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Credit union auto loans could be the answer for you if you are looking to finance a used vehicle. Often a credit union (CU) will give you a loan with better terms than a bank will because of the way they are set up to operate.

Let me explain what I mean...

Credit unions are more than just a place to do business. They are is a cooperative where loans and financial services are provided to people through a membership. Because there are over 90 million credit union members in the country a CU can save you money. It is estimated that they save their members an average of $8 billion a year.

CU auto loans may be easier to get because they cater more to their members than some banks do.

Another benefit they may offer is a bad credit auto loan.

Now day's credit union auto loans are becoming more readily available to those that have bad or poor credit. And more importantly they often offer lower interest rates. Lower interest rates also mean lower car payments for you and you can save some serious money.

Depending how bad your credit is... you may need to take on a co-signer to get started with a membership.
So, here is how it works to join...

First, you must be a member. This requires opening an account with them. Most times membership comes with particular companies who offer their employees this benefit.

You may be granted eligibility if you have served in one of the nations armed services also.

It's nice to know that some credit unions have loosened their membership requirements and you may be eligible without specific requirements. Do a little homework to discover which choices you have when it comes to qualification with a credit union.

If you are not currently a member and are in need of an auto loan, it doesn't hurt to apply. In order to increase membership by attracting new members, the unions have lightened up on this also and you may be able to get a loan as a newer member.

Another requirement to join a CU is your credit score. Here also, you will want to do some research because this stipulation will vary among unions. Some will not loan you money for a car loan unless your credit score is 600 or better. And again for wanting to increase membership, some unions lower that number to a score of 500 or so.

As you can tell, credit unions have different rules, regulations and requirements so it is best to check in and ask these types of questions.

Credit union auto loans may be the answer for you if you are in the need of finding a regular car loan or a bad credit used car loan.

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By Mike Reitz
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