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Posted in Auto Loans
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Question By
Ninasunshine0429

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Is it best to refinance your car loan with the lender you have or shop around? What are the effects
8% loan rate, credit score has gone up. Loan is always paid on time, even pay more toward principal each month. Have had loan for a year.

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Top Contributor
1884 Contributions
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Theres not much incentive

for them to lower your rate just because you ask. 

I suggest that you shop around and see what rate you can get. You can do this online, there are many on-line loans avaiable now.  Once you have a quote, contact the original finance company, Ask for the  "Total Pay off costs", (There are often fees for paying off a loan early) Tell them that you have a loan offer at the lower interest rate and ask if they are willing to match it. Many times they will, sometimes they won't. But at least you will have a solid offer already lined up so you can proceed with the new loan. 

Good luck

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