TIL the hard way that a credit union can be way better than BoA for car loans

Back in March I needed to finance a used Honda Civic I found at a lot in Austin. Bank of America offered me 7.2% APR because my credit score is decent but not excellent around 720. I almost just signed because it was easy and they're everywhere. But my coworker kept bugging me to check out University Federal Credit Union here in town. I walked in expecting a hassle but they approved me at 4.8% APR in like 20 minutes. Over 48 months that difference works out to about $700 in interest saved total. Now I'm kicking myself for all the years I just used big banks for everything without looking around. Has anyone else found a local credit union that wrecked their expectations on rates?

4 comments

4 Comments

lucasschmidt1d ago

Dude yeah. I had basically the same thing happen with a credit union here in Austin. BoA offered me 6.9% on a used car and I was ready to take it because it was right there. My buddy told me to check out Amplify and they gave me 3.9% flat. It felt like I was getting ripped off for years just being lazy. The thing that gets me is big banks spend all this money on ads but credit unions just sit there quietly saving you hundreds. That Civic loan at 4.8% is killer, you probably saved enough for a nice weekend trip.

burns.jenny16h ago

My lazy ass paid 8% for years because the big bank was literally across the street from my apartment. I could've bought a whole new TV with what I overpaid.

the_linda16h ago

Happens all the time with banks, insurance, internet plans - loyalty just punishes you.

price.gavin1d ago

Yeah you know I was always skeptical of credit unions but this thread is making me reconsider.