PriceProtect™
DriveShield™
GarageGuard™
Services
Insurance
Car Insurance
Compare Car Insurance with Jerry
Jerry’s Expert Advice
Car Insurance Estimates
Home & Renters Insurance
Renters Insurance
Repairs
Car Repair Estimates
Repair Estimates for Popular Services
Advice
Read Car Content
Browse Jerry Car Advice
Check Out Expert Car QnA
Learn About How We Create Content
Jerry Data & Research
Do credit unions have the best car loan rates?
I've been on the ropes about financing a car, but my friend said credit unions can give you super cheap rates. Is this true?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Your friend might just be right! Credit unions are definitely one of your best bets when you want to get a great rate on a
car loan
, as long as you have good credit and a steady income.Credit unions are not-for-profit organizations, so they don’t have to answer to shareholders or increase the bottom line, unlike banks or other lenders. As a result, they can offer better rates and pass the savings onto their members.
There are several reasons why getting a loan from a credit union might be preferable to getting a loan from a bank or dealership. These include:
- Greater likelihood of getting approved for the loan
- Lower interest rates
- Lower minimum loan amount
But before you go to a credit union to get a car loan, you must meet their criteria for membership. This could include:
- Working for a certain employer
- Living in a certain area
- Being a member of a certain group, union, church, or ethnicity
If you qualify for the loan, don’t forget that you will also need to budget for car insurance. Lenders require full coverage, so make sure to shop around with the
Jerry
app. Compare quotes in just minutes from over 45 reputable carriers.View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
Join 4M+ members in lowering their car insurance
You Might Also Be Interested
Read Advice From Car Experts At Jerry
What Others Are Asking
.jpg&w=64&q=75){kind=avatar}
Browse More Content
Insurance in Your State
Easiest way to compare and buy car insurance
No long forms
No spam or unwanted phone calls
Quotes from top insurance companies