Did you know that a car loan from Kansas City Credit Union could offer you a lot more than a bank?
Check out these five benefits you could receive by getting your car loan from Kansas City Credit Union instead of from a bank or dealership!
Lower Interest Rates
Kansas City Credit Union is not just “a private bank” – credit unions are not-for-profit organizations that invest in their own members. This means that unlike banks applying credit or accepting loans for their own benefit, Kansas City Credit Union is formed for the benefit of the actual members of its organization.
What does this mean for the interest rates on your car loan? The interest rates for the average credit union car loan tend to be 1-2% lower than the average car loan from a bank.
According to Credit Karma, “You’re unlikely to find a better rate at a car dealership….because dealers may work with multiple lenders who review loan applications and determine whether to finance a loan, as well as what interest rate they’ll offer.”
Contact Kansas City Credit Union so we can get started on finding the best offer for you!
Lower Minimum-Loan Amounts
When someone applies for a loan – whether business, personal, or auto – lenders often offer a loan minimum amount. To oversimplify this, you can’t ask a bank or union to loan you only ten dollars since the lending organization will make no interest off of that low amount. Most lenders set “minimum loan” amounts, and the lowest amount you could borrow may be more than you need – or more than you can repay!
If you purchase a cheaper car or if you put down a large down-payment, you may not need to finance as much as a bank’s loan minimum requires. The great news? Credit unions typically offer lower loan minimums than banks do! Don’t forget – credit unions are not-for-profit so they’re looking to save you money, not get rich off your interest payments.
Greater Chance of Loan Acceptance
Low credit score looking for better approval odds? Any car buyer concerned about their low credit score could greatly benefit from Kansas City Credit Union membership. Since credit unions are specifically managed for the benefit of their members, we are generally willing to work with members on a relationship basis – even if the member’s credit score is below the ideal.
Expert Financial Advice
Kansas City Credit Union won’t leave you hanging! Our intention is to save you money, make you money, and support you on your journey to financial success! The top-notch professionals at Kansas City Credit Union are ready and available to take questions and guide you through financial decisions.
When you get your car loan from Kansas City Credit Union, we’ll walk you through the best options and make sure you understand what and why you’re paying. When you succeed, we succeed – so count on Kansas City Credit Union to guide you in your financial journey!
The benefits of a Kansas City Credit Union membership go much beyond a better auto loan! To give back to its members, a Kansas City Credit Union membership could get you better rates on other loans too. Additionally, Kansas City Credit Union could offer you reduced fees but higher interest rates on deposits!
Since Kansas City Credit Union is member-owned, you have a say in who manages your money and how! For example, as a credit union member, you could vote on who sits on the union’s board.
Become a Kansas City Credit Union member today and start receiving all the great benefits of being a part of a member-owned, not-for-profit financial institution.
Not ready to become a member but still interested in more information about auto loans or becoming a member? Contact us today!