I thought about trying to get a car loan through a credit union (which I have no involvement with).
2007-05-08 10:03:04 · 7 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
I'm a finance manager at a national auto dealer and credit unions are a great resource for auto loans. Just like anything else, shop around. Some of the CU's I work with have better rates than others. As for risk, the CU's deposits are insured much like banks'.
2007-05-08 10:55:47 · answer #1 · answered by MikeD 2 · 1⤊ 0⤋
There are risks when dealing with anyone, even your own Mother.
Yes, there are some risks dealing with a Credit Union, but no more than dealing with a Bank or Savings and Loan. Each are heavily regulated by the government. The chances of "getting screwed" at any of the above is minimal.
2007-05-08 10:07:40 · answer #2 · answered by J.R. 6 · 0⤊ 0⤋
You have to set up a savings account with a credit union and be a member in order to obtain a car loan from them. They are about as secure as a bank. I like them. The only part I don't like is they don't have as many ATM's as a bank does.
2007-05-08 10:10:03 · answer #3 · answered by Tapestry6 7 · 1⤊ 0⤋
They may have certain requirements to join the credit union. Some credit unions have a yearly membership fee.
Other than that, they tend to be pretty good. The risks don't tend to be any more or less than any other financal company.
2007-05-08 10:06:49 · answer #4 · answered by hsueh010 7 · 0⤊ 0⤋
No. If you qualify for the loan, the credit union will usually have the lowest rates.
2007-05-08 11:01:02 · answer #5 · answered by regerugged 7 · 0⤊ 0⤋
There are no particular risks borrowing money from a credit union. Sometimes you can get better rates, sometimes not.
2007-05-08 10:07:35 · answer #6 · answered by Anonymous · 0⤊ 0⤋
just watch out for member fees, otherwise they are a regular bank, also ask if they report to trans union credit bureaus!!
2007-05-08 10:36:23 · answer #7 · answered by gtamayo1 4 · 1⤊ 0⤋