Federal Credit Union - FMVperformance.com : The site for all your Ford Mazda and Volvo needs
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post #1 of 21 (permalink) Old 06-26-2006, 10:27 AM Thread Starter
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Federal Credit Union

Im looking at car loan options. Do you have to be a member of a credit union to get a loan from them.

I know of a few Federal Credit Unions nearby and I just wanted to know if I can go and see about a car loan. I know there are usually restrictions on who can join, but I dont want to join I just want to get a car loan
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post #2 of 21 (permalink) Old 06-26-2006, 10:54 AM
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Re: Federal Credit Union

In most situations you have know work at a company or know someone in the credit union in order to get a loan.. Call them and ask, only way to know for sure
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post #3 of 21 (permalink) Old 06-26-2006, 11:01 AM Thread Starter
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Re: Federal Credit Union

I found a Credit union for anyone that works in the county so I can go there, has anyone had any experience with them......is it worth it to open an account and just have the minimum in the savings account?
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post #4 of 21 (permalink) Old 06-26-2006, 11:52 AM
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Re: Federal Credit Union

I have the same thing as you. And yes you have to open an account to be a "member" in order to get loans. When I applied for my loan, they actually GAVE me $5 and put it in the savings account I opened, so it didn't cost me anything, plus I got a good rate!

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post #5 of 21 (permalink) Old 06-26-2006, 12:27 PM
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Re: Federal Credit Union

There's no reason not to join, you usually get better rates and services at a CU than you do at most regular banks anyway. But yes, you have to be a member to get a loan although some CU's have rather flexible membership requirements.
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post #6 of 21 (permalink) Old 06-26-2006, 12:29 PM
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Re: Federal Credit Union

I'm not a member of the Fort Worth Community Credit Union, nor do I live in Fort Worth...but that's who gave me the loan for my 3.
post #7 of 21 (permalink) Old 06-26-2006, 12:34 PM Thread Starter
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Re: Federal Credit Union

The loan person wasnt there when I went but I got an application. the minimum balance is 25.00 plus a 5 dollar one time membership charge. Now I just need to see if I can go back and talk to the loan person and get a value on my rate before I join
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post #8 of 21 (permalink) Old 06-26-2006, 12:42 PM
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Re: Federal Credit Union

I would highly recommend credit unions to use for your day-to-day banking and loans! They will most likely get you the best deals on loans as far as % rates go and all that good stuff. Plus no stupid fees or beating around the bush. I don't have my car loan through my credit union, but I recently took out a small loan to buy a laptop, and it was such a easy and pleasant process.

Plus with their online banking, it was so easy to make payments on the loan, monitor it, and I even paid it off 4 months early! It was my first personal loan through a bank. (Not counting car loan, but that's kinda different)

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post #9 of 21 (permalink) Old 06-26-2006, 12:46 PM
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Re: Federal Credit Union

you're not a customer at a CU, you're a member. My experience is that the attitude of the employees is a bit different because of that. But that's relative to my poor experiences with normal banks.
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post #10 of 21 (permalink) Old 06-26-2006, 12:48 PM
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Re: Federal Credit Union

Murph is right, you are a member. Which means they treat you better, not like shit like normal banks! Normal banks just want your money and will screw with you any way. They're actually trying to screw w/ your mind into believing they are giving you great products and services to hold your money in their bank, wrong!

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