Credit Unions Offer Some of the Best Auto Loans in North Carolina

Click here for more information about Telco Community Credit Union's Auto Loans and other products

Credit Unions Offer Some of the Best Auto Loans - Here’s Why

 A car is oftentimes the first “adult” purchase a person will make in their life. Whether it be when you’ve just turned 16 and are looking for the perfect beater car, or when you graduate college and need something more reliable for your new daily commute to and from work, finding the right car for you and your needs is extremely important. When shopping around for the perfect car, wouldn’t it make sense to also seek out the perfect auto loan to fit your needs?

New & Used Car Loans in North Carolina

 In a way, making the right decision regarding your car loan is even more important than picking the right car. Just like you want to make sure the car you choose will help you save on gas prices, you want to make sure the auto loan you choose will save you money in the long run. Did you know that the difference between a good and bad interest rate can be thousands of dollars by the time your car is paid off? Sometimes, you could have bought two cars with that amount of money!
Knowing this, you’re probably thinking, “Okay, then I’ll just find the bank with the lowest interest rate for my auto loan.” And while you may think it’s that easy, it probably won’t be. That’s because part of the problem lies in the fact that banks don’t function the same way that credit unions do.

Are Credit Union Car Loans Better Than Bank Loans?

The truth is that banks, and especially large, national banks don’t have your best interest in mind (no pun intended). Banks are for-profit entities, which means they benefit from giving you a high interest rate, even if they tell you it’s a great deal. That’s why it’s usually a better option to seek out auto loans from credit unions, because unlike banks, they’re not-for-profit, and their money doesn’t come from over charging their members. That’s because their members aren’t customers, but rather part-owners of the credit union. Money that the credit union gathers from interest rates simply cycles back around to member benefits. So because credit unions don’t profit off of your auto loan, they have no reason to over charge you when it comes to the interest rates they offer. Therefore, interest rates from credit union auto loans are often 1% - 2% cheaper than interest rates from bank auto loans.

Credit Union Car Loans in North Carolina

Not only will banks charge you higher interest rates, but they may make it more difficult to even get a loan in the first place. When looking at who to give auto loans to, the first thing banks check is your credit score. Banks tend to think of their customers in terms of their risk level, but credit unions see you as an actual person.

The bottom line is, if what you're looking for is personalized service, and a financial institution that looks at the person, not just their credit score, then try a credit union on for size. After all, when it comes to your financial future, don't bank on an organization that's designed from the ground up to maximize profits and minimize personal connections. At Telco Community Credit Union, our members come first, every single time. Our business is built on a foundation of being in this together, because it's better for us, it's better for you, and better for the community. Telco Community Credit Union: better for North Carolina.
 

Click here for more information about Telco Community Credit Union's Auto Loans and other products