Then you did the right thing.

Unfortunately, you are an anomaly.

Even more unfortunately, the big banks have more power and capital and as a result can offer loans on better terms than the small community bank or CU. For a credit customer, even a half a percent can make a huge difference in monthly payment and total cost.

For the credit customer faced with the choice of which line to sign on, it’s really tough to stick to your guns and pay more, intentionally putting yourself at a disadvantage.

Example, when I bought my wife’s car, I came in with an approval letter from my CU. The interest rate was really good. But the bank was near my work, an hour and a half away, and I’m a telecommuter now. Ain’t nobody got time for that.

Still, I told the salesman to run it with their banks. I doubted they’d be able to beat the rate.

They did. By a quarter percent. Not much, but when it also means they handle all the paperwork and I don’t have to take 3 hours out of a weekday to drive into and out of the city, plus actually handle the paperwork myself…

I went with their bank. Sue me. At least it’s a community bank.