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 car3.33%5.23%
48-month new car3.15%4.78%
30 year fixed rate mortgage3.43%3.52%
36-month unsecured9.21%10.28%

      Source: National Credit Union Administration, June 2020

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

Credit UnionBankSavings By Choosing a Credit Union
$10,000 used car loan, 48 months$223$231$96 Annually
$20,000 new car loan, 48 months$444$459$180 Annually
$100,000 30 year fixed rate mortgage$445$450$1,776 over life of loan
$7,000 unsecured loan, 36 months$223$227$48 Annually

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 $241 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!