car loan

[Anonymous]

Hi

I bought about used car vw jetta 2.5 2007 with loan of:

Outstanding principal balance $20,011.17       Amount financed $20,796.00         APR 10.14%           Original term (months) 72           Contract date 07/26/2007           Maturity date 08/11/2013           Interest paid YTD $327.40        Total interest paid $327.40 

My credit score is 655 I have few outstanding credit from my credit cards...

How could i lower interest on my car loan, and when? My payment is $388.56 a month bout i am paying $500 even every month.. so

and I have a AA MasterCard with $2500 balance, they have a high interest, should I speak with retention to switch the card??

[Anonymous]

Are you making sure that you request the extra payment be applied to principal?  Yu can always refinance the outstanding balance at a lower rate just be sure to have your additional payments applied to principal to lower the amount of interest you will pay over the life of the loan.  Some company's simply hold it in limbo and say your next payment is a lower amount or not due til a later date.