PriceProtect™
DriveShield™
GarageGuard™
Services
Insurance
Car Insurance
Compare Car Insurance with Jerry
Jerry’s Expert Advice
Car Insurance Estimates
Home & Renters Insurance
Renters Insurance
Repairs
Car Repair Estimates
Repair Estimates for Popular Services
Advice
Read Car Content
Browse Jerry Car Advice
Check Out Expert Car QnA
Learn About How We Create Content
Jerry Data & Research
What's the best way to reduce my car loan rate for my 2017 Kia Optima?
Interest rates have fallen since I bought my Kia Optima and began my loan payments. Can I reduce my car loan rate—if so, how?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
You can reduce your car loan rate, but not right away. The best way to reduce the rates on your Kia Optima is to
refinance your car
. Applying for a refinance entails many of the same steps as applying for a loan.There’s just one catch: you need to have positive equity on your current loan to quality for a refinance. That is, your outstanding balance must be less than the value of the car when you apply. To achieve this, pay off your principal—or double up on payments to quicken the process.
Start the refinance process by shopping around for the best rates. Apply with more than one business to increase your chances of approval. If you have good income and credit scores with little debt, you should be approved for a refinance, which will decrease your monthly rates.
Have you considered you might also be overpaying on your car insurance? Use
Jerry
to compare your policy to dozens of competitive quotes. If you find a new policy you like, you can cancel and switch in-app. View full answer
- Gregory R.
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
Join 4M+ members in lowering their car insurance
You Might Also Be Interested
Read Advice From Car Experts At Jerry
What Others Are Asking
Browse More Content
Insurance in Your State
Easiest way to compare and buy car insurance
No long forms
No spam or unwanted phone calls
Quotes from top insurance companies