Best Credit Union for Car Loan?

Question

What Credit Union should I sign up for to receive a low APR car loan?

Answer 1

Most any credit union will work. You'll probably be better off if you find a larger one in your area, because they'll probably have more branches that are convenient to where you live or work.

If you get a car, DON'T buy the most expensive one you can afford. Get a cheaper one that's in good condition. Have it checked by a mechanic you trust, and set up the payments so that you can pay it off in a short time. If you have to finance it for 4 years, it costs too much. Shoot for something you can pay for in 1 or 2 years at the very most. The reason is that if that car dies, and you still have 2 years of payments left, you STILL HAVE TO MAKE THE PAYMENTS. By making the loan period shorter, you're reducing that risk. Yeah, you won't get the coolest newest thing on wheels, but you'll build your credit rating. And in the long run, that's big-time important.

Don't forget other expenses along the way, like insurance, registration, gas, oil changes, maintenance, etc. If you have a loan against it, the credit union will require full coverage for the insurance. If you're a new driver, that might cost you more than the car payment.

Answer 2

1

Answer 3

My advice, don't get a loan. PAY IN CASH!!! If you can't afford it, don't buy it. I've been caught up in car loans since I was 19, once you go in debt you pretty much never get out. Buy a clunker for a couple of hundred dollars. Be smart though and make sure that it runs and it will continue to run without dumping a ton of money into it. Also, don't be an impulse buyer. That'll get you into big trouble. Remember, pay in cash! They don't tell you these things in life, and if they do, you'll sure wish you listened.

Answer 4

The credit union I belong to gives a discount for being a member, having direct deposit, and setting up autopay... up to 1% off. Centris Federal Credit Union.

Answer 5

Thay are all good.