Can I lower the interest rate on a car loan after I've signed the papers?

I just signed the paperwork for a car loan, but I just saw that a bank in my city was advertising a lower rate. Can I get a lower interest rate? How do I do it?

Answer
Unfortunately, since you’ve already signed the papers, you can’t negotiate the rate on your car loan, but you still have another option.
The best way to take advantage of a lower interest rate from another lender is to refinance your car. No limit exists on how long you have to wait on refinancing a vehicle nor how many times you can refinance your vehicle. Just make sure you don’t have any penalties, like a prepayment penalty.
If you can’t get a new rate, you can save money in other ways. Use the Jerry app to compare quotes from dozens of insurers when your car insurance policy is up for renewal. Jerry will take care of all of the paperwork for you, including canceling your old policy!
Eric Schad
Answered on Oct 21, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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