I've been paying my car loan without no late for 2.5yrs......is there's a way to lower my interest rate??

Question

car refinancing... good idea or i will end up paying more??

Answer 1

Car loans are a dime a dozen, but which one should you go for? Especially if you are a prudent consumer with a balanced budget, getting the right auto finance can be quite a challenge, what with so many auto finance providers thrusting their offers in your face. Your dealer may even offer to do it for you. While this sounds really tempting, it may prove to be a costly affair. So do your own thing and check out the auto loans yourself.

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You can get these loans from a variety of sources, like banks and financial institutions and online financing companies. Dedicated auto finance companies usually offer better terms if you approach them directly rather than through some middleman. You should also keep in mind that your credit rating affects the interest rates and the amount of advance you can easily get, so if the picture is not too good on that front, you can begin by working towards improving your credit rating.

Answer 2

Not likely, unless your original loan contract allows for it.  When you get a loan, it's EXPECTED that you pay the payments without being late.

If you have a very high interest rate loan, you could look into refinancing - that might or might not save you any money.  If you refinance don't extend the time, just take the new loan for the same time as is remaining on the old one, or you'll probably pay a lot more.

Answer 3

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Answer 4

If you have a simple interest loan, and you're  halfway  through , you already paid about 70% of the interest. That's how the banks make their money. That goes for any type of loan.