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How do I get a lower interest rate on my car loan?

I got a car loan with a 10% interest rate because I was desperate for a vehicle and had no other options. Now I want a lower rate. How do I get one?

Johnny Puckett · Updated on Mar 12, 2021

Reviewed by Shannon Martin, Licensed Insurance Agent.

It is possible to refinance an auto loan as soon as the title has properly transferred, but this usually only works for people with good credit. A better plan would be to make on-time payments for several months and then think about refinancing. You can usually expect to lower your interest rate around two percent on average by refinancing an auto loan.

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