credit union car loan

credit union car loan

Credit Union Car Loan

ADVERTISEMENT 6 reasons to get a credit union car loan Russ Heaps March 20, 2017 in Auto Loans advertisement Share Financing your next new-car purchase through a credit union can be a great idea. Whether or not you are currently a member of one of the nation’s nearly 7,700 credit unions, buying your next new car with a credit union car loan is easier than ever. Owned by 89 credit union organizations, Credit Union Direct Lending, or CUDL, is the liaison between more than 800 credit unions and some 6,500 new-car dealers, making credit union car loan options available at car dealerships for credit union members and consumers willing to become members, says CUDL’s spokesman Bill Meyer. Here are six reasons Meyer presented for financing your next new car through a credit union: Car loan money is available. The country’s credit unions made $80 billion available in 2009 during the financial crisis for low-cost car loans at a time when credit had dried up. Although banks are once again becoming more aggressive in making car loans, credit unions have the funds and healthy relationships with car dealers to continue lending, Meyer says. Member- and community-oriented. Although there are no major differences in the processes that banks and credit unions use in making a car loan, credit unions are more likely than banks to work with you if you experience difficulty making the payments at some time during the loan, Meyer says. “Credit unions are more in tune with their local communities.” Competitive rates and terms. Offering competitive rates and terms, a local credit union provides car loan options every bit as varied as a nationwide bank. According to CUDL’s statistics, the average term for a credit union new-car loan in 2009 was 70 months. Meyer says, “Typically, the rate of lending is very competitive compared to other lenders under most circumstances.” Relaxed membership requirements. It used to be that membership in a credit union was only open to employees of a certain company, industry or government entity. Anyone not a part of the group could not join. Meyer says this is no longer the case. “Most credit unions will allow anyone to join,” he says. According to Meyer, consumers not belonging to a credit union can join at any car dealership offering credit union car loan options through CUDL. When discussing financing with a dealership finance manager, consumers should explore credit unions for their car loan. “Consumers should ask a dealership, ‘What credit unions do you work with?’” Meyer says. User-friendly loan process. Members used to have to go into the credit union office and apply for a car loan face-to-face with a loan officer. Not so today, according to Meyer. Car loan applications can be made at a participating dealership, online or over the phone in most cases. Member perks. In addition to competitive rates, credit unions often offer their members deals not available to other consumers. “These promotions are typically unique to credit unions, and are very common,” Meyer says. More From Bankrate 6 most dependable SUVs Auto Top 10 check-engine light car repairs Auto Pros & cons of taking over lease payments Auto loans 9 steps to getting a car loan with bad credit Auto loans ADVERTISEMENT Related Articles When to refinance your car loan 9 most reliable cars that rarely need a mechanic 5 dumb car leasing mistakes to avoid 7 best muscle cars of all time 7 best cars for teenagers ADVERTISEMENT ADVERTISEMENT ADVERTISEMENT
credit union car loan 1

Credit Union Car Loan

Financing your next new-car purchase through a credit union can be a great idea. Whether or not you are currently a member of one of the nation’s nearly 7,700 credit unions, buying your next new car with a credit union car loan is easier than ever. Owned by 89 credit union organizations, Credit Union Direct Lending, or CUDL, is the liaison between more than 800 credit unions and some 6,500 new-car dealers, making credit union car loan options available at car dealerships for credit union members and consumers willing to become members, says CUDL’s spokesman Bill Meyer. Here are six reasons Meyer presented for financing your next new car through a credit union: Car loan money is available. The country’s credit unions made $80 billion available in 2009 during the financial crisis for low-cost car loans at a time when credit had dried up. Although banks are once again becoming more aggressive in making car loans, credit unions have the funds and healthy relationships with car dealers to continue lending, Meyer says. Member- and community-oriented. Although there are no major differences in the processes that banks and credit unions use in making a car loan, credit unions are more likely than banks to work with you if you experience difficulty making the payments at some time during the loan, Meyer says. “Credit unions are more in tune with their local communities.” Competitive rates and terms. Offering competitive rates and terms, a local credit union provides car loan options every bit as varied as a nationwide bank. According to CUDL’s statistics, the average term for a credit union new-car loan in 2009 was 70 months. Meyer says, “Typically, the rate of lending is very competitive compared to other lenders under most circumstances.” Relaxed membership requirements. It used to be that membership in a credit union was only open to employees of a certain company, industry or government entity. Anyone not a part of the group could not join. Meyer says this is no longer the case. “Most credit unions will allow anyone to join,” he says. According to Meyer, consumers not belonging to a credit union can join at any car dealership offering credit union car loan options through CUDL. When discussing financing with a dealership finance manager, consumers should explore credit unions for their car loan. “Consumers should ask a dealership, ‘What credit unions do you work with?’” Meyer says. User-friendly loan process. Members used to have to go into the credit union office and apply for a car loan face-to-face with a loan officer. Not so today, according to Meyer. Car loan applications can be made at a participating dealership, online or over the phone in most cases. Member perks. In addition to competitive rates, credit unions often offer their members deals not available to other consumers. “These promotions are typically unique to credit unions, and are very common,” Meyer says. More From Bankrate 6 most dependable SUVs Auto Top 10 check-engine light car repairs Auto Pros & cons of taking over lease payments Auto loans 9 steps to getting a car loan with bad credit Auto loans
credit union car loan 2

