5 Reasons Why Credit Union Auto Loans are a Better Option

When most people start looking around to purchase a new or used car, they typically just go straight to the dealer and shop around for prices and deals. Unfortunately, most people end up submitting themselves to the mercy of the car dealer and just take the auto loan options given to them through the financial institutions used by the dealer. If you want to get the best possible deal for your next auto loan, take a look at the list below and visit a local credit union in New Bedford to see all the reasons why credit union auto loans are a much better option.

Reason #1 – Credit Unions are Different

A credit union is different than a traditional bank or other financial lending institution. A credit union in New Bedford is more than just a place to do your banking or financial business. Credit unions offer loans and financial services to people through a cooperative membership.

Reason #2 – The Power of Membership

Currently there are over 90 million credit union members in the United States and locally, at St. Anne Credit Union in New Bedford, there are over 3100 members located in Bristol and Plymouth counties. Overall, throughout the country, credit unions save their members an estimated $8 billion a year in fees, dividends and other opportunities.

Reason #3 – Simpler Loan Process

Credit union auto loans may be easier to get than loans through banks or other financial institutions. The reason for this is that credit unions cater more to their members who apply to purchase a new or used car than a non-member organization would. Depending on the credit union and your unique situation, you might get approved for a car loan at a credit union even if you would be denied at a bank or other loan center.

Reason #4 – Ability to Pay Determination

When you apply for a car loan at a credit union where you are a member, the ability to figure your ability to pay the loan when you purchase a new or used car is much easier to determine. The reason is that most members of a credit union in New Bedford do all of their financial business at the credit union, including checking accounts, savings accounts, mortgage loans and financial investments. All of this information, plus your good payment record and current balance for each, can help to expedite your car loan at a credit union.

Reason #5 – Better Rates

Overall, most credit union auto loans offer better rates to their members than banks or other outside financial institutions available through your local car dealer. For many people, this is the number one reason why they choose to get a car loan at a credit union. Whether you decide to purchase a new or used car, or if you want to put down a large or small down payment, your credit union in New Bedford can give you the straight scoop on the best possible deals available for your credit union auto loan.

How to Get a Car Loan at a Credit Union

While it can be easier to get a car loan at a credit union, there is still an application and approval process that you must go through. First, you must be a member of the credit union in New Bedford in order to apply for a car loan. The process for becoming a member is easy, but you should join the credit union before apply to purchase a new or used car. Depending on a number of factors, you can still apply for a car loan at a credit union as a new member, but it is in your best interest to join and establish yourself as a member first.

Once you are a member, you will also have to fill out an application. Speak with your local credit union auto loan representative for details about the information you’ll need and what you’ll need to do to be approved for a car loan at a credit union. Depending on the market and the credit union in New Bedford you may need a credit score of 600 or better. Again, check with your representative to find out what the target credit score requirements are for current members.

Contact St. Anne Credit Union in New Bedford for information about membership, member credit union auto loans and what you need to do if you want to purchase a new or used car. You can visit the Union Street location in New Bedford or contact a helpful representative at St. Anne by calling 508-993- 0011.