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Is a credit union the best place to get a car loan?

My family told me the best place to get a car loan is at a credit union. Is this true? If so, why?

avatar
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Credit unions are certainly one of the best places to start shopping for a
car loan
.
The reason that a credit union can offer great rates is that it’s a nonprofit organization. Credit unions don’t answer to shareholders or corporations. Instead, they focus on catering to the needs of their members above all else.
To qualify to become a member, ask the credit union what’s required for membership. Requirements may include:
  • Living within a certain geographic location
  • Being a member of a union or other organization
  • Working at a particular company
While you should still shop around for rates with banks and other lenders, credit unions just might have the best rates for your budget.
While you’re shopping around for car loans, make sure you’re using the free-to-download
Jerry
 app to find the best prices for all your car insurance needs!
MORE:
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