[Michele]

How do I go about finding a better loan rate for my current car loan? I currently have a 7% interest rate on my car loan with Chase, and I’m looking for advice on how to lower it.

Are there any strategies or options I can explore to reduce the rate? For instance, would refinancing be a good option, and if so, what steps should I take?

Additionally, are there any specific conditions or eligibility requirements I should be aware of when applying for a lower rate?

I’m open to any tips or recommendations from people who have successfully reduced their car loan interest rates with Chase or other financial institutions.

Any insights would be greatly appreciated!

[Christopher]

Check your credit report, score, and make sure your debt to income is low (pay off debt or get more income).

Then refinance anywhere that offers a lower rate at no cost or low cost.

(I haven’t shopped car loans in a long time and don’t know what the prevailing rates are, if they’re at 7% then you’ll be hard-pressed to get much lower.)

[Ben]

You contact different banks/credit unions. If you don’t find a rate less, then you are just going to have to wait for rates to drop.

If that is the case, I’d also prioritize paying it off quickly.

[Tammy]

The local credit union here is at 4.89%. Check your area.

[Cory]

Might make the most sense to just pay it off quickly. We just bought a 2024 sequoia and the best rate the dealer could offer was 7%.

I assumed a credit score over 800 and 50% down would do something to at least get us to 5% but nope.

[Alicia]

Sounds like that might be a tough thing to do. I would honestly just start paying extra per month towards your principal to pay it off faster.

I have a low rate but I’m still paying extra each month just so I can be done with a car payment and free up some monthly cash!

[Peter]

Navy Federal Credit Union has lower rates. Most I’ve found other places are right around 7%.

[Author]

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