If you?re making financial decisions, it might be worth thinking about the possible advantages of using a credit union over a bank. If you?ve never heard of credit union auto financing, or didn?t know anything other than a bank was possible to use for savings accounts, checking accounts, and loans, read on to learn about what makes a credit union different, and then three ways to save money using a credit union bank rather than a standard bank:

How is a Credit Union Bank Different From a Regular Bank?

Banks are owned by investors who are storing your money, serving you in various ways, and maybe even paying you interest in exchange for using your money to make money for themselves. A credit union is owned by the customers, which often allows them to offer more interest on savings and lower loan rates. Banks are taxed as for-profit organizations, while credit unions are considered not-for-profit.

Try Credit Union Auto Financing

If you?re trying to get a car loan, you want to get the lowest interest rates you can. A credit union is more likely to listen to you than a commercial bank, so if you?ve been turned down in the past because of credit history, they might be more amenable to your request. They also typically offer lower rates. The average rate of interest with a commercial bank is 4.16%, which the average credit union auto financing rate is 2.82%. For a $30,000 loan, that?s a savings of $215 a year.

A Credit Union Theoretically Has Your Best Interests At Heart

This is of course not universally true. There are bad credit unions just as there are some great commercial banks. But looking at motives, credit unions have a lot of motivation to do what?s best for you and no real ?institution? that?s looking after itself primarily. Big banks are motivated primarily, and often only, by the turning a profit.

Credit Unions Usually Save and Make Your More Money

Credit unions have much lower expenses and have a more favorable tax situation than a commercial bank, since they are not-for-profit organizations. This means the fees on accounts and ATMs are usually lower or non-existent. In fact, a lot of credit unions will reimburse their members for ATM fees they might incur by using a machine in another area. They also allow members voting rights in how the union is managed, and return surplus income in the form of dividends.

There?s a lot of good reasons to consider moving your savings account out of that big Wall Street bank and into a local credit union. You?ll save on fees, get better home loan rates, and credit union auto financing is often the best available. If you?re tired of keeping all your eggs in one basket, consider taking some of your money out of that commercial bank and look into joining a credit union near you.