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What are the steps to get a better interest rate on a Ram 1500?

I entered into a loan for my Ram 1500 hastily—now I’m stuck paying a high interest rate. Can I get a better interest rate, and if so, how?

avatar
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
If you want to reduce the interest rate on your
car loan
, you have two options:
  • Apply for a car loan modification
  • Refinance the truck
Car loan modifications are offered by some lenders to drivers under significant financial duress. A car loan modification can get you a lower monthly payment amount or interest rate. However, you must prove that you qualify with appropriate financial documentation, including a hardship letter.
For most people, an auto refinance is the best way to change the terms of your loan. You’ll likely need to break even before you can get a refinance. Pay off the principal of your car until the amount you owe equals the actual cash value of your Ram 1500, then apply for a refinance.
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