@Anonymous wrote:
As stated in my "which is better" post, I have a 17% auto loan with Santander. I'm about 39 months into a 72 month loan. At the time of the loan I had a 576 beacon, now my beacon I believe is showing a 657. Is fico 8 and beacon the same ? I've never missed/been late on a payment. At this point could I call Santander and ask for a rate adjustment ? Do they even do that type of thing ?
NO. Lenders don't adjust their rates on a loan. You need to refi to take the loan away from Santander. This is not unique to Santander. The note you signed is what you get for the entire term. The only way to change it is to refiance with another lender. If you try to change the interest rate on your current loan it will be known as a modificaiton and then that will be a negative hit to your credit (if they even do it).
Don't risk your new credit standing, refi the vehicle to get a better rate and lower payments.
