Can I lower my interest on a bank loan?
wladnagirl asked:
I have a decent size loan out (about 13 G) from a bank. I see they are charging me a 10% interest rate when my credit score is over 750. That sounds like BS to me. Is is possible for them to lower the rate? What if I threaten to pay off the loan by taking my business elsewhere?
I have a decent size loan out (about 13 G) from a bank. I see they are charging me a 10% interest rate when my credit score is over 750. That sounds like BS to me. Is is possible for them to lower the rate? What if I threaten to pay off the loan by taking my business elsewhere?
9 Responses to “Can I lower my interest on a bank loan?”
tell you want to re-finance at a lower interest rate.
You can talk to them and ask for a lower rate.
If there’s no pre-pay penalty, you can refinance the loan through another institution if you wish.
you can threaten to refi somewhere else, but you’re probably better off doing that anyway if they’re raising you interest rate
You need to seek re-financing with them, challenge the rate and they will lower it.
It is easy… if you (or your father) own the bank
they dont do rate reductions on loans, only thing they do that on is credit cards. Youd have to get a new loan and pay that one off. just like a car loan, you have to refinance it.
Loan rates don’t work like credit card interest rates. When you locked in a loan rate, you’re stuck with it just like your mortgage unless you refi.
Refinance the amount owed from a place with a fixed rate lower than 10 percent.
I was a lending officer in the banking world for 15 years. If that loan is unsecured meaning the bank did not take any collateral than that interest rate is a good one at 10% with your credit score. If they have collateral you could probably do a little better. The Prime rate right now is 8.25% so a bank will not go lower than that. The threat to payoff your $13,000 loan will fall on deaf ears at the bank as the potential interest income loss from your loan would hardly break the bank. Don’t mean for that to sound so hard but that is the way the bank will think.