Auto Financing Through a Credit Union: 3 Benefits

Auto financing through a credit union provides three major benefits: better interest rates, faster loan approval and personalized service.

  • Better Interest Rates: A credit union is able to provide lower interest rates than larger banks. A credit union offers lower rates because they are community organizations and this can help a borrower save money.
  • Faster Loan Approval: Credit unions are able to pre-approve many auto loans, giving borrowers an amount of money with an interest rate before they even set foot in the dealership. This gives them a good idea of what they can afford before starting to shop, and saves a lot of time and hassle at the dealership.
  • Personalized Service: Credit unions require borrowers to be a member they offer loan products to a borrower.  Most of the time, people bank there and are familiar with the staff and services before getting an auto loan.

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