Auto Refinancing(a dumb question)

[gramps1968]

I was wondering if it's possible to re-negotiate an interest rate on an auto loan. I got my loan 15 months ago when my credit was much worse. I know I could get a better rate now if I re-financed it elsewhere. Would a finance company do this to retain a customer and risk losing out on the thousands of dollars in interest they would receive over the life of the loan? Thanks!

[smallfry]

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@gramps1968 wrote:

I was wondering if it's possible to re-negotiate an interest rate on an auto loan. I got my loan 15 months ago when my credit was much worse. I know I could get a better rate now if I re-financed it elsewhere. Would a finance company do this to retain a customer and risk losing out on the thousands of dollars in interest they would receive over the life of the loan? Thanks!

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All things being equal you would do better by gaining membership in a good credit union like Pentagon Federal. Scores, utilization, any baddies on your reports? What's up gramps? Need more info. Best to lose the finance company.

[gramps1968]

I haven't checked my scores in like a year(shame on me!). I plan on doing that shortly. Last time I checked they were in the low to mid 600's. The only baddie is a BK discharged 4/05. I haven't had any lates, collections, etc in years. My util is kinda high right now-after this months pmts it will be about 27% but will have it under 10% in a few months. Currently I have a Mtg, car loan, st. loan, Cap 1 card, Home Depot, + one other store card. I have 4 inq. in the last year but 3 were same day from an auto loan inq.

[smallfry]

05 huh? Kinda new that might be a problem. What is the interest rate on the car loan?

[gramps1968]

15%