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I was quoted at 6.5% for 72 months

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Anonymous
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I was quoted at 6.5% for 72 months

If I change it to 60 months, does that automatically mean I will get a lower interest rate?

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1 REPLY 1
Anonymous
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Re: I was quoted at 6.5% for 72 months

Sometimes yes, and sometimes no.  Normally with shorter terms, you do get a slight reduction in the interest rate, albet your monthly payment will increase, but the best person to ask is the bank that financed you.

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