Consumers who are looking to get financing for a loan with the best options for interest rates and fees should consider applying to their local credit union in New Bedford. Compared to banks, which work to increase profits for shareholders, credit unions work for their members, passing on any profits through reduced or eliminated fees, higher interest earnings, and lower interest rates on loans. Whether you desire a credit union auto loan or home loan, you can count on St Anne Credit Union to help you get the best deal available in Southeastern Massachusetts. As a member, you can take advantage of all the opportunities for New Bedford credit checking savings and loans to help you manage your money and increase your financial health.
Credit Union Loans vs. Bank Loans
When you start looking at a credit union, you realize right away that they are very similar to a traditional banking institution in the type of products that they offer. Savings accounts, checking accounts, money market accounts, Certificate of Deposit (CD) accounts, and a wide range of credit union loans are available to help members grow their money and finance homes, cars, retirement, education, and many other necessities of life. Most credit unions will offer fewer or lower fees than you will see at a traditional bank, as well as many other advantages. One of those benefits is the ability to get a credit union auto loan, home loan, home equity line of credit (HELOC) or personal loan.
Because a credit union is a not-for-profit organization, it is owned and operated by its members. What that means is that when you join a credit union, you get a voice and a say in the decisions that are made by the institution. As a result, it is often easier to get a credit union auto loan than to obtain financing through a bank or dealership. This can be a huge advantage to members who have had a tough time getting financed elsewhere or who have been subject to high-interest rates in the past. Some credit unions have more relaxed requirements, lower or eliminated fees, and easier application processes than traditional banks, making them very attractive for individuals who have issues with New Bedford credit checking on applications.
How to Join St Anne Credit Union in New Bedford
All credit unions require their members to meet certain criteria before they can join. For example, a few restrict membership to individuals who work within a particular industry or trade, while others are even more restrictive and require members to work at a specific place of employment. Auto union workers, public school teachers, electricians, college or university employees – these are typical examples. However, if you are interested in joining our credit union in New Bedford, the only criteria is that you need to work or live in Plymouth and Bristol counties. Begin by applying to open a Share Savings account at our branch location on Union Street in New Bedford, Massachusetts. Once you are a member, you can open a checking account or apply for credit union loans.
It is essential to understand that the National Credit Union Administration or NCUA is responsible for managing a database of credit unions across the country. They provide credit unions with the ability to offer members federal insurance for deposits similar to the Federal Deposit Insurance Corporation or FDIC, as you may know from traditional banking protections. The NCUA regulates and insures the deposits of credit unions, while the FDIC regulates and insures the deposits of banks. This helps you to know that your deposits are protected and secure by government regulations and oversights. St Anne Credit Union in New Bedford is a member of the NCUA, as well as the Massachusetts Credit Union Share Insurance Corporation or MSIC.
Advantages of Credit Union Loans
It is often a lot cheaper to use financial products at credit unions than it is at a traditional bank. The rate for a credit union auto loan will likely be much less than at a dealer financing company or other commercial banks. Credit unions will typically offer a much lower APR on all types of loans, including mortgages, personal loans, credit cards, and auto financing. You can save even more when you do all of your banking at a credit union, as there are many discounted rates or eliminated fees for things like checks, electronic transfers, and withdrawals, as well as FREE ATM use at SIM ATMs, which are located all over the Southcoast region and all across the country.
Ask about other free or low-cost fee options for things like overdraft fees, monthly account charges, and non-SIM ATM usage. Our representatives can answer any questions that you might have about joining a credit union in New Bedford. Give us a call at 508-993-0011 or stop by our location at 93 Union Street during business hours.