Best Auto Loans at a Credit Union?
The average cost of a new vehicle today is around $37,000.
The purchase of a car likely will be the second largest expenditure you have, second only to the purchase of a home. Whether you desire the shiny, brand new one, or if you are content with finding a reliable used one, we want to help you to get the most for your money.
Five Reasons You Want To Talk To Us
Here are 5 reasons credit unions offer the best auto loans, and it makes more sense to get your loan through us.
1. We provide personalized service. Because they are non-profit organizations and work to provide members with high-quality customer service, policy decisions are made by a group of volunteer board members rather than a corporate office. You can openly discuss your concerns about your loan, talk about flexible repayment options, and review your financial situation with a professional lending officer. This can alleviate some of the pressure of applying and securing financing for your vehicle and you can be more confident that the credit union is working with your best interests in mind.
2. We offer educational resources. Many credit unions will provide information such as financing options and how to make the best decisions when assessing the value of your car purchase. If you’re a first-time car buyer and apprehensive about the loan process, you can turn to a credit union for unbiased answers.
3. We offer a non-sales approach. Unlike some other financial institutions, which often give their lenders bonuses or some type of compensation for the loans they get approved, credit unions, as not-for-profit financial institutions, work for their members and do not try to sell you something you don’t need.
4. Getting Approved. With us, you have a better chance of getting your loan approved. Even though the loan application process is the same and the underwriting process is similar, the credit union may make some adjustments that a commercial bank would not. Many credit unions are also more inclined to listen to its members’ needs and unique situations—sometimes adjusting terms of a loan accordingly. A recent CreditKarma.com article mentions better approval odds at credit unions: “One of the perks of credit union membership is that credit unions may be more willing to work with members with less-than-perfect credit.”
5. We have lower rates. A five-year term is the most common loan term for a new or used car, and rates at a credit union are typically much lower than the average rate at a competitor bank. The savings in interest alone is a major reason to consider this financing. In 2019, financing a $25,000 new automobile for 60 months at an Oregon credit union will save members an average of $126 per year in interest expense compared to what they would pay at a banking institution in the state. Just think of what you can do with that money.
Members Benefit From Our Earnings
The bulk of a credit union’s profits go back to members in the form of lower rates on financial products and more flexible loan options. If you don’t like the pressure of working with lenders from other financial institutions, a credit union is the answer.
To find out more, call us at (541) 382-1795, email us at info@midoregon.com or visit one of our Central Oregon branches. Or, you can start your auto purchasing journey with our online application. We hope you experience the 5 Reasons Credit Unions Offer the Best Auto Loans…with us!