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Want a Cheaper Loan? Join a Credit Union

macfarlane06 — Tue, 21 Apr 2009 16:33:39 GMT

Want a Cheaper Loan? Join a Credit Union

posted: 72 DAYS 6 HOURS AGO

filed under: Auto Loan, Banking, Credit, Cut Costs, Get Deals, Home Equity Loan, Loans, Mortgages, Personal Loans, Recession, Refinancing

Looking to score a mortgage or a car loan? That used to be easy, but the credit crunch has made banks a little tight-fisted. If your bank shakes its head when you ask for financing, maybe it's time for you to join a credit union.

During the subprime boom, these cooperative financial institutions invested far more conservatively than most banks, and today they're reaping the rewards of avoiding a bust. That's good news for consumers who belong to credit unions, where the average interest rate for used cars is far lower than it is at banks. Carmakers are even offering discounts on new-car loans through some participating credit unions. And many credit-union members enjoy lower rates on 30-year mortgages and home-equity loans.

So can you take advantage of credit-union benefits? Read on to find out.

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Credit Unions and Cheap Loans

At a credit union located within a Phildelphia Baptist church, one member -- the pastor -- opens an account. Credit unions in recent years tended to choose conservative investments over the high-risk strategies favored by banks, and today, many offer loans more freely and at lower interest rates.

Douglas M. Bovitt, AP

Inventory at a Chrysler-Jeep dealership outside Chicago in 2008. Troubled automakers Chrysler and General Motors have offered discounts of up to $1,500 to customers financing new-car purchases through credit unions.

Scott Olson, Getty Images

A Chicago used-car lot. Interest rates for used-car loans financed through credit unions recently averaged 6.65%, compared with 7.45% for loans financed through banks.

Scott Olson, Getty Images

An upscale townhouse-condominium under construction in March 2009 in Fairfax, Virginia, was a rare glimmer of life in a regional downturn on new-home construction. Interest rates on 30-year mortgages secured through credit unions in early 2009 averaged 5% -- half a percentage point lower than rates at banks.

Paul J. Richards, AFP / Getty Images

A FannieMae ad at the Mortgage Banker's Association Conference and Expo in San Francisco in October 2008. In early 2009, credit unions were financing home equity credit lines at an average interest rate of just 4%, compared with 5.7% at banks.

Justin Sullivan, Getty Images

MagnetBank in Utah was seized by the Federal Deposit Insurance Corp. in late January 2009. As banks continue to suffer years of risky investments, credit unions are emerging for consumers as safer, more stable institutions.

Douglas C. Pizac, AP

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Car Insurance Fraud on the Rise

Wed, 25 Mar 2009 19:01:43 GMT

Car Insurance Fraud on the Rise

posted: 99 DAYS 4 HOURS AGO

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Cassandra Shie, AOL

Just as foreclosures and deed in lieu transactions are rising, an increasing number of Americans are also abandoning luxury cars they can no longer afford, and not just walking away from them but ditching them and claiming the insurance.

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Jaguar, Buick More Reliable Than Lexus

barrypsummerlin — Wed, 13 May 2009 14:51:00 GMT

Jaguar, Buick More Reliable Than Lexus

posted: 50 DAYS 8 HOURS AGOcomments: 0

filed under: Auto Loan, Car Insurance

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General Motors

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General Motors

A market-research firm ranks Jaguar and Buick (pictured here) as the most reliable cars. Click through to see the rest of the top 10--and to find out which car is the least reliable. Also See: Rare good news for GM as Buick tops Lexus in quality

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Will Car Owners Be Abandoned, Too?

bethpinsker — Fri, 20 Feb 2009 19:08:15 GMT

Will Car Owners Be Abandoned, Too?

posted: 132 DAYS 4 HOURS AGOcomments: 0

filed under: Auto Loan, Car Insurance, Recession

With Saab filing for bankruptcy and other car models on the block, the value of your car could change. Here's what you need to know to protect your investment. Other Car News: Time to Refinance Your Car Loan? | Hyundai Ups Ante On Assurance Program

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New Used Car Registry Offers Security

Tue, 10 Feb 2009 15:18:57 GMT

New Used Car Registry Offers Security

posted: 142 DAYS 7 HOURS AGO

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Getty Images

Otherwise known as the "wreck registry," this new federal program could make it a lot easier and cheaper to track down the history of a vehicle, cutting down also on theft, but not all states are complying yet because they still want to collect the high fees they charge for the same information.

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New Registry for Used Cars Offers Security

Tue, 10 Feb 2009 15:18:08 GMT

New Registry for Used Cars Offers Security

posted: 142 DAYS 7 HOURS AGO

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Getty Images

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Can a Credit Card Really Buy Anything?

brendancleary07 — Tue, 29 Jul 2008 17:50:21 GMT

Credit Cards Car Insurance Auto Loan Tue, 29 Jul 2008 17:50:21 GMT 36975 brendancleary07 2008-07-29T17:50:21Z

Can a Credit Card Really Buy Anything?

posted: 338 DAYS 5 HOURS AGO

filed under: Credit Cards, Car Insurance, Auto Loan

Shoppers have been increasingly dependent on credit cards to purchase basic necessities, but can a credit card be used to buy something as expensive as a car? Check out what credit card companies have to say.

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Buying and Leasing New Cars

brendancleary07 — Tue, 29 Jul 2008 17:49:35 GMT

Auto Loan Tue, 29 Jul 2008 17:49:35 GMT 36974 brendancleary07 2008-07-29T17:49:35Z

Buying and Leasing New Cars

posted: 338 DAYS 5 HOURS AGO

filed under: Auto Loan

In the market for a new car? Before setting foot into your neighborhood dealership, make sure you know the ins and outs of today's auto market. Check out these helpful tips and you'll be on your way to negotiating like a pro.

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Top Things to Know Before Buying a Car

justincleary05 — Wed, 30 Jul 2008 22:17:44 GMT

Auto Loan Wed, 30 Jul 2008 22:17:44 GMT 36973 justincleary05 2008-07-30T22:17:44Z

Top Things to Know Before Buying a Car

posted: 337 DAYS AGO

filed under: Auto Loan

Before setting foot in a dealer's showroom, make sure you're armed with the knowledge you need to get the right car at the best price.

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Shopping for an Auto Loan

BBarticle — Mon, 21 Jul 2008 20:58:45 GMT

Shopping for an Auto Loan

posted: 346 DAYS 2 HOURS AGOcomments: 0

filed under: Auto Loan, Loans

Learn the basics of auto loans. Find online resources, discover how your credit rating can affect your interest rate and learn how to use aggregators to find the best possible rate.

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