Overhaulin'

how much will my interest rate go down after i refinance my car loan?

i bought a car 2 months ago and the dealer told me that i can refinance my loan after 7 months. my current interest rate is 12, what will it be after i refinance? please help!!! i live in NY if that helps

Public Comments

1. You don't really give us much information about your credit so it's hard to say. It's going to depend on 4 important factors 1. equity in your car 2. credit 3. age of car 4. miles on car Assuming it's a some what new car and low miles, and this is your first car and your just have limited credit. You might be able to cut your rate in half. But, I don't think we have enough information to say.
2. I think the dealer was pulling one on you. Contact your bank for their latest interest rates. 12% interest for a car is really high. I've had good luck here... http://auto.deal4-you.com Best wishes