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Which Credit Union Car Loan is For You?
Michalis 'BIG Mike' Kotzakolios

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There are several different types of loans that someone can look at when they are thinking about buying a vehicle. The credit union car loan will be no different from most others, but you must keep in mind that there will be several options offered when you go to your credit union to get financed. A person can finance a new vehicle that they want to buy or a used vehicle they are thinking of purchasing. Whatever you are looking for in a vehicle, there is a plan at your credit union to help you buy it. Usually, you can get an answer in less than ten minutes once you have filled out the applications. Not to mention that the interest rate you will be offered will be less than what the bank down the street is offering.

A credit union car loan will give you the choice between financing the whole loan or putting something down on it and financing the remainder. If it is a new car loan you are looking for, the terms will usually include the car being a current model, last year’s model, or a demo model -- none of which should have more than five thousand miles on them to qualify for the loan. The average term of a new auto loan is seven years and the loan frequently comes with a fixed rate. But, there is usually no upper limit on how much can be borrowed for the loan as long as you qualify. That gives you lots of choices on what vehicle you want to buy.

If it is a used car that has taken you for a credit union car loan, then you should know that usually the rules will exclude any vehicle older than ten years old. Again the credit union will finance as much as one hundred percent of the loan on the same terms as a new car loan. Another type of car loan available is one for a classic used car. These vehicles can only be financed up to eighty percent of the cost and the loans are only for a maximum of five years.

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