|
Midwest United Credit Union
What is a credit union?
If you belong to a labor union or are affiliated with a large employer, organization or residential community you might be interested in joining a credit union. Credit unions are financial co-operatives that are run for the benefit of its members. When a person signs on the dotted line for a loan, payments typically extend from one to five years.
Since credit unions are non-profit organizations, they offer car loans at highly competitive interest rates. But if you compare convenience with better rates, service and options, you'll quickly realize a credit union is the best way to go. The emphasis of the credit unions is service, unlike banks whose main motivation is profit maximization.
A borrower can prepay a credit union loan without penalty. The savings can be significant. Massachusetts was the first state to pass a credit union law.
Paying into a credit union is also easy and can be done at local shops, convenient collection points, or can even be taken directly from your salary. Members benefit from being owners because each member then owns a 'share' of the credit union. In many situations, the ability for a family to afford a car loan or mortgage is based upon a lower interest rates and a reduced amount of fees. Interest payments for some loans from credit unions are tax deductible. What are the monthly and individual fees?
There is really no way to gauge service than by either contacting the credit union, or walking in the door.
Your local credit union helps you make the most of your money. Compare the advantages and disadvantages of getting a car loan from a lender and a credit union. Finally, you can receive all the perks of a good bank including lower interest rates and lower fees and still save and grow your money safely.
|
