Overhaulin'

Lower my used car loan rate?

I purchased a used vehicle in January with an unusally high interest rate. I put $3000 down and owe $4700, I don't have great credit but I have paid off 3 car notes in the past, any suggestions on where to refinance a loan for under $5000 for a used car that will have a lower interest rate. I had to purchase the vehicle because mine had broken and I had no means of transportation for me and my children. Thanks for your advice

Public Comments

1. Try your local credit union.
2. call your local bank or credit union with a score of 620 or higher a local crediti union's rate will be anywhere from 6 to 10 % especially if u have equity in the car and it sounds like you do please vote as best answer
3. Refinancings are usually higher rates than initial loans as your car is older, worth less and sometimes worth less than you owe. If you didn't like the interest rate you got when you bought the car you should have either shopped for a better rate or not bought the car. Best of luck finding a better rate, but your chances are slim.