what is the difference between financing a car through commercial banks or credit union?

3 Responses to “what is the difference between financing a car through commercial banks or credit union?”

1. the wind Says:
   March 12th, 2010 at 6:05 pm

   credit union is sometimes cheaper !
   References :

2. drive_55_not Says:
   March 12th, 2010 at 6:52 pm

   It all depends on your credit, however there is no real difference between bank and credit union financing, You can shop both to find the best financing deal for you, Right now Pentagon Federal Credit Union has 3.99% financing for 60months and Bank of America is advertising 4% (.if you qualify.)

   Dealers will shop your finance contract thru the same lenders you can talk to on your own, The dealer may get you the best deal for you OR they may get you the best deal for themselves by locking you into a higher APR than you could’ve gotten and taking a kick-back from the lender,

   I always get my financing first then talk to the dealer to get the best price on the car,

   Without knowing the kind of vehicle you’re shopping for,,, Generally when the manufacturers advertise large rebate or 0% financing you get one or the other, In most cases you are better off taking the rebates and financing on your own since you are paying MSRP (or close to it) on the 0% deal, or you can get a few-grand off MSRP and it is highly unlikely you’ll pay that kind of interest back in 5-years, unless you have so-so credit,

   Good luck,
   References :

3. William Says:
   March 12th, 2010 at 7:17 pm

   Financed cars is more expensive to insurance cause it requires full coverage. You can compare how much you would pay for full coverage of this car using this tool – carquotes.sinfree.net
   References :

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