Auto loan: Bank v. s. Credit Union?


Aside from different rates, are there any differences in securing an auto loan from banks and credit unions?

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One Comment

  1. Gary E says:

    Credit Unions tend to be more friendly but have fewer automatic banking options.

    There really are few, if any, differences anymore that are across the board. Since Credit Unions won the right to compete more directly with the banks most have found it necessary to become more sophisticated and bank like and most of the past differences have all but disappeared.

    The major remaining difference is that Credit Unions are owned by their members while banks are owned by their stock holders. But you can argue both ways about what that means to customers.

    I was a director of a Credit Union for a few years and would tend to recommend them but have ended up with a bank because I found one that has the services I want before I became involved with the Credit Union and never felt a need to change.

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