Ask for lower % on car loan?

[red92s]

My car was totaled earlier this year. I needed a replacement, and found something that was reliable, inexpensive, and met my lifestyle needs.

The purchase price of the new car was $7800. I received about $2200 from insurance. I chipped in $600 cash, and obtained a 36 month loan for the remaining $5k through Eloan.

The Eloan process was fast (which I needed), and they were willing to actually approve me, although the rate is high (~10.2%). I have NO credit blemishes, but only about 12 months of credit history at the time.

I've called my credit card companies on several occasions and asked politely for lower rates, which were frequently honored. Is it possible to make a similar plea on an installment loan after demonstrating responsible payment for 6-12 months?

[disneysteve]

I guess it can't hurt to ask, but a car loan is different than a credit card as it isn't a revolving credit line but rather a fixed amount for a fixed term.

What you might be able to do is refinance that loan if your credit score has gone up significantly. Call the current lender and see what they say. If you don't get anywhere, shop around and see if you can refinance. Check bankrate.com for options.

[loanstar]

i don't think it will work because loans are fixed for the term you agreed.
you could try and refinance the loan though.