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Which credit union is best for car loans?
I’m shopping around for a new car after paying off my last one. My previous lender was the dealership, but my friends said I can save tons by getting a loan at a credit union. What are the best credit unions for car loans?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Congrats on paying off your old
car loan
and getting a new one! Your friends are right; getting a car loan with a credit union is often the best deal, as credit unions are nonprofit organizations and pass the savings along to members. While your local credit unions are worth a visit, check out national credit unions such as PenFed or Star One.Keep in mind that you have to meet membership eligibility requirements to get a loan from a credit union. Oftentimes, this is geographically based, but you may also have to be a member of a specific organization or have a certain employer.
If you can meet the eligibility requirements, some of the top-rated credit unions for car loans include:
- PenFed Credit Union
- Navy Federal Credit Union
- San Diego County Credit Union
- America First Credit Union
- Star One Credit Union
- Randolph-Brooks Federal Credit Union
Shopping around at these credit unions, as well as local and regional credit unions are always a smart move to get the best rate, so don’t settle on the first offer you get.
Since you’re financing your car, remember that the lender will require full coverage car insurance, which can get pricey. Make sure to use the Jerry app to shop around for the best rate possible.
As a licensed broker,
Jerry
helps you find and compare quotes from over 50 top providers, including Nationwide, Allstate, and Travelers, in minutes. When you find a better rate, Jerry can help you buy your new coverage and even cancel your old policy!View full answer
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