Why the Dealership Isn’t Your Only Option for an Auto Loan
Purchasing a new vehicle can be an exciting experience, but unless you recently won the lottery, chances are high that you’ll need to obtain an auto loan in order to purchase the car of your dreams. While most individuals think that the only way to apply for an auto loan is to go through the dealership, you can actually obtain an auto loan from your local credit union. Continue reading to learn more.
Many individuals do not realize that credit unions have the amount of money needed to provide auto loans to their members. But as of 2009, credit unions made 80 billion dollars available for low-cost car loans to compensate for the financial crisis. Furthermore, a number of credit unions have built relationships with car dealers so that the credit union can offer loan options when customers decline the initial offer from the dealer.
Competitive Rates and Terms
The auto loans available through credit unions are just as competitive as those offered by a national bank when it comes to rates and terms. This means that you can obtain the same types of loans from credit unions as you would from other financial institutions, while still having the option to choose from different rate and term-conditions.
Being a member of a credit union offers a number of benefits, including more relaxed membership requirements and a user-friendly auto loan application process. In addition, being a member of a credit union means that you can obtain competitive rates on auto loans, as well as certain deals that are not available to other consumers.
If you are looking for an auto loan, the GCS Credit Union in O’Fallon, Illinois is here to help. Contact us today at (618) 797-7993 or visit us on the Web for more information about our auto financing options, checking accounts, and debit cards.