How do I get a lower interest rate on my car loan?

I got a car loan with a 10% interest rate because I was desperate for a vehicle and had no other options. Now I want a lower rate. How do I get one?

Answer
It is possible to refinance an auto loan as soon as the title has properly transferred, but this usually only works for people with good credit. A better plan would be to make on-time payments for several months and then think about refinancing. You can usually expect to lower your interest rate around two percent on average by refinancing an auto loan.
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Johnny Puckett
Answered on Mar 12, 2021
Johnny Puckett is a freelance writer and automotive expert. He has contributed content to a number of some of the largest online publications, aftermarket automotive manufacturers’ sites, and automotive informational sites. His experience in the automotive and information fields informs his writing at Jerry. His automotive interests bleed into his free time, where he enjoys modifying his favorite cars and woodworking.
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