There are lots of ways to buy a new or used vehicle. You can save up and buy it cash out-right, you can get a loan through a financial loan company via the car dealer, you can finance the car through a large banking institution, or you can get a credit union auto loan. Whether you are currently a member of St Anne Credit Union or not, there are many reasons why you should consider joining by opening up a New Bedford share savings account, and applying for a credit union auto loan. There are lots of advantages to working with a credit union in New Bedford instead of all the other financial options mentioned above. Once you see the difference between credit unions and banks, while noting the similarities between a basic share savings account and a traditional checking or savings account, you will see why so many residents in Plymouth and Bristol counties trust St Anne Credit Union in New Bedford for all of their banking and financial needs.
St Anne Credit Union is a member of the Massachusetts Credit Union Share Insurance Corporation (MSIC) and is an equal housing lender. We do credit union auto loans, home loans, equity loans, personal loans and extend financing in other ways. We are a member of America’s Credit Unions and a member of the National Credit Union Association (NCUA), which means that our members are insured much in the same way that banking customers are insured through the Federal Deposit Insurance Corporation (FDIC), where individual accounts are protected up to $250,000. Credit unions are a great opportunity for consumers to borrow they money they need to make the big purchases and investments that they require.
5 Things You Might Not Know About Credit Unions
If you have never joined a credit union in New Bedford before, there are things you need to know that will help you navigate the system. The first thing is that you are a member, not a customer, and there is a huge distinction between those two ideas. Members participate, vote for and elect a board of members who make decisions for the credit union, which is a non-profit organization. As a non-profit, members reap the benefits of any financial gains made by the credit union, which come in the form of reduced or eliminated fees, lower interest rates and other opportunities. That’s just the beginning. When you open your New Bedford share savings account, you are opening yourself up to a whole new banking experience.
#1 – More Supportive & Understanding – When you work with a local credit union, the representatives are more likely to care, work harder and try harder to help you if you have problems making payments or have other issues during the term of your credit union auto loan. Overall, credit unions and their representatives are much more in tune with the needs of the local community and their members than any bank is with its customers.
#2 – Car Loans are Readily Available – Despite some of the lulls that the banking industry has experienced in the last five or more years, credit unions in New Bedford and all across the country are going strong due to the support of their memberships. Credit unions are more aggressive in making car loans available to their members, while other financial institutions are still struggling to recover from the recent financial crisis.
#3 – They are Competitive – Compared to traditional banks, the rates and terms available through your local credit union in New Bedford are more competitive. For example, the average term for a credit union auto loan is 70 months, providing members with lower payments and options with regard to repayment. Our share savings accounts and other financial tools, available at St Anne Credit Union in New Bedford, are designed to help you put your money to work for you.
#4 – Simple Membership Requirements – You have likely seen credit unions that require you to work at a certain company, work within a specific industry or be an employee of a government entity, such as a town, county or state. However, today’s credit union in New Bedford has simpler membership requirements. For example, at St Anne Credit Union, the basic requirement is that you must either work or live in Plymouth or Bristol counties in Southeastern Massachusetts to open a basic New Bedford share savings account and become a member.
#5 – Lots of Perks – When you become a member of your local credit union in New Bedford, you are afforded lots of perks that you will never see offered at a traditional banking institution. Simpler application processing for credit union auto loan and home loan opportunities and in-person loan applications with your local representative are some of the more obvious perks. Competitive rates, reduced or eliminated fees, as well as other streamlined methods used in processing, help make credit unions a clear advantage of regular banks.
If you are thinking about joining St Anne Credit Union in New Bedford and would like to learn more about how opening a basic share savings account can help you get a credit union auto loan, give us a call at 508-993-0011. Our team will help you with any questions that you might have or we can schedule an appointment for you to meet with one of our representatives at our location on Union Street in New Bedford, Massachusetts.