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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 aim is to assist you make better financial choices by providing you with interactive tools and financial calculators that provide objective and unique content. We also allow users to conduct research and compare data for free to help you make financial decisions with confidence. Bankrate has agreements with issuers such as, 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 site come from companies that compensate us. This compensation can affect the way and when products are featured on the site, such as such things as the sequence in which they appear in the listing categories in the event that they are not permitted by law. This applies to our mortgage, home equity and other home loan products. But this compensation does affect the information we provide, or the reviews appear on this website. We do not contain the vast array of companies or financial offerings that could be accessible to you. Emma Turner/Shutterstock.com

5 min read Published March 02, 2023.

Written by Meaghan Hunt. Written by personal finance contributor Meaghan Hunt, a researcher, writer and editor across disciplines, with a love of personal finance issues. After a decade of working in libraries for public libraries, she now writes, 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 passionate about helping readers gain the confidence to control their finances by providing concise, well-studied information that breaks down otherwise complex subjects into bite-sized pieces. The Bankrate promises

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At Bankrate we are committed to helping you make better financial choices. We adhere to the highest standards of ethical standards ,

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Established in 1976, Bankrate has a proven track record of helping people make wise financial choices.

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They ensure that what we write will ensure that our content is reliable, honest and reliable. Our loans reporter and editor focus on the areas that consumers are concerned about the most — various kinds of loans available as well as the most favorable rates, the most reliable lenders, how to repay debt, and much more. So you’ll feel safe investing your money. Integrity of the editing

Bankrate adheres to a strict code of conduct standard of conduct, which means you can be confident that we’ll put your needs first. Our award-winning editors and reporters produce honest and reliable content that will aid you in making the best financial choices. Our main principles are that we respect your confidence. Our aim is to provide readers with accurate and unbiased information. We have established editorial standards to ensure that happens. Our reporters and editors rigorously check the accuracy of editorial content to ensure the information you’re receiving is true. We have a strict separation with our advertising partners and the editorial team. Our editorial team doesn’t receive direct compensation from our advertisers. Editorial Independence Bankrate’s editorial team writes on behalf of YOU – the reader. Our aim is to offer you the most accurate advice to help you make smart personal financial decisions. We follow rigorous guidelines that ensure our content isn’t influenced by advertisers. Our editorial staff receives no any compensation directly from advertisers and all content is fact-checked to ensure accuracy. Therefore when you read an article or a report, you can trust that you’re receiving reliable and dependable information. How we earn money

If you have questions about money. Bankrate can help. Our experts have been helping you master your finances for more than four decades. We strive to continuously provide our readers with the professional guidance and the tools necessary to succeed throughout life’s financial journey. Bankrate adheres to strict standards standard of conduct, which means that you can trust that our content is honest and precise. Our award-winning editors and journalists create honest and accurate content that will help you make the right financial decisions. Our content produced by our editorial team is objective, factual and uninfluenced through our sponsors. We’re honest regarding how we’re in a position to provide quality content, competitive rates, and helpful tools to you , by describing how we earn our money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated for the placement of sponsored products and services, or through you clicking specific links on our website. So, this compensation can impact how, where 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 factors, like our own website rules and whether the product is available within your region or within your self-selected credit score range can also impact the way and place products are listed on this site. Although we try to offer an array of offers, Bankrate does not include information about every financial or credit product or service. If you’re thinking of buying a new or used car, a is a great choice for a loan. There are more than 4,800 federally insured credit institutions within the United States, with over 134 million members, according to the (NCUA). The national banks are more diverse and usually faster to adopt the latest technologies. But, people who are keen on saving money owe it to themselves to research what credit unions have to provide. Credit unions typically have more benefits than banks and online lenders as well as individual service and a host of other benefits. Key takeaways

Credit unions offer more advantages to the borrower than other banks are positioned to compete with. Lower interest rates, a community presence, and a business that is geared towards the borrower model set credit unions apart.

