It is now easy to get credit union car loans at the dealership after you are satisfied with the test drive. Buying a new car with a credit union loan can means cheaper rates and lower costs for you.
The Credit Union Direct Lending program (CUDL) is a partnership between some 800+ credit unions and 6,000+ car dealers. It allows you to get credit union car loans directly at car dealerships, so that you can have more financing choices. Even if you are not a member yet, you can become one immediately to enjoy cheaper CUDL car loans.
These are some reasons why it is better to finance your next new car purchase with a online lender or credit union:
Credit union car loans for people with bad credit are easy to get approved. During the financial crisis, they made low cost car loans available for borrowers who are not able to get a bank loan for buying a new car. With the CUDL program, buying a car with credit union financing is easy and convenient at many car lots across the country.
Since credit unions are more member oriented compared to for-profit banks, it is easy to get car loans approved as well as ask for payment extensions when you are experiencing financial hardship. They are less likely to immediately go after borrowers to repossess their vehicles when you are one month behind payments. It will also be easier to try and refinance your car loan in future since they are less likely to lock you in at high interest rates.
You can get very competitive rates and terms on credit unions. This benefits consumers with banks, credit unions and online loan companies fighting for the same market. Besides rates, you can also get other options such as a 72 month credit union new car loan. With lower rates, it only cost you slightly more compared to leasing a car.
Many credit unions are now relaxing their membership requirements. In the past, you can only join a credit union based on some common interest such as employees of a particular company, industry or government agency. Now, many allow just anyone to join as members easily.
The next time you are prepared to buy a car, make sure you ask for credit union car loan financing at the dealership. There is no need to visit the credit union for membership as you can do it conveniently at the car dealership through the CUDL program. This make the entire process much more convenient and user friendly. In the past, you have to visit your credit union office for a car loan. Then, you go shop for your new car. Now, you can get credit union car loan rates at dealerships under CUDL. Note that CUDL may not be available for buying cheap used cars on Craigslist.