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Why Use a Credit Union for an Auto Loan?

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Why Use a Credit Union for an Auto Loan?

If you’re looking for an auto loan in Central Jersey, you might be a little overwhelmed trying to decide where you should go. You could get financing from the dealer, a big bank, a smaller bank, or even borrow from a relative. But getting your auto loan from a credit union like United Teletech Financial offers many benefits you simply won’t find from other types of lenders.

Credit Unions Offer Lower Interest Rates

UTF, and all credit unions, are non-profit entities. That means credit unions can charge lower interest rates as we’re not focused on making profits or making money for shareholders. Instead, credit unions are focused on providing the best possible financial solutions to our members.

Our Rates

Higher Chance of Getting Approved for a Loan

Credit unions are often more willing to work with people who need to buy a car with less than perfect credit. Credit scores do factor into the decision to lend or not to lend to someone, but at UTF we try to look beyond the credit score. 

We value relationships with our members. When there’s a great relationship, we do everything we can to help that member get the car they need, even if there are a couple of issues in their credit history. We try to take a holistic look at your financial picture and not reduce you to a credit score. You’re a real person with a real need, and we want to help.

Applying for a Credit Union Auto Loan Is Convenient

You can become a member of United Teletech Financial over the phone or by visiting your nearest branch. Membership is open to all who live, work, worship, volunteer, or go to school in Ocean County, Monmouth County and parts of Middlesex County. 

Once you become a member, you can apply for an auto loan online or over the phone. There are no application fees. 

How Do Credit Union Auto Loans Work?

Lending is a relatively simple concept. When members deposit money with the credit union, we use that money to lend out to other members who need auto loans. 

In exchange for providing the money to the borrower, we charge interest. The borrower pays back the original loan amount plus the interest. That interest allows us to make money, which we then return to members in the form of better savings account rates, dividends, and lower fees.

Car Loans Are a Big Part of What Credit Unions Do

Because of our low rates and excellent service, credit unions tend to offer a lot of auto loans. As a result, we are efficient in evaluating applications and making decisions. 

Our employees are very well educated on car loans because they help people with them every day. That means we can answer any question you have about your auto loan and work with you if you ever run into a financial problem during the term of your loan.

Experience the Credit Union Difference

United Teletech Financial helps put people behind the wheel of new and used cars every day. Our great rates and helpful staff make UTF a great choice for your next auto loan.

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