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Is there any way to renegotiate a car loan interest rate?
I signed a car loan about two years ago, but interest rates have fallen steadily since then. Can I renegotiate my car loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Unfortunately, you can’t renegotiate
car loan
interest rates, but you still have another option: refinancing.When you refinance a car loan, you get a new car loan to pay off your old car loan, often at a more favorable rate. Assuming that you have maintained a decent credit score and you still have steady income, you should qualifiy for refinancing.
Like with any other type of loan, the key is to shop around to make sure you can find a better interest rate. But because interest rates have fallen, you should likely be able to find a better deal.
If you want help shopping for the lowest rates for refinancing your car loan, try using the
Jerry
app. Jerry is a great resource for comparing loan options from multiple lenders. Use our refinance calculator and avoid the hassle of searching for lenders yourself. Jerry makes it easy by finding the best lenders at the best rates. On average, car owners pay $85 less every month by refinancing their auto loan.View full answer
- Gregory R.
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