Is a Credit Union Auto Loan Right for You?

When you are looking to buy a car, either new or used, you might want to consider a credit union auto loan. If you are a credit union member, an auto loan from them could be the way to go. Credit unions offer favorable interest rates and terms.

Finding Your Car

Visit car dealerships and find the automobile you’re looking for. Maybe find a couple that you would like to own. Then off to the credit union and make your application. Before you go:

  • Check and re-check your credit report. Make sure it is accurate. Take care of any issues you may find. This is vital and will help determine your interest rate and what type of auto loan you qualify for at your credit union.
  • Do some research and find out what types of auto loans are available at your credit union. Compare the benefits. Decide which one best fits your needs.
  • Have an accurate representation of your household income, assets and liabilities. Include previous year’s tax forms and any other income or liability information you have.

Things to Keep In Mind

Credit Union auto loans are a good way to go in our current economic state. Automobile manufacturers are offering incentives for credit union members. Keep in mind that credit union auto loan rates are different for each type and year of automobile. Before your credit union auto loan can be finalized, you will need to provide the credit union with, a copy of the buyers order, purchase agreement, or work sheet showing purchase price, your trade (if applicable), plus tax, title, and license. Your credit union will also require proof of full coverage insurance for your new automobile. 

Get The Best Auto Loan From Your Credit Union

If the automobile dealership is offering incentives, talk them over with your credit union representative before choosing their option. Your credit union will run all the numbers for you so you can choose the right auto loan.

If you can put a down payment on your auto loan, you will save some more money on your loan. Again, ask your credit union loan representative to run those numbers for you.

Other Incentives

Find out if there are any federal, state, or local government incentives. The government is currently offering incentives that will help you get that credit union auto loan. Any amount of money down or rebate should be fully investigated with your credit union representative. They will help you make sure you are getting the very best deal for your auto loan.

Bottom line, do your homework! Work closely with your credit union. They will help insure that you get the best auto loan possible for your personal needs.

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