5 Reasons Credit Unions Offer the Best Auto Loans

  • Jul 19, 2021
Man being handed car keys through a window
According to Kelly Blue Book, the average cost of a new vehicle in 2021 is around $40,472 and purchasing a new or used car will likely be your second largest expenditure. Whether you desire a brand new one, or are content with finding a reliable used one, Ascentra wants to help you to get the most for your money. Here are five reasons why it makes more sense to get your loan with us. 

1. You’ll have a better chance of getting your loan approved. Even though the loan application and underwriting processes are similar, we can make adjustments a commercial bank would not. We also are more empowered to listen to your needs and situation and make adjustments to the terms of a loan to better fit your needs.

2. We have lower rates. A five-year term is the most common for a new or used car, and rates at Ascentra are typically lower than the average rate at a competitor bank. The savings in interest alone is a major reason to consider financing with us. Just think of what you can do with that money.

3. We provide personalized service. As a nonprofit organization, we provide members with high-quality customer service. You can openly discuss your concerns about your loan, talk about flexible repayment options and review your financial situation with a professional lending officer. This can alleviate some of the pressure of applying and securing financing for your vehicle and you can be confident that we are working with your best interests in mind.

4. We offer educational resources. Ascentra provides information such as financing options and how to make the best decisions when assessing the value of a vehicle purchase. If you’re a first-time car buyer and apprehensive about the loan process, you can turn to us for unbiased answers.

5. We offer a non-sales approach. Unlike commercial banks, which often give lenders bonuses or some type of compensation for the loans they get approved, credit unions do not try to sell you something you don’t need.

The bulk of our profits go back to you as the member in the form of lower rates on financial products and more flexible loan options.

For more information on our vehicle loan options and rate, visit ascentra.org.