"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.

"

Answer
“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. “
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Johnny Puckett
Answered on May 11, 2021
Johnny Puckett is a freelance writer and automotive expert. He has contributed content to a number of some of the largest online publications, aftermarket automotive manufacturers’ sites, and automotive informational sites. His experience in the automotive and information fields informs his writing at Jerry. His automotive interests bleed into his free time, where he enjoys modifying his favorite cars and woodworking.
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