car loan interest rate question...

[Anonymous]

I recently purchased a used car at 6.75% interest.  Is this a good interest rate?  Would it be useful to refinance it at a later date to lower the interest rate?

[paydownin09]

Last year I was able to negotiate my rate down from 12.5 to 9.4 with my score at 650 when I purchased my used Accord.  I would say the 6.75 is pretty good for a used car (usually higher rates then inf purchasing new)

[Anonymous]

if concerned check some local banks online and see what rates they offer and see how you compare.

Can you find lower, YES.

Would you qualify? Who knows.

How much lower could you have gotten? I would say 3.9% is the lowest I have seen, so you are at a desirable margin.

Its not a new car.

Used cars traditionally have higher interest rates than new.

Realistically you got a darn good rate and should be happy with it. Even if you have Bill Gates credit you should be happy.

[Romeoo47]

I agree with usmc58555.  I purchased my car in early 2007 at a rate of 6.79.  I refinanced a year later at 3.49% from my local credit union after talking the loan officer from 4.75 (and paying off all my negative equity).  I hope this helps.