Buying A Car This Summer? 4 Reasons A Credit Union is the Way to Go
In the game of life, purchasing a vehicle is a big milestone. Whether you’re in the market to buy your first or fourth car, this investment is not one to be taken lightly. It’s important that you are set for success and aware of your financing options before you sign on the dotted line. Many people look to big banks or dealer financing for their auto loans; but did you know that credit unions also offer great options?
Beyond offering maximum convenience, personal service, and a user-friendly loan process, here are four things to know about obtaining a car loan through a credit union:
1. Credit Unions usually offer lower interest rates. Since credit unions are member-owned cooperatives and work for the benefit of their members, they can offer very competitive interest rates that big banks and auto dealers can’t match. If your credit is favorable, look to a credit union as your first option for financing or refinancing your auto loan. Although the process itself doesn’t differ from other financial institutions, you can expect lower payments and lower interest rates at a credit union. And don’t worry about membership. Most credit unions allow anyone to become a member as long as you live, work or attend school locally.
2. Credit Unions offer an easy pre-approval and online loan process. There’s nothing worse than picking out your brand new car and having to wait hours at the dealership for the financing to be approved. Start your car buying experience by getting pre-approved so you have the upper hand in the price negotiation process. This will also let you know how much car you can afford and what your monthly payments will be before you start car shopping. Not only that, credit unions now make it convenient for you to sign your loan documents from the comfort of your own home.
3. Credit Unions have preferred auto dealer partners. What does this mean? This means that if you are a member of a credit union, you have access to exclusive new and used car discounts with local auto dealers and national auto partners. For example, Telhio partners with companies like Enterprise for deals on certified used cars and Carvana, a service that allows you to shop online and have your car delivered to your doorstep! And this is just the tip of the iceberg when it comes to the deals and perks that are available for credit union members.
4. Credit Unions also offer motorcycle, ATV, personal watercraft, RV, and boat loans. The summer season is the perfect time to hit the open road or waterway on a new motorcycle or boat. If you need a loan on more than just your car, look to your local credit union to finance the ATV, RV or watercraft of your dreams.
Learn more about Telhio by visiting telhio.org.
Telhio Credit Union is open to anyone who lives, works, worships or goes to school in Franklin, Fairfield, Delaware, Licking, Madison, Pickaway, Union, Hamilton, Warren, Butler and Preble counties. Founded in 1934, originally as the credit union for the Columbus Telephone Co., Telhio is a not-for-profit financial cooperative where its members are also its owners. Driven by its philosophy that members come first, Telhio is committed to the highest standards of responsibility and conduct. Telhio offers a variety of innovative programs, services and products to support its members’ financial needs. Telhio offers 10 branching offices throughout Central and Southwestern Ohio.