Finally got a car!!! Should I shop for better interest rate?

[glamchick]

I received an interest rate of 12.99 with dealership due to some sallie mae lates boo on them!!

Then they offered me 7.9% they have a program call buy down interest and they give you a warranty of 3 years bumber to bumper.

Even though i signed the paperwork can I still shop for a better rate or is that it?

[pritchardhallhokie]

When you say you signed paperwork, what exactly did you sign?  I can't think of anything you would sign that wouldn't bind you to the car.  That's not a terrible rate, but you could always try to refinance in say 6 months or so.

[cdtotten]

For this interest buy down, did you just have to make a larger down payment? Sounds almost as if you were buying points on a mortgage.

Anyways, yes you can always try to refi the loan, but if it was a new car, you are already upside down in the loan and most lender have thresholds of LTVs they wont cross in the 75% to 85% range.