Overhaulin'

Getting a lower interest car loan after 9 months?

I purchased a new car (2007 Toyota Corolla S) back in October of '06. It's been about 9 months now and I'm ready to get rid of this high interest loan (10.09% OUCH [it's my first new car, I was 20 when I bought the car with a credit score in the low-mid 600's] ) What are my options as far as getting a lower interest loan? Should I try to talk to my current lender (is that even a good option)? I just want to lower my interest rate and, concequently, my payments, without extending the loan period.

Public Comments

1. You could apply for a lower interest rate credit card ( or use one you already have ) and transfer the balance of your car over to your credit card.
2. Talk to the lender and if that doesn't help, deal with another lender who can buy over your current loan and give you a better rate
3. That may be hard to accomplish. You most certainly owe more than the vehicle is worth. You would have to get an extremely low rate in order to make it worth doing and especially to lower the payments while keeping the same term. Otherwise, you'll be even more upside down and you'll never be able to get rid of the vehicle before it's paid off without taking a huge hit in your wallet.