This was written by Emily Delbridge and last updated on March 1, 2023. Cierra Murry checked the facts with Michael Rosenston.
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A credit union is a non-profit financial institution similar to a bank in that it offers a variety of loans, including auto loans, as well as banking services like credit cards, checking accounts, and savings accounts.
Because they are not for profit and answer to their members rather than their shareholders, the majority of credit unions are able to offer better loan rates than banks.
The best credit unions for auto loans are reputable, have been around for a while, and provide customers with other financial services in addition to competitive rates and low fees.
If you’re looking for a car, the best way to get a loan is through a credit union.
We assessed a few respectable credit associations all around the country.
Due to its favorable overall ratings, adaptable repayment terms, and competitive interest rates, Pentagon Federal Credit Union (PenFed) is a lender that we strongly encourage you to investigate.
In addition to providing digital tools like loan calculators and step-by-step loan guides, PenFed lets you join the credit union by opening a $5 savings account.
