Today, borrowers have more options than ever when it comes to securing an auto loan. From traditional banks, dealership financing, to credit unions, the choices can feel overwhelming. However, one option consistently stands out for its unique advantages: credit union loans. Credit unions are member-owned, not-for-profit financial institutions, which gives us a competitive edge that benefits borrowers in ways traditional lenders simply can’t match. Have you considered reasons to finance or refinance your vehicle with Texas Bay Credit Union, versus a traditional bank?

 

Reason #1: Lower Interest Rates

One of the most significant advantages of credit unions are low interest rates. Because credit unions are not-for-profit organizations, we prioritize serving members rather than maximizing profits for shareholders. This allows credit unions to offer loans with significantly lower interest rates compared to traditional banks and online lenders. Lower interest rates can save you thousands of dollars over the life of your loan.

 

Reason #2: Flexible Eligibility and Fast Approvals

Traditional banks often have strict eligibility criteria for loans, making it difficult for some borrowers to qualify. Credit unions are willing to work with members who have less-than-perfect credit scores or complicated financial histories. Loan officers at credit unions consider factors beyond credit score, such as the relationship a borrower has with the institution and their overall financial situation before making a decision. This makes it easier to secure loans, even if you were denied elsewhere.

 

Reason #3: Personalized Member Service

Credit unions are known for being more member-focused than traditional banks. Since credit union membership is based on affiliation with a group or location, we cater to a smaller audience than most banks. This means we can provide personalized, member-focused service and build relationships with our members. When you apply for a car loan with a credit union you are more than just an account — you’re a respected member-owner.

 

Reason #4: Member Discounts and Perks

Most credit unions offer exclusive discounts and perks for their members. At Texas Bay, you get access to the same exclusive discounts and perks when getting a car loan with us. Perks add significant value beyond the loan itself—especially ones such as:

• Twice a year Skip-a-Payment opportunities

• No payments for 90 days¹

• Access to the myEZ Car Care app, which provides service reminders, safety information, local discounts on vehicle maintenance and more

 

Reason #5: Financial Education and Support

Credit unions go beyond offering lending solutions. From customized loan options to receiving tailor-made solutions and action plans to achieve your financial goals with our FREE Financial Wellness Checkup. We also offer Zogo, a free financial education app that rewards you for learning. These tools empower our members with knowledge and resources to improve their overall financial wellness and make informed decisions.

 

Work with Texas Bay for Your Next Auto Loan

Choosing a credit union auto loan over a traditional bank loan or dealership financing gives you benefits such as lower interest rates, fewer fees, and personalized loan customization. Before financing your next vehicle, consider the competitive advantages of a credit union auto loan.

Ready to start looking for dream car, but not sure where to start? Texas Bay has an online vehicle buying service. Visit the Find a Car page to search for a vehicle of your choice, conduct a virtual test drive, and get FREE CARFAX and AutoCheck reports on the vehicles you like. Feel ready to apply? Complete our application online today! Have questions? Talk to one of our loan officers today and get the information you need to get started.

 

 

 

 

¹Restrictions apply.