Is there anyway to work with your lender to get your current interest rate lowered other then refinancing?

Question

I currently have two used vehicles out both at 14 % which I know is pretty high but it was the lowest I could qualify and I needed to get newer cars vs repairs so please don't preach on why did I buy at that interest rate

Well with that said one I only owe about 3,700 left but the other we owe 16,700 and this one is so upside down because of the current gas rates.

My question is other then trying refinancing can I try and work with my lender to lower my interest rate?

In the time after I have purchased a home at 5.8% and have lived in over a year with zero late payments and I have two credit cards which both are being paid on time

I know I messed my credit up when I was young and I am trying my hardest to rebuild it back it's just tough with everything costing so much now a days and the only thing that really isn't going up as fast is the paycheck

Answer 1

You can always try to contact your lender and see what kind of deal they will make you. Tell them you are thinking of refinancing. They will most likely be very willing to make you a deal instead of losing their interest payments to another lender.

But if they don't, refinancing is the only way to bring your rate and possibly payments down.