bite-sized pieces.
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