Why Should I Get an Auto Loan From a Credit Union

As a consumer, you have many choices for financing your auto loan. At the risk of sounding self-serving, we at Affinity think financing your auto loan at a credit union is a great idea. Here are a few reasons why.

Lower interest rates

Credit unions are not for profit, so they can offer lower rates than banks. Affinity’s rates are as low as 6.89% APR!

Community ties

Credit unions are known for offering the best rates and terms on auto loans. What many people don’t know is that credit unions have a positive impact on the communities where they operate.

For example, they build relationships with people in need of help with local start-ups through loans, investments and other community-based solutions. And because credit unions don't answer to investors, they enjoy greater flexibility with lending decisions.

Many credit unions team up with charitable organizations and schools to give financial support to those in need in the local community. Credit union employees also often participate in volunteer efforts to improve the community.

It’s easy to become a member

Back in the day, credit union membership was exclusive. These days, not so much. Most credit unions will welcome everyone. Don’t believe us? Visit Your Money Further (a website dedicated to building awareness about the unique benefits of joining a credit union) and select the “Find a Credit Union Near Me” option. Enter your zip code, and you’ll find a list of credit unions in your area. When you find a credit union you like, visit their website and review their membership requirements. You may find that becoming a member is easier than you think.

Credit unions have great benefits

Let’s rattle off a few of the many credit union benefits:

• Personalized service.
• More flexible underwriting process than banks.
• More flexibility in working with members who are struggling with payments.
• Applicants with lower credit scores may be more likely to qualify for an auto loan.
• Credit union profits go back to the members in the form of dividends.
• Credit unions can pass on earnings to members by providing higher rates on deposit accounts and lower loan rates.
• A commitment to educating members and offering sound advice on the best financial options for each member.
• A shared ATM network with over 40,000 ATMs.

Affinity would be happy to help you with your auto loan needs. Feel free to learn more about our auto loans, and don’t hesitate to reach out to us if you have questions.