Many U.S. drivers think the best place to get a car loan is an automobile dealer with connections to special financing institutions. While it is true dealers offer financing options either directly or through third-party lenders, credit union auto loan rates are often the lowest available overall. 

A credit union is a financial institution with significant similarities to a bank. Banks have customers, however, whereas credit unions have members. Members are essentially part owners of their respective credit unions, which is one way credit union loan rates are kept so low. Credit unions are also affiliated with specific local, community and regional institutions such as police/fire departments, military bases, schools and more.

How do I join a credit union?

Can I get a credit union car loan if I am not a member?

A car loan from a credit union might be your secret weapon to save money today. Most credit unions do not finance car loans for non-members, however. Conversely, it is easy to become a credit union member under certain conditions. 

To become a credit union member, you must either work for or be a part of an organization affiliated with the credit union. It is also possible to join a credit union when you are family of or otherwise associated with a member. 

Some credit unions even allow you to join for a negligible fee if you do not meet the base membership requirements.

Credit unions offer low interest rates on car loans. Loan fees are also small, as are loan minimums. For example, some lending intuitions have a minimum borrowing requirement, but many credit unions do not. Credit union auto loan rates are some of the lowest auto loan rates available all year round and are your possible secret weapon to saving money on auto financing today.