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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?

avatar
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Since you’ve already signed the papers, you can’t negotiate the rate on your
car loan
, but you still have another option.
Refinance
your car: This is the best way to take advantage of a lower interest rate from another lender. No limit exists on how long you have to wait to refinance a vehicle nor how many times you can refinance your vehicle. 
Pro tip: Before refinancing, make sure you won't face any penalties, such as a prepayment penalty.
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