NEW YORK — Credit unions are most likely to have the best deals in town when it comes to car loan refinancing, Black Enterprise magazine recently recommended.
Black Enterprise, the national, monthly business, investing, and wealth-building publication, mentioned credit unions in an Aug. 3 article on upside down car loan balances. Borrowers should first call the financial institution that currently owns their car loan and ask if they can get a lower interest rate, the article suggested. If that doesn't work, seek out credit unions "because they typically offer the best rates."
"Check to see if your company is affiliated with a credit union you can join. Another alternative is to check to see if your college alma mater has a credit union," the publication recommended.
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According to data from NAFCU and DataTrac Corp. the average national rate on a 48-month new car loan at credit unions was 6.22% as of Aug. 2 compared to 7.6% at banks. A 60-month new car loan is 6.34% at credit unions compared to 7.67% at banks. In some parts of the country, new car loan rates have been as low as 4% at credit unions, the NAFCU/DataTrac data showed.
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