Can credit union and coop banks replace traditional banks completely?

Edit (adding additional question): Has there been an attempt to do this on a national or societal level?

  • LesserAbe@lemmy.world
    7·
    5 months ago

    Funny, I just commented elsewhere that my credit unions have always offered great rates on auto loans. Where are you located? I’m in the states.

    I previously had a dealer be like “let me see if my guys can give you a better financing rate” and they did (slightly) than a bank rate I had secured. But since then I’ve financed a few times with a credit union and they’ve never been able to beat the rate.

    • AA5B@lemmy.world
      1·
      5 months ago

      I’m in Massachusetts, but I think I’m “cheating”. When I’ve had to finance, I’ve gotten a promotional rate. As far as I know you can only get those by letting the dealer find financing, so the credit union can’t match the promotional rate

      Edit: my credit union is currently offering 6.84% loans for new cars. It’s hard to get the info to compare but the latest I found from my car manufacturer was 5.6%, but this spring they had at least two promotionals for 0% and 1%. Most importantly, it’s not like you can opt out of the financing and get a rebate of equal value