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After hours spent researching makes and models, comparing prices, and negotiating with sales staff, you’ve finally found the perfect car. Now you’ll have to choose an auto loan, which may be just as important. The interest rate and fees associated with a loan can have a dramatic impact on the final price and may impact your finances for years to come. While you have a variety of options to choose from, there are some compelling reasons to choose a credit union instead of a bank.

Why Should You Choose a Credit Union for Your Auto Loan?

1. Lower Interest Rates

Unlike banks, credit unions are nonprofit organizations that are owned by their members. Because they’re organized to provide the best service possible instead of generating profits, you’ll usually get a much lower interest rate by getting your auto loan from a credit union.

2. A Willingness to Work With You

auto loanCredit unions often take a more personal approach to loan applications, and will usually look beyond your credit score. If your credit is less than perfect or you have other issues that would make a bank hesitant, your local credit union may work with you to get approved.

3. Lower Minimum Loan Amounts

Banks often refuse to offer loans below a certain amount, which can get in the way if you’re not buying an expensive car. Credit unions, on the other hand, usually have much lower minimums, or none at all. They may also be able to help if you’re hoping to buy an older vehicle, which most banks won’t finance.


 

If you’re buying a car in Lincoln, NE, turn to the friendly staff at Spirit of America Federal Credit Union for low-interest auto loans and an easy approval process. Since 1912, they’ve been serving residents throughout Lancaster County, offering affordable products and individualized services. Visit the website for an overview of their lending products, or call (402) 467-1102 to discuss your needs with a member of the team today.

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