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Why Consider a Credit Union for a Car Loan

Posted on Sep 20, 2011 by Thalia Green
Sep 20

credit unions car loansAre you a member of a credit union? If so, you're in luck! Being a member of a credit union can afford you some great benefits. Larger companies or organizations will sometimes offer the option of joining a credit union. Here are some reasons that you should give serious consideration to joining a credit union.

 

1) Credit unions are non-profit.
Unlike a traditional financial institution, credit unions are not operating to make profit. They are looking out for the interest of their members, not their own interest. As such, you are more likely to get impartial advice from a credit union than from a bank. The credit union has no motivation to not give you the best information possible.

 

2) Credit unions generally have a record of providing better service.
Because they operate for the sole purpose of serving their members, credit unions must raise the bar in terms of service to compete with more traditional financial institutions. Most credit union members will say that the service they receive from their credit union is better than the service they received in the past from banks. If customer service is important to you, a credit union might be the way to go.

 

3) More convenient.
Many people chose their financial institution based on how convenient it will be to bank there. What can be more convenient than your workplace's in-house credit union? Most people travel to work five days a week, and typically a branch for the credit union will be nearby the workplace, if not inside the workplace itself. With gas prices being fairly high right now, not having to waste gas to do your banking errands can be a great perk.

 

4) Lower interest fees.
As stated before, credit unions are non-profit organizations. As such, they generally offer lower interest rates on all kinds of loans, including car loans. If you are a member of a credit union or have the means to become one, it can be well worth your while to see what kind of loan your credit union would be willing to offer you.

 

Not everyone has the option of joining a credit union. For those who are in business for themselves or work at a smaller company, credit union membership might not be available. but if your workplace does have a credit union, it's well worth looking into. The amount required to open an account is usually minimal, and you'll enjoy great service and low rates.

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