6 Reasons to Get Your Car Loan at a Credit Union
If you’re thinking about buying a new or used car, you may consider taking out a car loan. Don’t limit your financing options to banks, and please avoid payday lenders! There’s another type of lender that many individuals often overlook when hunting for a car loan: credit unions. We are nonprofit organizations which offer financial products like banks but offer excellent money-saving deals. Here are six reasons why you’ll be better off getting your car loan at a credit union.
Access to Lower Interest Rates
Car loans offered at credit unions typically have an interest rate that is lower – sometimes much lower - than the average rate at competitor banks. Check Del Norte Credit Union’s rates here, and then compare what you can find at a local bank. With a credit union loan, you may be able to save hundreds of dollars over the life of your car loan!
You’re Offered Personalized Service
Credit unions work to offer all our member-owners excellent customer service. Members tend to have a more personal experience when taking out their auto loan because the decisions are made by our staff – your neighbors - instead of a corporate office. There’s more flexibility in the underwriting process, and you can openly review your financial situation and repayment options.
It’s Easy to Become a Member
You may have heard that there’s limited qualification to become a member of a credit union and not just anyone can join. That is not a problem at Del Norte Credit Union. We welcome new members.
There’s a Better Chance of Being Approved
If you’ve had credit problems before, a credit union might be more willing to listen to your story than a bank. Many credit unions are prepared to help with the unique situations and needs of the members. If you’re worried about not getting approved because of your credit history, consider approaching a credit union first. Don’t forget Del Norte Credit Union also offers free financial counseling and debt management services through our partner GreenPath.
The Car Loan Process is User-Friendly
In the past, members had to visit a branch and apply for a loan face-to-face with a loan officer. Today, loan applications can be completed online, over the phone, or at an auto dealership. We offer the latest technology - get approved for a loan in minutes online. Sign paperwork electronically. Make it an easy credit union auto loan! And remember a credit union may be willing to make some adjustments that a bank wouldn’t if your credit isn’t the best. We strive to make the entire process easy and user-friendly.
Credit Unions Offer Numerous Other Benefits
In addition to being member-owned, credit unions try to offer the lowest auto loan interest rates. Each one of our credit union financial products has flexible loan options, lower fees, and thus more savings. If you’re in the market for an auto loan in Española, White Rock, Santa Fe, Los Alamos, and Northern New Mexico, look no further than Del Norte Credit Union. Contact us today to speak with a loan officer or apply online here.