How To Finance A Car Through A Credit Union

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The direct loans that are used to finance cars from private sellers can come from any direct lender, whether that’s a bank, credit union, or online lender. When you have bad credit, getting approved for one of these loans can be difficult. You’re more likely to have better luck if you go through a financial institution where you have a history.

How to finance a car through a credit union.

Best Car Loan Rates From Credit Unions. Here’s a roundup of some of the top credit union loans for cars — offering the lowest auto financing rates, the best terms, the best credit union auto loan rates and the overall best auto loans to its members. Additionally, if you get a loan from a credit union you likely won’t be surprised by any hidden costs associated with auto loans.
So I went to a local credit union that is a couple blocks away from my house and applied for an auto loan through them. To my surprise, they actually approved me for an APR lower than what I was expecting. I go in today to finalize the sale with the dealership and figured out I am saving over $500 going through the Credit Union.
As of September 2018, the average bank APR for a new-car loan on a five-year term is 4.93% while the average credit union APR is 3.37%, according to the National Credit Union Administration. If you were to finance a new $25,000 car at 4.93% APR on a five-year loan, your monthly payment would be $471.

A credit union is a cooperative financial institution where members can obtain loans from the collective pool of funds. Many people consider getting auto loans from the dealer, the bank, or an online lender, but never stop to consider the potential benefits that a credit union could offer you.
Maybe that’s one reason why credit union membership is growing so fast, as U.S. credit unions have added 4.6 million members in the past year (through June 2017), according to the Credit Union.
Credit Union Auto Financing. Another option for financing a vehicle purchase is to apply for an auto loan through a financial institution such as a bank or credit union. This is similar to financing through the dealership where your loan rates are determined on a number of factors such as creditworthiness, income, and payment history.

Should I Finance a Car through a Bank or Dealer? The bank or dealer quandary. The two most common options for obtaining financing for a vehicle are through either a bank or a dealer. Neither is necessarily better or worse than the other, but in either case, shopping around is essential in receiving the best deal.
Though these car loan rates aren’t as good as the few zero-percent interest car deals offered by some new car manufacturers, they are better than the current average new car loan rate, which is currently 4.24%.. To see how much a credit union car loan could save you, let’s do a comparison using our car loan payment calculator.We’ll assume a 36-month new car loan rate of 4.24% from a bank.
Credit Union Membership Has Its Benefits. With a bank or car dealership you’re a customer, but with a credit union you’re a member, a very different status with some distinct and valuable benefits. As a credit union member you may receive better rates—and special discount promotions—that are not available at larger financial institutions.

Credit unions often have lower minimum loan requirements or none at all. For instance, a $5,000 loan to buy a used car might be too small for a bank to finance, but not for a credit union. There are also a few downsides to financing a car through a credit union. You have to be a credit union member to apply for a loan.
Don’t be surprised if an auto dealer refers you to a credit union before a bank. Credit-union loans for new cars rose 14.3 percent over the 12 months that ended Sept. 30, 2017, and used-car.
Unlike some other forms of car finance like Hire Purchase or a Personal Contract Plans (PCP), with a credit union car loan, you own the car from the outset. There are no scary hidden fees or charges and definitely no balloon payments or mileage restrictions. If you want to own the car you’re driving and want the freedom to decide when to sell.

Typically, the dealership will try to get you to leave with the car on what is called a one-pay. They will have you sign all the loan documents to buy the car through them and give you 3 days or so to get a check from the credit union. If the credit union financing does not go through, then they submit the loan paperwork.
Do the homework necessary to create the best opportunity for a credit union car loan and follow the steps above. Disadvantages of Credit Union Car Loans. There are three disadvantages with financing through a credit union: lack of convenience, lag time, and stringent qualification requirements.
In addition, they may eventually finance a home or other property, such as a boat or an RV, with you, and take advantage of the other services your credit union offers. An example of the Provident Credit Union making it easier for customers to lease cars by providing a loan calculator.

Refinancing your car not only lowers your monthly auto payment and interest rate, it helps with debt consolidation as well. Refinancing through a credit union is one of your options when you are looking to do this. The advantages of dealing with a credit union are numerous.
On a $20,000 used car loan with a 48-month term, the monthly payment for a credit union loan at 2.86% would be $441. But the same auto loan with a bank at 5.09% would be $461 per month.
A credit union can also discuss car loan options with you. Compare the financing they offer you with the financing the dealer offers you. Because offers vary, shop around for the best deal, comparing the annual percentage rate (APR) and the length of the loan. When negotiating to finance a car, be wary of focusing only on the monthly payment.

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