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What are the steps to get a better interest rate on a Ram 1500?
I entered into a loan for my Ram 1500 hastily—now I’m stuck paying a high interest rate. Can I get a better interest rate, and if so, how?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
- Apply for a car loan modification
- Refinance the truck
Car loan modifications are offered by some lenders to drivers under significant financial duress. A car loan modification can get you a lower monthly payment amount or interest rate. However, you must prove that you qualify with appropriate financial documentation, including a hardship letter.
For most people, an
auto refinance
is the best way to change the terms of your loan. You’ll likely need to break even before you can get a refinance. Pay off the principal of your car until the amount you owe equals the actual cash value of your Ram 1500, then apply for a refinance. Want to free up some extra funds? Download the
Jerry
app and compare car insurance quotes from up to 50 top providers for free. View full answer
- Gregory R.
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