Six reasons to take out credit union auto loan If you’re in the market for your next car, take into consideration these benefits of getting an auto loan at an institution like a credit union. 1. Lower interest rates . Unlike banks, credit unions are able to offer lower rates due to the fact that they’re not 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 the majority of conditions,” says Bill Meyer, former public relations and content manager at CU Direct, which connects credit unions to auto dealers across the nation. In the quarter that ended in 2022, the rate for the five-year new automobile loan from a credit union was 4.74 percent as per the NCUA. For banks they were 5.53 percent. For example, if you’re borrowing $30,000. to finance automobile The credit union will save the borrower $327 throughout the term of the loan. 2. Personalized service, community connections The process of getting a car loan isn’t too different from bank and credit union. If you’ve got a lower credit score, you may still be able to qualify for an auto loan with an institution like a credit union instead of banks. “Credit unions will likely have more flexibility in their underwriting processes,” says Mike Schenk Vice President of Research and policy analysis for the Credit Union National Association (CUNA), a trade association. They are more likely also to work with you if you hit the rough spots and require longer to complete payments. “You have a story that is unique and it’s much greater chance of being heard by a credit union. When you work with large financial institutions there is a greater chance that you will encounter underwriting that’s established in stone and executed at a corporate headquarters a couple of states away. Walk into an institution like a credit union, and you’re likely to have a discussion.” 3. A user-friendly loan process Gone are the days of needing to go to a branch in order to get a car loan. Many credit unions are now letting you apply online, over the phone, or . If you are applying for financing at a dealer, “invariably, the dealer may refer you to credit union financing as well as the credit union that you can join as a member,” Schenk says, “so it’s an easy procedure.” Still you must do some research before going to the dealership. Some dealerships don’t work with credit unions, and if you’re able to be a member it is likely that you will get the best deal when you work directly with the credit union. Additionally, you’ll receive a favorable loan offer before you begin car shopping and you will not be required to pay a markup from the dealer on your rate. 4. Credit unions offer a variety of other benefits Members, not shareholders, are the owners of credit unions, and any profits they earn go to members in the dividends. Credit unions can also transfer profits to their members via higher rates on deposit accounts as well as on loan products, like auto loans. The majority of credit unions participate in a shared branch and ATM network. Schenk states that CUNA’s members are part of a shared ATM network with more than 40,000 locations. Credit unions are focused on educating their customers, too, so you can get advice on the best financial choices for your particular situation. “Credit unions offer full-service with the same products like banks. They’re structured differently which results in substantial advantages for members of credit unions,” Schenk says. This focus on the member could result in a more precise discussion regarding your financial situation prior to when the credit union either approves or refuses your loan. Credit unions are often more understanding and flexible than traditional banks when it comes to making lending decisions. 5. It’s easy to join. There are those who believe credit unions are only open to people who work for an industry, company or government organization, and that those who are not member of a particular group isn’t able to join. Meyer says this is no longer the case. “Most credit unions allow anyone to join.” CUNA has credit unions with community charters that permit them to serve more geographical regions. If you seek a credit union near you then go to the website and enter your zip code. “It is a shock to find a consumer who didn’t have access to an institution of credit,” Schenk says. 6. Car loans make up a large portion of what credit unions do Don’t be shocked to hear that an auto dealer will refer customers to credit institution prior to you even go to a bank. Credit unions for both used and new vehicles alike increased year-over-year in 17.9 percent and 19 percent and 19 percent, respectively, according to 2022 . Credit unions had $166.8 billion of loan balances for new cars at the end on the last quarter in 2022’s third quarter and $305.3 billion of used cars. How can I apply for an auto credit from a credit union loan? Financing a car through a credit union is similar as other loan providers, with the exception the membership requirement. If you are a member, you can apply for an auto loan via the internet, over the telephone or in an office, depending on the credit union. A majority of credit unions review the following information to determine your eligibility for an auto loan your personal information. Your income and employment information. Your . The VIN number for your vehicle. (VIN) and the mileage of the car you wish to purchase. You must show proof of insurance the credit union during the application process. Note that although you may be able to enroll and request an auto loan on the on the same day, certain credit unions may require you to wait for a few months or even two before you apply. What are the main differences between a bank, dealer and credit union auto loan? The main difference between a bank or credit union auto loan is the terms of financing. Some banks can offer promotions particularly when you have a good relationship, a solid payment history and . Credit unions and banks might offer incentives such as autopay discounts if you’re an existing customer. However, since credit unions are not-for-profit organizations and owned by the members, they typically receive better rates and lower costs compared to banks that are for profit that have shareholders who own. If you take out a auto loan and you are approved, the loan comes from a third-party financial institution. Dealers receive compensation to connect you to the financing partner of one. Because of this, there may be better alternatives to the rate that you receive from the dealer versus a bank or credit union. Plus, if there is an issue with the financing firm they won’t be able to help you — you will have to sort it out yourself. The bottom line When purchasing a new or used car There are many options for financing. If you are a member of a credit union, you could have access to lower rates of interest and costs compared to big banks as well as dealership loans. The process for applying is the same once you’ve gained membership and the benefits could aid in getting approved even when you don’t have the highest credit score.

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Written by the Personal finance contributor Meaghan Hunt is a researcher 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 now writes, edits and conducts research as a full-time freelancer. Edited by Rhys Subitch Edited and written by Auto loans editor Rhys has been editing and writing for Bankrate since the end of 2021. They are enthusiastic about helping readers gain confidence to take control of their finances with precise, well-studied information that break down complex topics into digestible chunks.

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