Credit Union Car Loan

“Convenient and Easy Online Application” Good customer service and quick response. Very convenient communicating online for the required documents. — Vinay, Rochester, NY Auto Loan Resources Are You Already Approved? – Login to Online Banking and check your Account Manager inbox for a message. If you are, you can accept your approved loan online. Auto Loan Check – Check provided for pre-approved auto loan. Makes shopping and purchasing a vehicle quick and easy. NADA Vehicle Price Guide &#8211 Get prices on new and used vehicles to help in negotiating the sale or purchase of a vehicle. AutoPREMIER &#8211 Free no hassle service with pre-arranged new car prices for buying your next car. Available in MA and NH. Auto Buying Resources &#8211 Get shopping advice, get DCU auto loans at participating dealers, research new and used cars, access NADA Guides and Edmunds, and more. Loan Payment Method Authorization (.pdf format) &#8211 Use to have DCU set up electronic loan payments by transfer from your DCU savings or checking account. Note: you can set this up on your own with Internet Online Banking Automatic Transfers. Payment Protection &#8211 Helps relieve the pressure of your loan payments during certain unexpected events. DCU Auto Insurance &#8211 You can count on us for good service, good value, and expert help in choosing the best auto insurance solution for you and your family. Mechanical Breakdown Insurance &#8211 Available through DCU, it covers you for out of pocket repairs on both new and used cars at half the cost of an extended warranty. Guaranteed Asset Protection &#8211 If your car is totaled or stolen, this optional insurance covers the difference between the insurance settlement and the loan balance. Intent to Sell Form &#8211 Provide to DCU if you are buying a vehicle through a private sale. TItle Services &#8211 Request a Lien Satisfaction Letter or Duplicate Title Application. Auto Loan Related Links Loan Calculator &#8211 Use these calculators to determine an approximate loan payment based on the loan amount (loan cash), term, and credit history standing. This helps you see if a loan will fit within your budget. StreetWise Available Cash Calculator &#8211 Learn the most you should pay for your next car and the amount of cash your desired loan payment will get you. StreetWise Auto Buyers Guide &#8211 Use this guide to help ensure you negotiate the best deal before purchasing your next vehicle. StreetWise Guide to Credit &#8211 StreetWise guide helps you understand how credit works, how to use it responsibly, how to know if you are having difficulty with it, and what to do if you are. Skip a Payment (.pdf format) &#8211 You have the option to skip a loan payment without impacting your credit rating. Calculate Finance Charges &#8211 Sometime members have questions about how Finance Charges or Interest on their DCU loan accounts are calculated. This information is designed to make the information in your loan disclosures a little easier to understand. Schedule of Fees and Service Charges &#8211 Details regarding member benefits that may help you avoid fees. Financial Wellness and Recovery &#8211 Learn what DCU can do for you if you are now or think you may soon experience a financial setback. The earlier you contact us, the more we can do to help. Vehicle Loan Payoff Form for Insurance Agencies or Dealers – Dealers and insurance agencies can use this form to obtain a 10-day loan payoff for members’ auto loans. My Loan Insurance – Secure site that is used by your financial institution to enable you to submit insurance information electronically to us.

Published on Apr 18, 2017 | Under Car | By michael ellis
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