You may see lower APRs advertised but we recommend that you check whether the advertised rate applies to the loan amount you actually need. Often, the lowest advertised rates from major financial institutions only apply to the higher value loans and are quoted as a “representative” rate, which means that may not be the rate that you are offered. Many of our customers have reported to us that bank's offered them a loan at a much higher rate than advertised. With us, what you see is what you get.
You might find that they won’t even provide the loan amount that you need at any rate.
Also, check what you will actually pay monthly and what is included. We charge interest on the reducing balance only, whereas they might apply interest up-front on the total loan.
In addition, you build up savings so that you can pay off your loan early or, if your loan runs its full term, you have a savings balance to keep.
As we are a regulated credit union, you know that you are not paying for outside shareholders or profits. Surpluses, after operating costs and allocation to reserves, are used to pay dividends to savers.