Legal Question in Credit and Debt Law in California

Lower my interest rate on an auto loan

I bought a car with an interest rate of 20%. I have paid on the car for 21 months and have not missed a payment nor been late. My credit is bad. I have payed off two car loans prior to this with no problems. I need to know what steps I can take to lower the interest rate on this loan. I applied for refinancing and was offered 17.99%, still very high.


Asked on 8/30/03, 10:48 pm

1 Answer from Attorneys
Joseph Richardson Borton Petrini LLP

Re: Lower my interest rate on an auto loan

If your credit is bad, you need to improve it. It sounds like you've paid well on your car, but if your credit is still bad, it's all the other things on it. My advice is general and not really legal: get rid of as many debts on your credit as possible. Pay everything on time, not just the car, and join AAA or a credit union, companies that can offer car financing as well as all the other things they do. Perhaps in another year or so you can get a good rate. Good luck.

Read more
Answered on 9/01/03, 10:51 am


Related Questions & Answers

More Credit, Debt and Collections Law questions and answers in California