Find Lowest Credit Union Auto Loan Rates Instantly

How to Find the Best Rates

To find the best credit union auto loan rates, start by researching and comparing offers from multiple credit unions. You can often find rate information on their websites or by contacting them directly. When comparing rates, be sure to consider the loan term, any associated fees, and the total cost of the loan over time. Many credit unions also offer special promotions or discounts for members, so it's worth investigating any available deals.

According to the National Credit Union Administration, the average interest rate on a 60-month new car loan from a credit union was 2.74% in 2023, compared to 4.21% from banks¹. This substantial difference underscores the potential savings of choosing a credit union.

Steps to Secure a Low-Rate Auto Loan

Securing a low-rate auto loan from a credit union involves a few key steps:

1. Check Your Credit Score: Before applying, check your credit score to understand your creditworthiness. A higher score can help you qualify for better rates.
2. Gather Financial Documents: Prepare necessary documents such as proof of income, employment verification, and personal identification.
3. Become a Member: If you're not already a member of a credit union, you'll need to join. Membership criteria vary, but they often include living in a particular area or working in a specific industry.
4. Apply for Pre-Approval: Many credit unions offer pre-approval, which can streamline the buying process and give you a clear idea of your budget.
5. Negotiate the Deal: Use your pre-approval to negotiate the best price on your vehicle, knowing your financing is already secured.