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Are credit unions the best place to get car loans?

I'm currently shopping around for car loans and a coworker told me to check out the rates at credit unions. Are these the best places to get car loans?

avatar
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Credit unions certainly aren’t the only place to get a
car loan
, but they’re always among the top choices.
The reason that credit unions can offer better rates is that they’re nonprofit companies. This allows them to have more competitive rates than banks or other lenders that are for-profit. As a result, you can consistently find better rates from credit unions.
However, that isn’t to say you should ignore other lenders or skip shopping around. Banks and dealers often have promotional APRs and interest rates, sometimes as low as 0%. Make sure to shop around so you don’t miss out on a great rate.
Since you’re shopping rates for a car loan, you should also shop around for car insurance to save more money! One easy way to do this is with the
Jerry
app—we’ll get you quotes from top insurers in seconds so that all you have to do is choose the plan or provider that works best for you.
Best of luck with your loan!
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