When it’s time to purchase a new car, you’ll need to find favorable financing options. A credit union will give you the opportunity to get the vehicle of your dreams by getting an auto loan you can afford. The residents of Honolulu trust Hawaiian Tel Federal Credit Union for their stress-free and agreeable terms. They’ve partnered with CU Direct to give their customers the chance to buy what they need without plunging further into debt. Below, their professionals explain what the union is, how it differs from other institutions, and the advantages of securing payment this way.

Turning to a Credit Union for an Auto Loan

What Is a Credit Union?

A credit union is a financial institution that is owned and operated by the account holders, otherwise known as members. These parties combine their money to offer loans, bank accounts, and other financial services to one another. If a profit is made, money is given back to the members through competitive dividend and interest rates and to enhance the community it is part of.

How Is an Auto Loan from a Credit Union Different Than Other Lending Institutions?

Credit unions offer a more personalized service because they’re non-profits whose priorities and business model is in the hands of the members. They’re run by a volunteer board who wants their community to have the best customer service and get a car they love. Since they’re community-focused, they provide objective answers, whether it’s your first time buying a car or not. 

Why Is It Important to Secure an Auto Loan from a Credit Union?

A credit union increases your chances of securing a loan and at lower rates than a typical lending institution, particularly if you have bad credit. The members want their community to thrive and can do this by giving funds to those who wouldn’t ordinarily have a chance. They usually offer a 5-year loan term and have lower rates than banks, which can save you money in the long-run. You can then put that cash toward improving your business, helping your family, or building your future.

With hundreds of millions of dollars in assets and over 50,000 members across Hawaii, Hawaiian Tel Federal Credit Union is one of the leading financial institutions in the state, with a reputation for combining personalized service with technologically advanced personal banking solutions. Learn more about their broad array of services online, follow their Facebook, Twitter, and Instagram for news and updates, or call 832-8700 on Oahu or toll-free at (800) 272-5255 with any questions.