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Appreciation post: A local credit union vs. my big bank for a car loan last month
I needed $15k for a used truck from a guy in Tulsa. My big bank offered 8.2% over 60 months. I walked into a credit union on a whim and they gave me 5.8% in 15 minutes. Has anyone else seen that big a gap between big banks and local credit unions for auto loans?
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terry_barnes3d ago
Oh come on, you guys are giving credit unions too much credit. I had the exact opposite experience last year. Walked into my local credit union for a $12k loan to replace my beater Honda and they quoted me 7.5% with all this paperwork about proving my income three different ways. My regular bank did 6.1% over the phone in ten minutes. I think it depends a lot on what state you're in and how fancy the credit union thinks it is. Some of them have gotten just as corporate as the big boys. Mine even charges a fee just to have a checking account now.
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Man that's wild... same thing happened to me when I was looking for a car loan last year. Big bank had me at like 9% and the credit union down the street gave me 6.2% with basically no hassle. Feels like they just don't want our business sometimes.
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