3 Reasons to Get an Auto Loan Through Your Credit Union

The vast majority of car buyers are using some form of financing when they buy a new or used vehicle. More of these folks are choosing to get their loans through credit unions these days. While there are a lot of good reasons for this, we’ll narrow it down to the top three:

Lower Rates:

Credit unions consistently beat banks, dealers and alternative lenders on auto loan rates. In fact, the latest survey from Datatrac comparing average auto loan rates found that CUs beat banks by a substantial margin for both new and used car loans. This was true across the board, including loan terms ranging from 36-72 months.

Shop around, and you’ll be very pleased with how competitive your CU is on rates.

Better Service:

According to the latest American Customer Satisfaction Index (ACSI), credit unions still beat banks in customer satisfaction. When you’re facing the stress of a vehicle purchase, it’s nice to deal with people who treat you with care and respect. You can trust that your CU is offering you the best deal it can because your CU is a not-for-profit institution, and therefore isn’t trying to squeeze every last dollar out of the deal.

Your credit union cares about what happens after you sign on the dotted line as well, because when you get your loan through a CU you become a member of that CU. This translates to a level of personal service you just don’t get from other types of financial institutions.

A Financial Relationship:

Like we said: you are not just a customer of a credit union, you are a member. This means that you are a part-owner of that CU. CUs take a holistic approach to your financial well-being, in part because your happiness and well-being are what builds the success of the CU. So, the great rates and service you receive with your auto loan can be seen in every other aspect of the relationship, from checking and savings accounts to personal loans, investment and more.

So, when it’s time to shop for vehicle financing, be sure check with your credit union before you accept anyone’s offer. Chances are, your CU will have the best deal in town.

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