Credit unions make great option when it comes to a typical auto loan involving a borrower with excellent credit and loan-to-value of under 90%. However, you may need to expand your options if you aren't the 'ideal' borrower.
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Syracuse, NY (PRWEB) May 21, 2013
Most cities’ banking landscape is defined by a mixture of larger regional banks, smaller community banks and credit unions servicing niche populations. According to SyracuseBankingRates.com, a local banking site designed to give Syracuse consumers up-to-date financial information, Syracuse, New York is the epitome of this mix, offering the close to 150,000 residents a variety of options when it comes to finding low-interest auto loans in Syracuse.
The major question for families working and living within the Syracuse community is what option is best for them: banks or credit unions?
SyracuseBankingRates sought to help local car buyers answer that very question, recently examining the benefits of financing a car loan through both banks and credit unions in the city, and publishing those findings in a new feature.
According to SyracuseBankingRates, one of the great perks of auto financing with Syracuse credit unions are the no-frills business models they tend to follow as not-for-profit institutions, which keeps costs and interest rates low. “Credit unions make great option when it comes to a typical auto loan involving a borrower with excellent credit and loan-to-value of under 90%,” explains the site. "However, you may need to expand your options if you aren't the 'ideal' borrower."
On the other hand, car shoppers interested in introducing a bit of risk into their car loan may find it easier to receive an auto loan with a local Syracuse bank. Since risk costs a little extra money, states SyracuseBankingRates, banks tend to have the infrastructure to manage it, particularly if a borrower has bruised credit or less of a down payment to offer.
In addition to helping local residents determine whether an auto loan through a community bank or credit union is the best choice, the feature also provides details about the top banks and credit union where consumers can find low-interest auto loans within the Syracuse community – some of which boast interest rates as low as 1.24% APR for qualified borrowers.
Read the full article here: http://www.syracusebankingrates.com/auto-loan-rates/banks-credit-unions-low-interest-auto-loans-syracuse/.
For questions about this article or to speak with a SyracuseBankingRates.com editor, please use the contact information below.
About GoBankingRates | SyracuseBankingRates
GoBankingRates.com is the national flagship site within a network of more than 1,500 banking domains, including local partner site SyracuseBankingRates.com, which generate more than 2 million visits each month. SyracuseBankingRates is a locally-focused website dedicated to connecting Syracuse readers with up-to-date interest rate information, financial news and investing tools to best find the rates that they are looking for based on their needs.
Jaime Catmull, Director of Public Relations
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