Credit unions and banks are both financial institutions, and they offer similar products and services. But, credit unions are structured differently than banks.
For starters, credit unions are not-for-profit cooperatives, as opposed to banks, which are for-profit corporations. But, what’s the difference?
As not-for-profit cooperatives, credit unions return profits to members in the form of better rates, fewer fees, and more financial services. Banks return profits to stakeholders. At a credit union, you’re not only a member, but you’re also an owner. By putting your money into the credit union, you “buy” a piece of the cooperative model.
This model means you not only save more as a result of lower rates and fewer fees, but you’ll benefit from members-only discounts. Credit unions often partner with local businesses to save their members money on everything from sporting events and concerts to festivals, trade shows, and auto loans.
And when it comes to buying a car, discounted rates can really add up. Take the BECU Spring Auto Event for example. From April 5-7, you can buy a new or used car from one of 110+ participating local dealers and take 0.50 percent off current auto-loan rates. This can help you get the vehicle you’ve been wanting at a price to fit your budget. (Don’t know how much you can afford to spend on a new vehicle? Check out BECU’s handy monthly payment calculator here.)
BECU is one of the nation’s leading not-for-profit credit unions. They are committed to offering better rates, fewer fees, and more affordable financial services.
The BECU Spring Auto Event is happening April 5-7. Purchase a vehicle from a participating dealer during that time, request BECU auto loan financing, and take an additional 0.50 percent off current auto loan rates! Not all applicants will qualify.
Learn more and find participating dealers at www.becuautoeventnw.com.