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?

Answer
“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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Eric Schad
Answered on Apr 27, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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