Can credit union and coop banks replace traditional banks completely?

Edit (adding additional question): Has there been an attempt to do this on a national or societal level?

  • AA5B@lemmy.world
    1·
    13 days ago

    I’m in Massachusetts, but I think I’m “cheating”. When I’ve had to finance, I’ve gotten a promotional rate. As far as I know you can only get those by letting the dealer find financing, so the credit union can’t match the promotional rate

    Edit: my credit union is currently offering 6.84% loans for new cars. It’s hard to get the info to compare but the latest I found from my car manufacturer was 5.6%, but this spring they had at least two promotionals for 0% and 1%. Most importantly, it’s not like you can opt out of the financing and get a rebate of equal value