How can I refinance my car loan at a credit union?

I bought a car with no credit and the interest rate is about 12%. My uncle told me that I should go to a credit union after paying for a few months to see if I can get a better rate. How do I refinance my car at a credit union?

Apr 27, 2021
Answer provided by
Eric Schad
Answered at Apr 27, 2021
“Credit unions are nonprofit organizations, and that’s why they can offer better rates than banks or other third-party lenders.
To open a credit union account, you usually have to become a member. Membership eligibility varies. Sometimes you might just have to live in a certain zip code, while others might require you to be a family member of someone in the armed forces.
If you’re eligible, you usually just have to make a deposit in a savings account and keep it in there for as long as you have the account (typically $5 to $25). Once you’re a member, you can apply for refinancing in the same way you would with any other lender.”
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