How Do Auto Loans Work from Credit Unions?
Part of buying a car is figuring out the plan to pay for it. It’s not as fun as deciding on make and model, color, plus all the new tech features in the packages that are available – it’s hard to beat that! But an auto loan is an important piece of the puzzle when buying a car.
So, how do auto loans work? Well, we think you should be asking a slightly different question: How do auto loans work with a credit union vs. a traditional bank? Because there is a difference between getting an auto loan from a bank or other financial institution like the dealer, and a UMe Credit Union auto loan!
At UMe, we focus on U! That is the U + Me way! While banks are for-profit, credit unions are not-for-profit institutions, which means you are more than a number, you’re a member. All UMe credit union members are owners, too!
This allows us to offer the very best products and services available, including auto loans. We don’t look at you as simply a customer. UMe representatives know about U – your situation, your circumstances, your lifestyle. We work together to find the right fit that is wonderfully and uniquely U.
Benefits of a UMe Credit Union Auto Loan
Now that you know how a UMe auto loan works, let’s learn more about the benefits!
Better Interest Rates
Since we are a not-for-profit organization owned by our members, we like to give our members the very best. That includes really competitive interest rates on our auto loans!
UMe’s rates usually beat the rates offered by banks and other institutions. Thanks to our not-for-profit status, we can pass the savings on to you. According to the National Credit Union Institution, average rates on a loan from a credit union are consistently lower than those on a loan from a bank. Who doesn’t love to save money?
Better Member Service
Here at UMe, we really care about our members. That is reflected in the care we put into crafting our banking offers, our great rates, but if we had to choose one thing that we excel in, it’s our member service!
When you’re a UMe member, you’re guaranteed excellent, local service – nothing less. Just check out what this member had to say:
“I just moved to Burbank and decided to go with a credit union for an auto loan. I had a wonderful experience with Maria G. She explained the auto loan process clearly and was very accommodating. She followed up with emails to see how I was doing. She’s very professional and I highly recommend this credit union to my friends and family.” – Reg Graz
Our team will come in handy (happily!) when applying for an auto loan or for other banking needs at UMe. We don’t shuffle people along – we get to know U! So when you’ve got a question, we will get an answer that is just right for your situation. From car-buying tips to loan resources, we’ve got our members covered.
Better Connection to the Community
We live, work, and play in and around Burbank. Through our local ties to the area, we can deliver personal attention to you and others in the region.
We support each of our members as individuals and our community as a whole! We have donated time, energy, funding, and generally good vibes to help support and develop Burbank. This includes scholarships, donations to local organizations, and supporting local initiatives. Check out our UMeHelps page to learn more!
As a UMe member, you show that you are also a proud Burbank supporter. It’s a win-win!
How Do Auto Loans Work With UMe
It’s official: Auto loans work best when you have UMe on your side!
Our auto loans are designed to keep your monthly payments manageable and we have flexible financing terms up to 84 months. Plus, once you’re ready to drive into the sunset in your new car, you’ll enjoy 90 days of driving, payment-free! That’s right – no payments for 90 days.We know you’re itching to get that new car on the road so let’s get to it! Keep reading to learn more about how UMe Credit Union auto loans work.
The UMe Auto Loan Process
1. Join UMe
The first step of the auto loan process is becoming a UMe member, then it just gets easier from there!
We may be a bit biased, but we think UMe is the best credit union in the Burbank area! If you live, work, worship, go to school, or belong to an organization in Burbank, you can join UMe. And, because we love people who love Burbank, even if you don’t fit into the criteria we mentioned above, you can also qualify for membership simply by making a $10 donation to the Burbank Arts & Education Foundation.
Once you open an account, congrats! Because U are now a member of UMe and have access to all of our great products, stellar services, and super awesome benefits. Welcome!
2. Apply for a Loan
We make financing a breeze with our easy online loan process and competitive rates. You can apply for a UMe auto loan online or in person at our branch on Magnolia Blvd. Rest assured that we’ll do our best to get you into your dream car ASAP. We make the process easy: Apply online 24/7, visit us, or give us a call at (818) 238-2900.
While we make it easy to apply for a loan, we always make sure you are taking the right step in the right direction. There are many things to consider – like, is it better to buy or lease? – and we help you answer all of those questions along the way.
3. Provide Proper Documentation
Like most important things in life, auto loans do involve some paperwork. As a lender, we will need some personal information, such as Social Security number, driver’s license, contact information, and home address.
We may also need proof of insurance as well as proof of income. These will help us determine the very best auto loan for your unique situation.
4. Finalize the Loan
Once you have submitted the application and appropriate documentation, a UMe representative will reach out to you regarding the status of your loan.
This is when you find out the details – how much you qualify for, your interest rate, and the other terms of the loan. At UMe, we will always work with our members to make sure their monthly payments are manageable. We take care to make sure that you’re financially fit and set up for success!
The last step is signing the loan agreement and then you’ll be ready to roll. (Get it?) It’s time to go shopping!
But wait — there’s more!
At UMe, we are with our members every step of the way. That includes helping with smart options like GAP insurance, Mechanical Repair Coverage, Payment Protection, refinancing your other vehicles, and loans for other vehicles too — from motorcycles to RVs to your modest yacht!
What are you waiting for? Let’s get started today! Learn more about UMe auto loans to get you behind the wheel of your new ride.
Disclaimer: U matter to Me (all of us) at UMe — and that’s why we do our best to deliver helpful information on our blog. Please note the following: (1) UMe Credit Union works hard to make certain that the information we post here is as accurate as humanly possible. But as you know, information can change and evolve quickly. While we try to update the blog on a regular basis, the content of some older posts may not be correct or up-to-date. (2) Some destinations on the World Wide Web that we link you to will exist on external websites. UMe Credit Union does not officially endorse any connected sites, nor do/did we compensate or get compensated by any entities to be featured in our posts (unless otherwise noted). (3) Everyone’s situation is unique and we advise you to consult with our personal bankers or your finance, tax, or legal professional for advice individualized to you!