Obtaining Cheap Loans From Credit Union
In the great economic slow down that we are all forced to suffer through it appears
to be harder and harder to obtain a loan at any rate, let alone a low rate. Banks are picking and choosing each borrower now and those doors are closed for most of us. There are alternatives though, to dealing with banks.
Credit Unions for instance have actually increased the number of loans given, mainly able to do this because of their conservative practices that allowed them to miss most of the subprime mortgage fiasco of the last few years. This has also allowed them to loan at about one percent lower that most banks. This is particularly true of car loans because several large credit unions have joined forces with a couple of the big auto companies, General Motors and Chrysler, in the Invest in America program. Buy a new car and get a discount if you finance it through a credit union. These discounts can range anywhere from $500-$1,500 and will be added to any other manufacturers incentives. To check if you will qualify go tolovemycreditunion.org, check to see of your credit union is a member and then tell your dealer that you want to use the program.
Obtaining a home loan from a credit union is easier also. The amount of real estate loans through credit unions is way up, and the rates are about two percent below any banks rate.
If you want to qualify for any loan, you will need a good credit history, proof of income and residence, and a down payment. The amount of the down payment depends on your credit score. Higher the score lower the down payment. No lender will even think about lowering their standards in the current economy.
You will need to be a member of the credit union. Because there are roughly 8,000 credit unions in the U.S., finding the one that suits your needs will not be difficult. Two ways to get involved it to check with findacreditunion.com or join the National Military Family Association for a $20 fee and get access to the Pentagon Federal Credit Union.
by: Chris Cornell
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