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What would happen if everyone moved there money from traditional private banks to credit unions/ coop banks
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this post was submitted on 17 Jun 2024
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Funny, I just commented elsewhere that my credit unions have always offered great rates on auto loans. Where are you located? I'm in the states.
I previously had a dealer be like "let me see if my guys can give you a better financing rate" and they did (slightly) than a bank rate I had secured. But since then I've financed a few times with a credit union and they've never been able to beat the rate.
I’m in Massachusetts, but I think I’m “cheating”. When I’ve had to finance, I’ve gotten a promotional rate. As far as I know you can only get those by letting the dealer find financing, so the credit union can’t match the promotional rate
Edit: my credit union is currently offering 6.84% loans for new cars. It’s hard to get the info to compare but the latest I found from my car manufacturer was 5.6%, but this spring they had at least two promotionals for 0% and 1%. Most importantly, it’s not like you can opt out of the financing and get a rebate of equal value