Overhaulin'

Refinance my car loan with a Credit Union in Austin, TX?

I still have more than 5 years to pay but with my high APR I believe I could get a lower payment if I'll refinance.. Do you know of any reputable Credit Union here in Austin who can give a very good deal?

Public Comments

1. You might want to try Velocity credit union, or A+, or University
2. Austin Telco is good.
3. Shop around. Don't do it if you aren't going to save a significant amount of money. It will depend upon your credit rating/score. If your current loan has a high rate of interest, your credit rating probably wasn't all that good, so you might not be able to save much. Your best bet, unless you can save money getting a new loan, is to pay the current one off faster. Make sure there are no penalties for prepayment. And a word to the wise: a lower payment doesn't necessarily mean you are going to save money. It usually means it will cost you more. Plan your budget and see how fast you can pay this loan off. Then you will have a real "lower payment."