Buying a car is always an exciting experience, regardless of whether it’s a new car or a used one. Most times, people go to dealerships to finance their car loan due to the attractive offers they project. However, it’s more beneficial when you check out who offers the best rates around you; it’s even nicer when you start with credit unions. Below are some reasons why getting a car loan from a credit union is probably the smartest choice you’ll make.
Faster Loan Approval
You might have difficulty getting banks or dealerships to approve your loan for you, especially when you have a faulty credit report or a problem with your credit in the past. You can easily bypass this problem by visiting a credit union; they would be more willing to hear out your story than a commercial bank would
A credit union doesn’t operate like a commercial bank or any other lender, in fact. They have a membership, and most of the time, the loaning process can easily take place through the phone. If you make the decision to go to a dealership to finance your car, your dealer might choose to refer you back to a dealership where you can easily become a member and get your loan as soon as possible.
Best Loan Rates
The best car loan rates you can get would be with a credit union; they offer outstanding rates to their members and other institutions. People love to check out credit unions because you would always find their loan rate to be at least a percent lesser than what you would be getting from a bank or a dealership. It is a competitive market out there, and compared to other lenders out there, credit unions are your best bet if you’re looking for lower rates.
This is another excellent point why you should check out credit unions for your loans; they also educate their members about their options before buying a car and the value of the car they would like to get. This is advantageous to someone who is buying the car for the first time, as the credit union will educate you on the right choice. They also offer to teach members how to find out what the real value of the car being bought is instead of relying on what the dealer says; this can significantly impact your ultimate resolution.