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Posted in Auto Loans
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glassfam

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I have a 12% rate on my car loan and my payment is over $500 a month, it's only been 6 months?
Should we refinance?

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Ouch 12% is higher than some of my (better) credit cards...

I would highly recommend refinancing with a credit union that you have a relationship with. If you do not have a relationship with a credit union yet, get one!

Credit Unions typically have the best lending rates, but in contrast have some of the strictest lending policies.

So ask questions like "Hey I see you have a XX% used auto loan rate, I am considering refinancing my current auto loan, what are your membership requirements?" to start a very productive conversation.

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