Can I Get My Bank to Reduce My Car Loan Interest Rate? – JT

JT wrote to me through the GetOutOfDebt.org site and asked the following question. If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.

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“Dear Steve,

At this moment, I am paying high interest on my car loan? Do you think I can get the bank to reduce the interest even if my credit score is bad?

JT”

The Answer:

 

Dear JT,

No. The best way to get them to lower the rate is to improve your credit score and then refinance the car loan.

Here is an article about how to do that.

Steve

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  • eugene blackman

    i like to know if i can refinance my car or trade it in icurrently owe 21600 on a chrsyler 300 my payments are 592.00 a month my income is not the same when i bought the car i am unemployed now and my social security is 995.00 a month my wife pension is 1800.00 a month my credit score the last time i checked was 602 my wife credit score is 640 ineed to get a lower car payment can i trade this car in and get a lower payment

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