I'm in the market for an auto loan and don't belong to a credit union. Is it worth the hassle to join one in order to get potentially better rates? Do CUs calculate rates differently than banks (i.e., credit score, loan term, down payment, etc.)? Thanks.
2007-08-06 05:56:24 · 5 answers · asked by newtobigd78 4 in Business & Finance ➔ Credit
There are no real differences. A loan is a loan.
However, I have found that credit unions tend to offer lower rates. That's just a generalization though and may not apply to your particular loan.
-->Adam
2007-08-06 05:58:54 · answer #1 · answered by great_and_mighty_adam_levine 4 · 0⤊ 0⤋
a credit union is similar to a bank but it might have lower interest on loans or higher rates on savings. in some cases you have to work for a specific company or belong to certain groups in order to do business with a particular credit union. i have to say, going into debt at 18 sounds like a very bad idea (if you can find anyone to give you a loan). why not save up for a year or 2 until you have enough for your wedding?
2016-05-19 22:12:01 · answer #2 · answered by ? 3 · 0⤊ 0⤋
Credit unions are the way to go w/ a loan because they aren't out to get your money like a normal bank.
There isn't really any hassle in opening an account either. Just open one, put $20 in it, wait a week and then ask for the loan.
I tried getting a loan at Wells Fargo and they wanted to charge me 18% interest. I went to a credit union and got the same damn loan for 10.99% ... so - I highly recommend credit unions.
2007-08-06 06:01:49 · answer #3 · answered by ? 4 · 0⤊ 0⤋
no real difference.
A credit union may sometimes offer a lower rate because of their guidelines. A larger bank has more programs but read the fine lines.
Credit union non profit
bank for profit.
do the math.
2007-08-06 06:01:16 · answer #4 · answered by luna 5 · 0⤊ 0⤋
No --all banks require collateral, capacity, and credit
2007-08-06 05:59:14 · answer #5 · answered by golferwhoworks 7 · 0⤊ 0⤋