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How can I get a car loan from a credit union?
I've heard credit unions are an option for getting a car loan, but I don’t know much about them. What do I need to do to get a loan from a credit union?
Lauren Smith · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
You can get a car loan from a credit union—and they’re a great place to apply, as they tend to offer lower interest rates.
To get a car loan from a credit union, you will need to:
- Be a member of that credit union
- Have a good credit score
- Choose the car you want
- Know how much you’ll need to borrow
- Figure out how much you can afford to put toward adown payment
- Show proof of income
- Showproof of insurance
- Show proof of residence
- Show proof of identity
Generally speaking, these are the same requirements that banks and dealerships have for loan applicants. The big difference is the membership—but usually, becoming a member is simple and well worth it.
Because credit unions are nonprofits intended to serve their members as opposed to their investors, it allows them to offer lower interest rates. This is what makes them popular for loans.
No matter how you choose to finance your car, remember that you’ll need car insurance. If you want to save money on car insurance, the
Jerry
app is a good place to start. A licensed broker, Jerry does all the hard work of finding cheap quotes from the top name-brand insurance companies and buying new car insurance. The average Jerry user saves $879 a year!View full answer
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