How can I lower my interest rate without refinancing it?

I have bought a used car about two year ago and the interest rate was high. It was actually a trade in for a used car. Now I want to see if I can get a lower interest for my car without refinancing it.





If I have to refinance it to get a lower interest, what are the cons?|||I suppose you can beg the lender for a lower rate, but the rates are called "fixed" for a reason. Considering how low the fed cut the rates to, there's really no con to refinancing unless you get a loan from a shady company.|||Nope. You can't simply get the loan company to lower your rate.





If your credit score has improved dramatically in two years, you might be able to refinance and get a lower rate, but remember that in two years, your payments have been largely interest, and you have already paid much of the interest on that loan. If you refinance, you start all over again paying interest, even though at a lower rate. Here's an article that has some more details:


http://www.leaseguide.com/Articles/auto-鈥?/a>





.|||No. You signed a contract to borrow money at a certain interest rate to buy your car. The contract can't be changed once it has been executed. The lender makes their money from the interest you pay, and now 2 years down the road you want to change the rules to suit you? The only way to get a lower rate (usually in exchange for a longer term) is to refinance. That pays off the current loan and puts you in a new loan.