subject: Use Credit Unions In Your Area To Establish Relationships [print this page] Finding credit unions in your area may be one of the wisest financial decisions you can make for yourself and your family. These facilities are just like banks, but offer limited membership. Most of them are also non-profit organizations. This means that instead of focusing all of their time on making profits, the organization actually works to serve the needs of its members. While that may not mean a lot to you right now, over the course of your financial life, it could mean the difference between saving money or losing it.
Initial Investments
Many people turn to credit unions in their local area because they need a checking account or perhaps a savings account. This is a good way to establish a relationship with the organization. By simply using these features, you are showing the lender what type of a user you are. Do you make payments on time? Do you ever overdraft your account? More so, do you have a long history of working with the organization? The longer this relationship builds, the better it will be for you in the long term.
Getting a Car
Many of these financial institutions offer individuals car loans. If you are ready to make a purchase, all you have to do is to apply for the loan through the financial institution. Because you have a strong relationship with the organization, they are likely to loan to you even if you do not have a high credit score or a lot of history with loans like this. You may end up paying less than a national lender, too.
Buying a Home
The same thing applies to purchasing a home. When it comes time to make the purchase, your relationship with the bank may translate into lower interest rates. You may not have to put as much down as you would if you were working with a new lender. In addition, you may find that some costs are lower this way.
Retirement Accounts and More
These organizations often also provide retirement accounts, various savings vehicles, all types of personal loans and even investment plans. You can take advantage of them all from one provider. Chances are good the company will provide you with all of the financial backup you need to get started and to do well.
Once you find a few credit unions in your area, talk to the company about the features the company offers. Find out what they can offer and why you should work with that particular organization. You may be surprised at how many services are available. Even more so, you may feel great about starting to build a relationship with a company that you can trust like this.
