Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
CUNA To USNews: Five Reasons To Shop For CU Car Loan
MADISON, Wis. (4/23/13)--Among all the reasons to shop at a credit union for car loans, five in particular stand out, Mike Schenk, senior economist at the Credit Union National Association, told U.S. News and World Report Monday.

In the article, "My Money: 5 Reasons to Shop at a Credit Union for Car Loans," Schenk said consumers are better off choosing a credit union over a commercial bank for a new- or used-car loan because:

1.  You have a better chance of having your loan approved. A credit union might be "more likely to listen to your story than a commercial bank," if you have mediocre credit or have had credit problems in the past, Schenk said.

2. You obtain lower rates. A five-year term is the most common loan term for a new or used car, and credit union rates usually are much lower than the average rate at a competitor bank.

3. You get personalized service. Because credit unions are non-profit organizations and try to provide members with high-quality customer service, members have a more personable experience at a credit union because credit unions are run by volunteer boards.

4. You have availability of educational resources. Nearly all credit union branches have a dedicated education and resource center, where members can learn more about financing options and how to make the best decisions when assessing the value of their car purchase.

5. Credit unions use a non-sales approach. Credit unions work for their members and aren't driven to sell you anything that equates to extra money in their pocket. All profits go back to members in the form of lower rates on other financial products, such as savings and loans. Commercial banks often grant their lenders bonuses or other compensation for approved loans.
RSS





print
News Now LiveWire
As expected, @TheNCUA #RBC2 plan is in today's Federal Register. Comment deadline is April 27. Proposal here: http://t.co/d80aXrRi9e
36 minutes ago
Through the snow, be on the lookout for a @CU4Kids @CMNHospitals @COOPFS billboard in @TimesSquareNYC this week
15 hours ago
.@CUNA , trades unite to urge Congress on #datasecurity action http://t.co/gzmZGX9nfF
18 hours ago
State of Wash. @dficonsumers has expanded its CAMEL ratings to include an "S" for interest-rate sensitivity.
19 hours ago
.@HUDgov tweets: Be sure to tune in tonight to watch @SecretaryCastro on @TheDailyShow with Jon Stewart http://t.co/B1L23NQaoJ
19 hours ago