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What is a Credit Union?

Credit unions are member-owned, not-for-profit "banks" with the goal of providing loans and other financial services to its members at reasonable rates.

Credit unions have a vested interest in making sure its members are financially healthy and saving money.

Unlike banks and other financial institutions, the goal of a credit union is to serve its members rather than make a profit.

Any surplus revenue a credit union generates will usually go toward offering members more affordable loans and lower fees on other products and services.

This makes credit unions the least deceptive and oftentimes cheapest source for auto financing.

There are over 9,000 credit unions in the United States with nearly 90 million members combined.

Some credit unions require members to be part of an organization or corporation, but there are others that only require you to live within a certain geographical area.

The best places to search for credit unions in your area is ASmarterChoice.org and FindACreditUnion.com

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About The Author

Gregg Fidan Gregg Fidan is the founder of RealCarTips. After being ripped off on his first car purchase, he devoted several years to figuring out the best ways to avoid scams and negotiate the best car deals. He has written hundreds of articles on the subject of car buying and taught thousands of car shoppers how to get the best deals.
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