How do bank loans differ from credit union loans?

I'm in the market for an auto loan and don't belong to a credit union. Is it worth the hassle to join one in order to get potentially better rates? Do CUs calculate rates differently than banks (i.e., credit score, loan term, down payment, etc.)? Thanks.

How do bank loans differ from credit union loans?

There are no real differences. A loan is a loan.

However, I have found that credit unions tend to offer lower rates. That's just a generalization though and may not apply to your particular loan.

--%26gt;Adam

How do bank loans differ from credit union loans?

No --all banks require collateral, capacity, and credit

How do bank loans differ from credit union loans?

no real difference.

A credit union may sometimes offer a lower rate because of their guidelines. A larger bank has more programs but read the fine lines.

Credit union non profit

bank for profit.

do the math.

How do bank loans differ from credit union loans?

Credit unions are the way to go w/ a loan because they aren't out to get your money like a normal bank.

There isn't really any hassle in opening an account either. Just open one, put $20 in it, wait a week and then ask for the loan.

I tried getting a loan at Wells Fargo and they wanted to charge me 18% interest. I went to a credit union and got the same damn loan for 10.99% ... so - I highly recommend credit unions.