Credit union loan rates dip even lower during sales and specials. For example, ORNL Federal Credit Union is offering a 6.5 percent fixed rate loan for up to five months for new and used cars through June 15. For seniors who can afford a 10 percent down payment, the rate dips to 7.1 percent. First, you need to be a credit union member or relative of a member. The rest depends on your credit history.
Credit unions are a little bit more likely to take a chance on members than, say, a bank.
Cutting members some slack Credit unions also are more likely to cut members some slack after the loan is made. Many credit unions for teachers allow members to skip a payment during those lean summer months. American Airlines Employees Federal Credit Union doesn't charge a late fee for auto payments received past the due date. So if you end up paying late you're going to end up paying more. In addition to going easy on late payers, credit unions also like to reward members who have multiple accounts.