Refi Ideas/Help/Suggestion?

[DBSH]

I got my loan through CapOne with a terrible but reasonable rate of ~9.5% given my credit. I have paid it on time for over a year and always paid more so I am on schedule to pay off the loan in 3 instead of five years which will save me alot of interest. 

Since I first got the loan, I have improved my credit substantially (in my opinion) and while I am not in the 700+ club, I feel I could cut my rate if I refi and be paid off even sooner.

The car is a 2010 and I only owe about 2/3 of the trade-in value so I am in no way underwater.

I dont have a CU relationship and dont know where I could go.

Please suggest/advise/weigh in

[Luscher]

Just because you are not currently a CU member doesn't mean you can't be. Try and join one and then apply for a lower rate.

[DBSH]

Can I open a CU checking account and then apply for an auto loan a day later? or do I have to be a member for a certain period of time.

[StartingOver10]

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@DBSH wrote:

Can I open a CU checking account and then apply for an auto loan a day later? or do I have to be a member for a certain period of time.

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You can do it right away.

[Luscher]

+1^^^^

It is just like a normal bank, but with better rates etc....

[Gypsie77]

My auto loan is through a local credit union that the auto dealer set up.  They called me after I had already gotten financed through Honda.  They found me a better rate through the credit union the next day.  Anywho, I simply paid $5 to start a saving account at the credit union.  I don't pay any fees on it unless I start using the account.  My point is that you don't have to be a member and credit unions seem to be more credit forgiving that big banks.  Some only require that you live in the locality.

[Plasticard]

After dealing with my current credit union for my past two car purchases, I would never again go though the dealership for financing. Going through the credit union gave much much better interest rates and convenience. I didn't even have to step foot into the branch, they sent me everything I needed to sign through an online signing program (Docusign). Keep in mind though, both times I  did this was for refinancing, but I don't see why it would be different for purchasing, and I will definately use them in the future for my next purchase.