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Should You Get a Credit Union Car Loan?

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It is interesting to note that while Los Angeles has one of the best public transportation networks in the United States, many of the city’s residents prefer to commute by car rather than use subways, light-rail, buses and shuttles. If you wish to get around Los Angeles in your own ride and you are a member of a credit union, there may be no need to look further for your source of financing.

Why should you get a credit union car loan? Here are a few good reasons:

 

Competitive rates and terms: Among all lenders, credit unions are known to offer the lowest rates available. Credit unions are non-profit, and can therefore afford to offer financing at lower rates than other auto lending sources. You can save a fortune by taking out a credit union car loan because you need not pay too much interest. Even if you opt for a longer loan term, the overall cost will still be lower. Of course, the rate you will get still depends on your credit rating.

 

Borrower-friendly lending process: Applying for a car loan at the credit union can be as convenient as doing so at the dealership, but is not as time-consuming. Credit unions are able to deliver faster service because they are without steep organizational levels. What this means is that the organization need not obtain approval from multiple sources to grant the loan. Hence, you can get a loan quicker and without much hassle from your credit union. You may even apply online or over the phone.

 

Exclusive deals: It is true that there are deals that only dealers can offer, but it is also true that there are deals that only credit unions can offer. Believe it or not, you as a credit union member are eligible for a number of perks that are not given to other consumers. So while you may not qualify for zero percent financing, you qualify for other noteworthy promotions.

 

Available credit: Even when times are tough and credit seems to have dried up, you can expect credit unions to still have enough car loan money to lend consumers like you. In the financial crisis of 2009, credit unions in the United States had $80 billion to grant for low-cost car loans.

 

Member-oriented: If you apply for a car loan at your credit union, you can expect better treatment and service. Why? You are seen as a member of the community, not just a borrower. Your credit union will go out of their way to assist you with what you need. In the event you find yourself struggling to make payments, your credit union will be more willing to work with you. They are more considerate, especially if your financial troubles stem from unemployment, divorce or a medical emergency.

 

A credit union is but one of several auto lending options available to you, but it sure is a good one. As great as credit union car loans are, make sure to weigh all your options before making a decision. Comparison shop to see which lender offers the best deal out there.

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