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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 goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content. We also allow you to conduct research and compare information for free — so that you can make informed financial decisions. Bankrate has agreements with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The offers that appear on this site are from companies who pay us. This compensation may impact how and where products appear on the site, such as, for example, the order in which they be listed within the categories of listing in the event that they are not permitted by law. Our mortgage, home equity and other home lending products. But this compensation does not influence the information we publish, or the reviews that you read on this site. We do not contain the universe of companies or financial offers that may be available to you. Emma Turner/Shutterstock.com

5 min read Published March 02, 2023

The article was written by Meaghan Hunt. Edited by personal financial contributor Meaghan Hunt works as a writer, researcher and editor across disciplines who is passionate about personal finance topics. After 10 years of work in libraries for public libraries She now writes, edits, and studies as freelancer full-time. 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 feel confident to take control of their finances with precise, well-studied and well-researched data that breaks down otherwise complex issues into digestible chunks. The Bankrate guarantee

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They ensure that what we write will ensure that our content is reliable, honest and trustworthy. The loans journalists and editors concentrate on the things that consumers care about most — the different types of lending options as well as the most favorable rates, the top lenders, 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 has a strict policy , so you can trust that we put your interests first. Our award-winning editors and reporters provide honest and trustworthy content that will help you make the right financial choices. The key principles We respect your confidence. Our aim is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure this happens. Our editors and reporters thoroughly check the accuracy of editorial content to ensure that the information you’re reading is true. We have a strict separation with our advertising partners and the editorial team. Our editorial team doesn’t receive any direct payment from our advertisers. Editorial Independence Bankrate’s editorial staff writes in the name of YOU the reader. Our aim is to offer you the best advice that will aid you in making informed personal financial decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team is not paid any compensation directly from advertisers and all of our content is verified to guarantee its accuracy. Therefore, whether you’re reading an article or reviewing, you can trust that you’re getting credible and reliable information. How we earn money

You have money questions. Bankrate can help. Our experts have been helping you master your money for over four decades. We continually strive to give our customers the right advice and tools required to succeed throughout life’s financial journey. Bankrate adheres to a strict code of conduct policy, which means you can be confident that our content is honest and accurate. Our award-winning editors and reporters produce honest and reliable information to assist you in making the best financial decisions. The content we create by our editorial team is factual, accurate, and not influenced by our advertisers. We’re transparent about how we are capable of bringing high-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 are compensated in exchange for placement of sponsored products and services, or when you click on certain hyperlinks on our website. So, this compensation can influence the manner, place and when products appear within listing categories and categories, unless it is prohibited by law. We also offer credit, mortgage, and other products for home loans. Other elements, like our own website rules and whether or not a product is offered in your area or at your self-selected credit score range could also affect how and where products appear on this site. While we strive to provide an array of offers, Bankrate does not include details about each financial or credit item or service. If you’re considering buying a new or used car then a credit union is an excellent choice for a loan. More than 4800 federally insured credit unions in the United States, with over the 134 million members that belong to the (NCUA). National banks have more branches and are usually quicker to roll out new technology. Still, consumers keen on saving money should owe it to themselves to explore what credit unions have to offer. Credit unions usually have more than banks and online lenders They also provide individual service and a host of other benefits. Key takeaways

Credit unions can offer more advantages to the borrower than other banks are positioned to be able to compete with. Lower interest costs, community presence, and a borrower-focused business model set credit unions apart.

