Credit unions are nonprofit, member-owned institutions. Credit unions are ready to assist the community through many services, such as checking accounts, credit cards, and automotive loans.
If you’re in the market for a car, loans from dealerships and banks can be extreme! You need something more feasible to purchase your perfect car. Read on to learn why you should use a credit union for your next auto loan.
Lower Loan Interest Rates
The monthly loan payment for cars lingers at around $700. Alongside increasing interest rates, that figure is difficult for many people to afford. Interest rates from most banks and dealerships range from 6–7%.
Conversely, credit unions offer significantly lower rates. For example, Democracy Federal Credit Union offers interest rates as low as 2.6%. On average, the available interest rate available for approval won’t exceed 5.0%. This is an amazing difference that will save you money throughout the years.
Personalized Accommodations
Banks and dealerships have strict rules and regulations. There is little to no room for adjustments based on individual scenarios.
On the other hand, credit unions are willing to listen. They see a person rather than only a credit score. The team will meet with you and have a discussion to examine all your available options. The flexibility of credit unions makes them unmatched by any other auto loan service. With a credit union, you’re all but guaranteed to find the financial support you need with your loan.
Incredible Customer Service
Nothing compares to the service provided at credit unions like Democracy Federal Credit Union. Our goal is to guide you through each financial endeavor. When it’s time to refinance a car loan, we’ll assist with that too!
Democracy Federal Credit Union values our community. We understand that managing finances is stressful. You’ll get to know our team, receive great financial advice, and feel confident about your decision to use a credit union for an auto loan.