My Husband Deserves a New Truck. How Do We Get the Bank to Lower the Rates? – Dena


“Dear Steve,

My husband bought a 07 Chevy truck he went to the bank with $9,000.00 cash money, he purchased a 07 Cheey Silverado with low mileage, which we have discussed however, when he visited the loan officer at the Bank she gave him a high interest rate with a Bank that would finance him because HE DIDN’T HAVE ANY CREDIT HISTORY. He used this truck or work and he works as a Framing Contractor, this loan is too much, I told him they saw him coming, he paid the $9,500 down payment for a 18,000 loan, and his payments are too much, is there any way we can get this interest rate lowered at the Bank.

If I had been with him I wouldn’t have accepted that offer, he let the Car Loan Officer at Dealership push him in to this saying he didn’t have bad credit just no credit and he’s stuck paying 5 years for a $9,000 dollar loan. Ridiculous. anyway, is there hope for our economy when people can just tell you these things when you talk about financing and they get paid so much for that control.

Please tell us he can get thiis Bank to lower his interest rate. I am so angry, he used this truck everyday and he works so hard for his momey, and he saves his money I did want him to get a good vehicle one that is ready to go when he needs it and one he can tansport his trailer and crew to jobs. Can we get this Bank to Lower this OUTRAGEOUS RATE THEY ARE THIEVES. SOME REGULATIONS SHOULD BE ON BANKS AS SOON AS POSSIBLE, THIS IS NOT THE AMERICAN WAY. SORRY, BUT NO WONDER PEOPLE ARE LOSING THEIR SHIRTS, I’VE STRESSED PAY CASH FOR EVERYTHING SINCE WE’VE BEEN MARRIED AND WE DO, BUT HE DESERVES A NEW TRUCK LIKE EVERYBODY ELSE, HE HAS IT AND HS’S A GOOD, MAN HE SHOULDN’T BE PUNISHED FOR THIIS QUALITY. THANK YOU,

How do we get our Automobile/Truck Loan lower at bank?


Dear Dena,

Well it sure sounds like you should have been with him that day. It seems like the lamb was lead to slaughter without a shepherd nearby for protection.

The only way out of this mess at this point is to refinance the loan with a different bank. There is nothing preventing you from paying off the first loan and replacing it. Try local credit unions, your insurance agent, and maybe some online places as well.

You’ll probably have to apply for the loan jointly to include your credit if you have any. The problem he ran in to is common. unfortunately living on a cash basis creates a problem where no credit is worse than bad credit. Without any credit history at all there is nothing to score him on so the system spits out a rejection.

Lenders these days lend on numbers. That number is your credit score and this is why having credit, even a bit, and using it responsibly is critical. No credit also leads to higher cost truck insurance as well since most insurance companies use credit scores as the basis of determining rates.

Next time, please go with him. You can’t trust lenders to do the right thing for you when they are too busy doing the right thing for themselves.

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Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
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