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If you want to buy a new or used car, a credit union is a great way to get a loan. According to the National Credit Union Administration (NCUA), there are more than 4,800 federally insured credit unions in the United States with more than 134 million members. National banks have more branches and are often quicker to adopt new technologies. But consumers looking to save money should explore what credit unions have to offer.
Credit unions often have lower interest rates than banks and online lenders, plus they offer personalized service and many other benefits.
If you’re shopping for your next car, consider these six benefits of getting a credit union car loan.
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Unlike most banks, credit unions can offer lower interest rates because they are not looking to make a profit. As a result, they are experiencing exponential growth in auto lending.
“In general, interest rates on loans (at credit unions) are very competitive compared to other lenders.
According to NCUA, the average five-year interest rate on a new car loan from a credit union in the last quarter of 2022 was 4.74%. In banks, this indicator is 5.53%. If you borrow $30,000 to buy a car, the credit union will save you $327 in interest over the life of the loan.
The car lending process in banks and credit organizations is no different. But if you have a lower credit score, you can still get a car loan from a credit union instead of a bank.
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“Credit unions can have more flexibility in their underwriting process,” said Mike Schenck, vice president of research and policy analysis at the Credit Union National Association (CUNA), a trade association.
Credit unions are also more likely to work with you if you have problems and take longer to pay.
“You have a unique story, and your story is likely to be heard by the credit union. At large financial institutions, you’re more likely to encounter prearranged insurance policies that are processed by multiple corporate offices in multiple states. When you join a credit union, you have more opportunities for conversation.
Long gone are the days when you had to go to a branch to get a car loan. Most credit unions now allow you to apply online, by phone or at a dealership.
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If you apply for financing at the dealership, “the dealer can always refer you to credit union financing and credit unions that you can join as a member,” Schenck said, “so it’s been a really easy process.”
However, you should check with your credit union before going to the dealership. Not all dealers work with credit unions, and if you can become a member, you’ll get the best deal by working directly with the credit union. Plus, when you start car shopping, you’ll have a competitive loan offer and you won’t have to pay the dealer extra for your interest rate.
Members, not shareholders, own the credit union, and all profits they make are returned to members in the form of dividends. Credit unions can also pass on revenue to their members by offering higher interest rates on deposit accounts and lower interest rates on credit products, including auto loans.
Most credit unions also participate in a shared network of branches and ATMs. Schenck said CUNA members have a combined ATM network of more than 40,000 stores.
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Credit unions also go to great lengths to educate their members, so you can get advice on the best financing options for your situation.
“Credit institutions provide all services with the same products as banks. It’s just that they are structured differently, which provides significant benefits to the members of the credit union,” Schenck said.
This member focus can also mean a more in-depth conversation about your financial situation before the credit union approves or denies your loan. Lending institutions can be more accommodating and lenient than traditional banks when making credit decisions.
Some people think that credit unions are only for people who work in a certain company, industry, or government organization, and that anyone outside of the group can’t join. Meyer says that doesn’t happen anymore. “Most credit unions will allow anyone to join.
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CUNA has credit unions with community charters that allow them to serve larger geographic areas. To find a credit union near you, visit ASmarterChoice.org and enter your zip code. “It would be shocking to find out that a consumer doesn’t have access to a credit union,” Schenck said.
According to NCUA’s 2022 data, new and used car credit union loan balances increased 17.9% and 19%, respectively, over the year. On the third day of 2022, at the end of the quarter, credit unions had 166.8 billion. $305.3 billion in new auto loans.
Financing a car through a credit union is similar to other lenders, except for the membership step. Once you meet the membership requirements, you can apply for an auto loan online, by phone, or in branch, depending on the credit union.
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