If you’re in search of a car loan, you may be wondering which option is best for you. For many, securing a loan through a local credit union offers numerous benefits. Below are the top benefits of receiving a loan from this type of establishment. 

Why a Credit Union Is Best for a Car Loan

1. They Are More Likely to Work With You Than a Bank

Some people might face financial difficulty when applying for a loan. Because credit unions create personalized relationships with clients, a loan agent may be more understanding about money woes. Consider what might happen if you’re suddenly unable to make payments on the loan. A credit union will help you devise a new plan that is suited to your current financial status. Most banks wouldn’t be as sympathetic.

2. Membership Requirements Are Not Stringent

In the past, it was tough to secure membership in a credit union unless you were already a part of a specific group (such as an employee of a company). Today, anyone can belong to a credit union. This means you reap the many benefits associated. For instance, you’ll receive a high degree of personalized service that wouldn’t be available at a typical banking institution.

3. Rates & Terms Are Often Competitive

Credit unions also offer favorable loan rates and terms. If you’re worried about repaying a car loan in the time allotted, you can opt for an extended term of up to 70 months in some cases. This flexibility means more people acquire loans without risking serious financial upheaval in the event they can’t pay.

Residents in Totowa, NJ, look to North Jersey Federal Credit Union for the indispensable support they need. With 80 years of service, these financial gurus have established a trustworthy reputation. Find out more about acquiring a car loan by calling (973) 785-9200 today. Visit the website for more information on the personal banking services offered.