How to use a CU

[Anonymous]

I'm wondering what the specific process is for joining a CU to get an auto loan.  I see the recommendation all the time, but not a lot of specifics.  I am happy with where I currently bank but would be willing to open another account with a CU locally.  Is there a minimum I need to deposit?  A certain amount of activity I need, like debit card activity, withdrawals, deposits, etc?  I am self-employed so I can't really do direct deposit.  Any other tips?  I don't really need an auto loan but I'd like to build more credit and the bank rates seem too high to be worth it.

[LIGHTNIN]

Each CU has their own policies on whether or not you can join.

As well as the amount of the 1st deposit.

Here is a great web site to use  http://www.creditunionsonline.com/

The web site will tell  you what you need to be eligible also the locations.

 Credit Unions are easier to join, then they use to be.

IMHO, CU's are better then banks. 

The only drawback is the CU's have fewer branch offices then the banks.

[marty56]

In the long run, CUs are way better to get any type of loan.  While you can sometimes get loans at 0%, there is awlays some game that the dealers play with that.

Mine offers new/refi car loans at 3.7, any car, any color, any model. 

[tpere925]

not exactly true.  If you can prove your cu has you approved at 3.7% Ive seen dealers give buy rate as low as 3.24 and take a flat fee as income just to get the financing.  This is on used and all terms of sale the same.  Just sayin...

That is a very low rate...lowest cu rate I've seen has been penfed at 3.99 on an internet only rate. wow!

[Anonymous]

the lowest my credit union will offer on a used auto is 6% and 3.35% on new.