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Are Credit Unions Better than Banks? |
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You may be wondering how credit unions and banks are similar and how they differ. You may be wondering if one is better than the other. Well, the answer to that really comes down to what you are looking for. Here are some considerations to help you decide what’s best for you: |
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| Customer Service | |
| Credit Union | Bank |
| Tends to provide a deeper level of customer service that is rooted in care for their community and the people in it. | Tends to be more hit or miss with customer service as they serve a larger population and are not necessarily deeply committed to the local community. |
| Rates & Fees | |
| Credit Union | Bank |
| Are able to offer lower interest rates on loans and higher savings rates because they are owned by members. For this same reason, credit unions tend to have lower and/or less fees. | Have higher interest rates on loans and lower savings rates as they are owned by investors and must make a profit for them. Banks tend to have higher fees and/or more fees to help meet this goal. |
| Accessibility | |
| Credit Union | Bank |
| Have fewer branches as they are local to the area they serve. However, they may be a part of the Shared Branch network which allows members access to more than 5,600 branches nationwide. They also tend to offer access to more than 30,000 ATMs nationwide. | Typically have more branches nationwide, although may have less locally. Are not part of a Shared Branch network and therefore can provide direct service to customers, but only at their own location. |
| Insurance | |
| Credit Union | Bank |
| Deposit accounts are insured by the NCUA up to $250,000 per account. | Deposit accounts are insured by the FDIC up to $250,000 per account. |
| Products & Services | |
| Credit Union | Bank |
| May be a full-service financial institution. Tend to offer auto, home, personal and investment products and services, and may offer business products and services too. | Tend to be full-service financial institutions, offering auto, home, personal, business, investments and more. |
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Interested in joining a local San Diego credit union? Check out how Wheelhouse can serve you: explore our website. |
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Author: Manix Phayvanh
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How to Refinance an Auto or Vehicle Loan |
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If you haven’t already, now is a great time to consider refinancing an auto or vehicle loan. Interest rates are low and you could save money by reducing your monthly payment. To make the refinancing process as smooth as possible, you’ll want to follow these simple steps: |
| 1. Review the Details of Your Current Loan |
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Before anything else, you should check how much is left to pay on your loan, what your interest rate is, and if there are any fees for paying it off early. If you don’t know, you can probably find this information in your Online Banking. |
| 2. Gather Your Documents |
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To refinance your vehicle loan, you will want to be prepared with any necessary documents. At Wheelhouse, you will need:
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| 3. See How Much You Can Save |
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Use our vehicle loan calculators to compare auto loans and see how much you can save. Consider if a lower rate or a longer term is your best option. You can view Wheelhouse’s auto loan rates here. Lastly, you’ll also want to be aware of any small fees that may be associated with transferring the loan. |
| 4. Apply for a Vehicle Loan |
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Visit the financial institution you want to refinance with to start the refinancing process. Wheelhouse makes it easy with a 3-step online application. Of course, if you wish to apply in-person or over the phone, you may do so as well. |
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Interested in using your refinance to get cash out? Learn how today. |
