• They are owned by their members. Anyone who opens an account with a credit union, albeit a small one, becomes a partial owner. So, every member has an equal right to vote for the leadership position of the union. However, to become a member, one needs to qualify. For this:
  • You should live, work or worship in a particular city or area,
  • Be a member of a certain group e.g. the same college, armed forces, a church, etc.
• You will have to fill out an application form, prove your eligibility, provide the name of a relative, employer or organization you work for and personal information such as your place of residence and work.
• Thereafter you will have to choose the financial services you are interested in.
• Once you are eligible for being a member of the credit union, the next requirement is to open an account with it.
• Credit unions are federally insured or protected by National Credit Union Share Insurance Fund (NCUSIF).
• They consist of an upper management body which formulates strategies, makes policies and so on. This board generally comprises of elected volunteers.
• Service precedes profitability in credit unions and this is the reason for which they offer competitive rates for their services and products.
• Most credit unions offer savings and loan accounts to their members along with other additional products and services.
• Credit unions provide services such as Checking Accounts, ATM Cards, Credit Cards, Auto Loans, Payroll Deduction, Direct Deposit, Notary Service, Mastercard Cash Advance, On-Line Access, Mastercard Gift Cards, Wire Transfer, ACH Origination, Bill Pay etc.

The process of buying a new or used car with the help of an auto loan is fairly simple if done under the guidance of a professional with in-depth knowledge of the requirements and procedure involved. Apart from being well-informed of your financial status such as monthly net income, credit score, etc. you should be equipped with the right kind of questions to ask before getting the auto loan.