You’ve thought about the kind of car you want and now it’s time to think about how you are going to finance it. If you’re thinking about getting a new car, an auto loan from a credit union is a great option to help you pay for your vehicle.
If you are still trying to decide if you should get an auto loan from a credit union, here are some benefits that may make the decision easier.
1. Low-Interest Rates
Credit unions are not-for-profit organizations that reinvest the profits they receive into their members. Because of this, credit unions are often able to offer their members lower interest rates on loans compared to other lenders.
2. You’re More Likely to Get Approved
Even if you have poor credit, it is a good chance you can still get an auto loan with a credit union. Because credit unions support their members, they are more likely to try to work with you compared to other lenders.
3. Lower Loan Minimums
If you decide to go with a credit union for your auto loan, they may be able to offer lower minimum-loan amounts compared to banks. At some credit unions, they may have no minimum required loan amount. If you’re not buying an expensive car, or you have a larger down payment and only need help financing a small portion of your vehicle, a low loan minimum may be beneficial to you.
4. Lower Fees
When you become a credit union member, you get many perks that you most likely wouldn’t be able to get at a bank such as lower interest rates on other loans, reduced fees, and better interest rates on deposit items.
Do you need help getting an auto loan?
As we work together to get through these ever-changing times, let us know how we can help! We have auto loan options available to help you finance your dream car. Please contact us here if you need help or have any additional questions. We are here to help you on your financial journey.