Credit Union Auto Loans
When They Compete,
Credit Union Auto Loans are a great source for money when buying a new or used car. They're even better when you can make credit unions compete for your business by offering you the lowest rates possible (I'll show you how in just a second).
Most will have great "full spectrum" loans available, meaning rates and terms are very good for both new and used cars (even with older, higher mile vehicles).
The credit range for most credit union auto loans is usually from average to excellent and many offer first time buyer programs that are much easier to get approved for than traditional banks.
If you are a current member of a credit union be sure to contact them and find out what type of rates they are offering for different terms, i.e. 48, 60, 72 months... Compare these rates to the ones you'll get below.
Score Is Important
I've found that credit unions are very credit score driven and their finance rates will be a direct reflection of your credit score.
If you have an excellent credit score, then you'll get excellent rates, average score, then average rates and lower scores will typically be declined.
I'd suggest checking your credit score ahead of time to clean up anything that may be dragging on your score in order to get the best rates available.
How’s your credit score? 0-600 Poor, 601-680 Fair, 700-774 Good, 775+ Excellent. Find out your Score now FREE!
Make Them Compete & You Win!
Apply for an Auto Loan Now with My Auto Loan and you'll receive up to four competing quotes. Use those to compare to the credit unions in your area. Whoever is lowest wins!
If you find there are no credit unions in your area working with Money Aisle, don't worry, it's fairly simple to find them and just as easy to become a member.
Simply use this credit union locator with The Credit Union National Association to search in their nationwide directory.
Or, if you live in a larger city, for instance Los Angeles, simply do a Google or Yahoo! search for "Los Angeles Credit Unions" and voila, you'll have plenty of credit unions to choose from.
Be sure to check their membership requirements, because you don't want to waste a bunch of time checking their rates only to find that you are not eligible to become a member.
Most of the time the only requirement for membership is to live in a certain zip code.
Once you have had your first well paid auto loan with a credit union, you will begin to build an excellent relationship with them. Future loans are much easier to obtain and are usually as simple as picking up the phone and making a quick call.
I've personally had three credit union auto loans with my local branch and have had an additional five personal loans with them. If I am ever in need of money, I know that it's only a phone call away.
Credit Union auto loans are also a great source for customers (with good credit) looking for car title loans. If you need some cash and you've got free and clear title to a vehicle, then this is a much better way to go than the traditional outrageously high interest auto title lenders.
Return from Credit Union Auto Loans to Auto Loans
Go to Insider Car Buying Tips home