Does a better rate on a loan really help lower monthly payments that much? Does it really matter where I get my loan? How much difference could there be in a few points?

Check this out:

It’s a fact. Loan interest rates are usually lower at a credit union than at a bank, which translates into smaller monthly payments for you and your family. Take a look at these national loan rate averages:

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48-month used car 2.78% 5.18%
48-month new car 2.58% 4.67%
Credit card 11.64% 12.71%
36-month unsecured 9.31% 10.24%

     Source: NCUA, June 2015

 Using these same loan interest rate averages, check out how the credit union monthly payments compare to bank monthly payments:

  Credit Union Bank Annual Savings By Choosing a Credit Union
$10,000 used car loan, 48 months $220.37 $231.11 $128.88
$20,000 new car loan, 48 months $438.98 $457.60 $223.44
$6,000 balance on a credit card that you are trying to pay back in 12 months $633 $636 $36
$7,000 unsecured loan, 36 months $223.61 $226.66 $36.60

These rates are just averages! If your interest rates are higher, you could potentially save even more by borrowing at a credit union instead of a bank. In fact, between better loan and deposit rates and lower fees, credit union membership confers a real financial benefit to consumers, to the tune of about $240 a year per member household.*

*Source: Credit Union National Association

A few points can make a big difference! Educate yourself before you go searching for a loan and save money by getting the best rate you can find!

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