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


“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?


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.


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About the author

Steve Rhode

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.

1 Comment

  • 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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