When searching for a car loan, many shoppers tend to forget one of the best options available: their local credit union. However, this is largely a mistake because credit unions offer some great benefits when it comes to auto loans. For those currently shopping for a car, here are some of the benefits a credit union can offer.

Lower Interest Rates

When comparing auto loans, the interest rate is usually the most important consideration for the majority of people. To that end, credit union rates are generally much lower than nationwide banks and other financial institutions. The goal of a credit union is not to make a profit, but to pass on financial value to members. This makes rates very competitive and affordable.

Experience

Believe it or not, auto loans are a large portion of business for a credit union. Because they offer so many benefits to consumers, many people secure a loan through credit unions. Most other financial institutions simply can’t offer that same level of expertise.

Friendly Service

Most credit unions are local, which means more personalized service from their employees. Because credit unions value local communities, they may be able to extend a loan offer when other financial institutions cannot. Even in unique situations, representatives are available for assistance.

Easy Application

Though most credit unions are happy to offer face-to-face assistance during business hours, most don’t require members to come inside for a loan application. Applications are usually available online, and the loan can be closed over email.

Membership

When a person accepts a loan offer from a credit union, they become a member of that credit union. With that comes many additional benefits. In fact, credit unions offer most of the same services as large banks, but with the added benefits that only a credit union can provide. Best of all, membership is simple and easy.

Apply Today

If you have any additional questions about obtaining an auto loan with a credit union, please contact us for assistance. We are also happy to answer any other questions you may have about membership or our financial services.

Source: Bankrate