Credit Unions

Credit Unions

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Credit Unions - 10/30/2008 2:07:12 PM

pxatim

Posts: 1194
Joined: 10/22/2006
From: dahn rahn ah rocks
Status: offline

I'm looking into joining the Credit Union through my place of employment. It seems like a pretty good(and safe) way to borrow money.

Anyone have any experience with them... this is my first time doing this.

Post #: 1

RE: Credit Unions - 10/30/2008 2:11:12 PM

Cold

Posts: 966
Joined: 3/27/2008
From: Latrobe, PA
Status: offline

I belong to one, but to be honest, I really dont know what exactly makes it different from a bank. I'm not really into the finer points of finance. I DID have a car loan out through them...but I paid it off yesterday!

Its MY CAR now!

(in reply to pxatim)

Post #: 2

RE: Credit Unions - 10/30/2008 2:14:50 PM

jackq

Posts: 193
Joined: 3/31/2008
From: Altoona/Newville, PA.
Status: offline

I belonged to a credit union for almost 30 yrs and have nothing but good to say about the one I belonged to. Had payroll deduction every week going into a savings acct. Any vehicle I ever bought was through them and it couldn't have been easier. Personally I would suggest you join, but maybe talk to other people at you work who belong and see what they have to say.

(in reply to pxatim)

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RE: Credit Unions - 10/30/2008 2:30:16 PM

gobyking

Posts: 1005
Status: offline

Most credit unions have better rates on car loans than the average bank. In my research when I was purchasing one..

(in reply to jackq)

Post #: 4

RE: Credit Unions - 10/30/2008 2:41:01 PM

Posts: 557
Joined: 10/22/2004
Status: offline

True Goby. But now a days the car manufacturers are giving better rates than the credit unions are. I still like the credit unions though. If you have 1000 in your account most will let you borrow 10 times the amount or say 10k.

(in reply to gobyking)

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RE: Credit Unions - 10/30/2008 3:28:28 PM

bulldog1

Posts: 372
Joined: 6/5/2008
Status: offline

Good places to do your business. Manufacturer rates on new cars can't be beat, but if you're buying a used car, truck or boat they can usually offer better rates. Our CU will beat the best rate I can find by a tenth of a percent. Granted that's not much, but every little bit helps. To me it's almost like going back in time. There was a time when you could pick up the phone and tell your local bank what you wanted and get the go ahead and sign the paper work later, those days are long gone especially now. But I can still pull this off with our credit union. Payroll deduct is nice as well. Plus many will let your children join so they can get many of the benefits without actually being employed by your company.

Go for it pxatim you won't regret it.

(in reply to Ax)

Post #: 6

RE: Credit Unions - 10/30/2008 6:25:47 PM

indsguiz

Posts: 2155
Joined: 3/24/2005
Status: online

I thoroughly recommend Credit Unions to anybody. They usually pay higher interest on savings and they offer lower rates on loans than most banks. And the one I belong to doesn't sell their loans or mortgages to outside interests. The major difference I've found is that Credit Unions are "owned" by the people who have active accounts. That way if you want to go to a meeting and complain about excessive salarys of the executives who run the thing you can. The members set the policies in most C/U that I have been part of.

_____________________________

Illigetimi None Carburundrum

(in reply to bulldog1)

Post #: 7

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