When people want to buy a car, they usually go to the nearest bank to receive a loan. However, they can easily be denied, or the application process can be so long that the vehicle purchase is postponed indefinitely. It is where a car loan from Credit Union will give you a lot of benefits. In Canada, there are reliable organisations, such as BCU Financial, that offer flexible terms. Let's look at what they offer and what interest rates they offer.
What Makes a Car Loan from Credit Union So Special
It's best to explore the topic in detail by using a particular example. Let's take the Buduchnist Credit Union mentioned above. Unlike traditional banks, the organisation offers the following benefits to its members:
- Ukrainian-speaking support. You can also apply for a car loan from Credit Union in English. However, knowing an additional language is a plus for immigrants.
- Participation in non-profit projects. These could be schools, churches, or kindergartens, which the credit union supports financially.
- A sense of community. It isn't a bank where you're just a client. Every member becomes a participant in the organisation and can even influence its future.
This sense of community, personalised approach, and availability of all necessary services make credit unions so popular.
Terms and Car Loan Rates at Credit Union
After reviewing the company's website, we were pleasantly surprised by how affordable the interest rates are. Here's what BCU Financial offers to those looking to buy a new vehicle:
- 1 Year - 7.09%.
- 2 Years - 7.19%.
- 3 Years - 7.29%.
- 4 Years - 7.39%.
- 5 Years - 6.99%.
So, by choosing the best Credit Union for auto loans, you can also take advantage of attractive interest rates. The company also accepts used cars.
Additional Conveniences from Buduchnist Credit Union
In addition to an affordable fixed rate, you can flexibly choose your monthly payments amount. Simply use the calculator.
Log in to your personal account, try changing the terms, and automatically receive a payment estimate that you can afford.
In summary, companies are pretty flexible when it comes to terms. At the same time, they are just as reliable as banks. For example, BCU Financial has extensive experience over many years, which speaks to the organisation's stability. So, we conclude that going to a credit union instead of a regular bank is a great opportunity to try some new options.