6 reasons to get credit union auto loan If you’re in the market for your next vehicle, think about these six benefits of getting an auto loan from an institution like 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 experiencing exponential growth in auto loan originations. «Typically the lending rate (at credit unions) is extremely competitive when compared to other lenders in most circumstances,» says Bill Meyer, former director of public relations and content manager at CU Direct, which connects credit unions and dealers of all kinds across the country. In the quarter that ended in 2022, the rate for the five-year new automobile loan at a credit union averaged 4.74 percent, according to the NCUA. In banks they were 5.53 percent. When you borrow $30,000 for a car and the credit union is able to save the borrower $327 over the course of your loan. 2. Personalized service, community ties The process of getting an auto loan isn’t that different between bank and credit union. However, if you have a lower credit score it is possible that you will be able to qualify for an auto loan with a credit union versus a bank. «Credit unions will likely have more flexibility in their underwriting processes,» says Mike Schenk who is vice president of research and policy analysis for the Credit Union National Association (CUNA) an association for trade. They are more likely also to work with those who are going through an upswing and require longer to complete an installment. «You have a unique story and your story is much better suited to being heard by a credit union. At big financial institutions there is a greater chance that you will experience underwriting that is established in stone and executed in some corporate office a few states away. Walk into the credit union and you’re more likely engage in a discussion.» 3. An easy loan process Long gone are the days of having visiting a branch to apply for an auto loan. The majority of credit unions let you apply online, on the phone, or . If you are applying for financing at a dealer, «invariably, the dealer will refer you to credit union financing as well as a credit union you can join as a member,» Schenk says, «so it’s an easy process.» However you must do some research before going to the dealership. There are a few dealerships that work with credit unions, and if you are able to be a member and get the best deal when working directly with the credit union. Plus, you will already receive a favorable loan offer before you begin your car search — and you won’t have to pay dealer markup on the rate you are offered. 4. Credit unions have many additional benefits. Members, not shareholders, own credit unions. Any profits they make go back to the members in dividends. Credit unions also can give back earnings to their members through more favorable rates for deposits and loan products, like auto loans. The majority of credit unions participate in a joint branch and ATM network. Schenk says CUNA’s members have an ATM network that is shared with more than 40,000 ATMs. Credit unions focus on providing education to their members and educating them on how they are able to get help regarding the best options for financial planning to suit your needs. «Credit unions are full-service, offering the same financial products as banks. They’re just structured differently which means that they provide significant benefits for the members of credit unions,» Schenk says. This member focus could also be a more thorough discussion regarding your financial situation prior to when the credit union approves or refuses your loan. Credit unions are often more understanding and lenient than traditional banks when it comes to making lending decisions. 5. Becoming a member is easy There are those who believe credit unions are open only to employees of an industry, company or government entity and that those who are not member of a particular group isn’t able to 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 greater geographic areas. If you seek the nearest credit union, visit and type in your ZIP number. «It would be shocking to meet a customer that didn’t have access a credit union,» Schenk says. 6. Car loans are an integral part of what credit unions do Don’t be surprised when an auto dealer recommends you to a credit union before you even go to a bank. Credit unions for used and new cars alike grew year-over-year in 17.9 per cent and 19 and 19 percent, respectively, according to 2022 . Credit unions held $166.8 billion in loan balances for brand new cars at the end in the 3rd quarter 2022 and $305.3 billion for used vehicles. How do I apply for an auto loan? The process of financing a car with a credit union is similar as other loan providers, with the exception for the membership process. When you’re a member, you can apply for an auto loan online, over the telephone or in an office, depending upon the particular credit union. Most credit unions will review the following to determine your eligibility in the event of an auto loan The information you provide about yourself. The information about your income and employment. Your employment and income information . The number of your vehicle’s identification (VIN) and the mileage of the car you wish to purchase. Make sure you show proof of insurance the credit union during the application process. Note that although you may be able enroll and request an auto loan the same day, some credit unions will make you wait for a few months or even two prior to submitting your application. What is the difference between a bank, dealership and credit union auto loan? The major distinction between a bank and an auto credit union loan is the terms of financing. Some banks can offer promotions particularly when you have a good relationship, a good track record of payment and . Both banks and credit unions might offer incentives such as an autopay discount when you’re an existing customer. However, since credit unions are not-for-profit organizations and owned by the members, you can usually get better rates and reduced fees compared to for-profit banks that have shareholders who own. If you take out a auto loan , the loan comes from a third-party financial institution. Dealers get paid to match you with the financing partner of one. This means that there are more options to choose from than the rates you pay through the dealer versus an institution like a credit union or bank. If there’s any issue with the financing firm they won’t be able to help the customer — you’ll need to solve the problem yourself. If you are looking to purchase a new or used car, you have several choices to select from when it comes to financing. If you’re a member of a credit union, you may be able to enjoy lower rates of interest and charges compared to banks with large branches as well as dealership loans. The application process is identical once you’ve gained membership and the advantages could assist you in getting approval even in the event that you don’t have the greatest credit score.

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Written by the Personal finance contributor Meaghan Hunt, a researcher as well as a writer and editor across various disciplines who has a passion for personal finance issues. After a decade of working in public libraries, she currently edits, writes, and researches as freelancer for full-time. Editor: Rhys Subitch Editored by Auto loans Editor Rhys has been writing and editing for Bankrate since the end of 2021. They are dedicated to helping readers gain confidence to manage their finances with precise, well-studied information that breaks down otherwise complex subjects into bite-sized pieces.

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