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"Should I join a credit union just to get a car loan? "
"I am about to buy a new car and was planning on getting a loan through my local bank. I have a long history with my bank and I am fairly confident that I could get a good interest rate on a car loan from them.
I keep hearing good things about credit unions, though, and I’m wondering if it would really be worth joining one just to get a better interest rate on a car loan.
"
Johnny Puckett · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“While credit unions generally do have the lowest interest rates on car loans, if you have a good relationship with a small local bank, joining a credit union is probably not going to make much of a difference. You will likely get a good interest rate with the bank.
However, if you do join a credit union, the next time you need a loan, you will already be a member and you will know that you will be getting the best rate possible.
“
View full answer
- Gregory R.
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