Can I negotiate the interest rate?

[Anonymous]

I applied a couple days ago for an auto loan through USAA (I already have an open loan through them for the new daily driver I got about 7 months ago, along with auto insurance and a CC--all in good standing). 

When applying, I selected used, "2011 or older" as those are the options that apply--but what I'm really looking for is a late '60s classic car. They approved me for $7k more than I requested but the interest rate they gave me is higher than I'd like. It's also odd because they're showing me different terms and I'd get a slightly LOWER interest rate with a 48 or 60-month term than a 12, 24, or 36 month term. 

I'm calling first thing tomorrow to tell them the details of what I'm going to buy and I'd like to ask about a lower interest rate. Who should I ask to speak to when I dial? Any specific job title that can help? 

[Anonymous]

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@Anonymous wrote:

I applied a couple days ago for an auto loan through USAA (I already have an open loan through them for the new daily driver I got about 7 months ago, along with auto insurance and a CC--all in good standing). 

When applying, I selected used, "2011 or older" as those are the options that apply--but what I'm really looking for is a late '60s classic car. They approved me for $7k more than I requested but the interest rate they gave me is higher than I'd like. It's also odd because they're showing me different terms and I'd get a slightly LOWER interest rate with a 48 or 60-month term than a 12, 24, or 36 month term. 

I'm calling first thing tomorrow to tell them the details of what I'm going to buy and I'd like to ask about a lower interest rate. Who should I ask to speak to when I dial? Any specific job title that can help? 

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It is tougher to negotiate a rate with a lender on a old car, way more risk for them so that is why the rate is higher.  USAA has great customer service so when you call just explain that you want to talk about the intrerest rate they offered and they will connect you with the right person.  Generally negotiating a rate is not something most lenders will do, of course dealers are another subject because they love to play with interest rates to get their kick back.  Penfed is a great lender for car loans so it might be worth taking a look at their terms also.