Yahoo Answers is shutting down on May 4th, 2021 (Eastern Time) and the Yahoo Answers website is now in read-only mode. There will be no changes to other Yahoo properties or services, or your Yahoo account. You can find more information about the Yahoo Answers shutdown and how to download your data on this help page.
Interest rate on my auto loan?
How do I lower my interest rate on my auto loan? I have been paying on it faithfully for a year now. Is there anyway to do this? Thanks all.
- MannyLv 61 decade agoFavorite Answer
you would have to refinance the loan. NOT A GOOD IDEA. If you had a high interest rate because of no or slow credit, and you credit is much better now, you could possibly trade it. however, my guess is that due to a high interest rate, you would not have any good equity in your current car. Meaning, that what you owe, is considerably more than what the car is worth.
My best advice? Get use to your car and your payment. You are about to start a trip down a very slippery slope of financial servitude to the man. In otherwords, you would be going the exact wrong way you need to go in order to move ahead financially. Unless you make 100k or more a year, forget about your interest or trading your car for the next 3 - 4 years. Or spend every dollar you can spare on paying the thing off.
Pay it off early and drive around with no payment for a while to see how nice that situation is.
- 1 decade ago
yes call your lender and ask to try and re finance, or you could go back to the dealer and do it. I sold cars and I had a deal once where my customer came in and didnt want to trade out of their car but they needed to lower the note. so I sold their car back to them, I got the deal and commission and they got a lower note. its all in the paperwork if you try it you might be supprised.
- elguzano1Lv 41 decade ago
Re-finance, maybe they will give you a lower rate.
- bobsledLv 51 decade ago
refinanced it with another bank or credit union