Credit union loans - easier or harder?

In My Humble Opinion
1

My friend is looking to get a used car loan, probably from a private seller.

We’ve looked around at the Web sites for various banks with local branches, and are pretty familiar with which banks might grant the loan - based on the sale (private seller, $5000, 2005 car, 60k miles).

We also found out he qualifies to be a member at 4 different local credit unions.

Is it easier for a person with poor credit to get a loan at a bank or a CU? What if you are a new-as-of-today member of the CU? Do CUs typically allow private seller loans?

I’ve actually been a member of a CU my whole life but I’ve never had to have a loan through them so I don’t know.

Thanks!

2

The first car loan I got from a non-relative was from a credit union.

Easy and cheap!

3

Bosda, were you a member of the CU before you got the loan, or did you join the CU expressly for getting a loan?

4

I joined a CU specifically to obtain a car loan, and I was rejected. My regular bank, where I’ve been a member for well over a decade, also turned me down. A few days later, I went straight to a car dealership and got approved. Not at an ideal interest rate, of course.

5

I joined the CU for my needs.

Later, I applied for the loan.

Accepted.