Being a member of a credit union has its privileges. One of the biggest advantages is the ability to get new and used auto loans at a better rate than you would get at the car dealer. The process of getting a credit union car loan is also much easier for members than it would be to go through a dealer, bank or other financial institution.
There are many reasons to join a credit union. Beyond that there are several reasons why you should apply for new and used auto loans at your local credit union in New Bedford. This article will focus on the benefits and advantages to joining a credit union for the purpose of purchasing a vehicle.
Reason #1 – Credit Unions Have Money to Lend
Many banks are withholding loans in the current economic market – even to long-time customers and investors. Credit unions have money to lend and are ready to do so for their members. In fact, statistics show that in 2009, while the rest of the financial industry in the United States was reducing credit through local and national institutions, credit unions made over $80 billion available for the purpose of lending. Despite the fact that many banks are returning to the business of lending money to their customers, many Americans are still turning to credit union car loan options because of the many other advantages associated with the way they operate.
Reason #2 – Better Rates and Terms
The rates available to members for a credit union car loan are usually just as good as or even better than the rates being extended by nationwide banks and other financial institutions associated with the car companies. In addition to competitive rates, credit unions will frequently have better loan terms for their members than other lenders, making it easier on the buyer all around.
Reason #3 – Members and the Community Come First
Credit unions are much more likely to work with their members than banks are to work with their customers. While there are no real differences in the way that banks and credit unions process payments or set up new and used auto loans, credit unions are usually much more in tune with their local community. Many credit union representatives know most of their customers on a first-name basis and because of this, are more willing to help members if they are experiencing a problem.
Reason #4 – Simple Loan Processing
If you’ve ever bought a car through the dealer or through a nationwide bank, you know the headaches and red tape involved throughout the process. Your local credit union in New Bedford works hard to make the process as user-friendly as possible. You can either work face-to-face with your credit union car loan officer, over the phone or in some cases, online.
Reason #5 – Easy Membership Opportunities
Credit unions used to be more strict in their membership policies. Some credit unions still require you to work at a certain company, within a specific industry or for a particular department with the government. St. Anne Credit Union in New Bedford, Massachusetts allows memberships to anyone who works or lives in Bristol or Plymouth counties.
Reason #6 – Tons of Perks
As the article stated at the very beginning, membership has its privileges. Credit union members receive a lot of awesome perks that are unique to the credit union experience and not available through banks or other financial institutions. Competitive rates, better deals on new and used auto loans, dividends paid annually on member savings accounts, better interest rates and more. Ask your representative at your credit union in New Bedford for details about the perks available through membership.
How to Join a Credit Union in New Bedford
If you are not currently a member of a New Bedford credit union, there has never been a better time than now. All it takes is $25 to open a Main Share account with St. Anne Credit Union to start your membership. Members at St. Anne have the right to participate in the election of Board Members and they receive a profit share through dividends each year.
Membership at St. Anne Credit Union in New Bedford is open to anyone who works or lives in Bristol County or Plymouth County Massachusetts. Credit unions are made up of equal and fair members who all have the same vote regardless of the services used or the amount of money invested.
As a non-profit organization, any profits made are shared by the members through reduced costs for loans and fees, as well as increased dividends on savings. For more information or to join St. Anne Credit Union, just visit the 93 Union Street location or call locally at 508-993-0011.