How to reduce interest on my car?

Question

I purchased a camry hybrid 2007 and paying over $ 5k interest on $ 30k financed amount.
My credit score at the time of purchase was 712 and got % 6.74 interest rate for the duration of 60 months.

Paid off about $ 10k so far and still have to go $ 20k .

my question now is , is there any way to reduce the interest on the car?

Answer 1

6.74% is pretty low already so I doubt you can re-finance at a lower rate.

The key to saving on interest is to pay off the loan as soon as possible. So you can pay bi-weekly instead of monthly and pay it off twice as fast. That will save you thousands in interest.

Answer 2

Well, from what you're saying, you've already cut your interest substantially.

With the numbers you gave, your payments should be about $590 a month and your total interest on the note was about $5,422. The 2007 Camry Hybrid went on sale in March of 2006. If you bought it then and have already paid down 10,000 you must have been paying an additional $1,000 per month.

If you continue on that schedule, you'll pay your car off in about another year and will have paid a total of about $1,800 in interest charges. That's about 1/3 of the original contract amount.

Well done!

Answer 3

You can refinance. However, the rate you received is better than competitive. Think about this; you did not buy a car they have trouble selling so there was no "special apr" to get you to buy.

I wouldnt refi as it wont help much. Instead, double up on your payments. You'll save a bundle of interest. It's the best thing for you.

Answer 4

Check the local credit unions. Call every bank in the area asking about a refinancing. You should have gotten a better deal through your dealership on a brand new car. Good Luck!

Answer 5

this could remember on the your automobile broker . in many cases I definitely have not heard such sort of deal in vehicle finance or automobile loans. yet whilst they are asserting and offering you with in written then you definately can bypass forward with that corporation. The black and white reproduction of the this actual rule must be saved with you to your destiny reference.

Answer 6

You have to go and talk, to the dealer. Or the place where ou got it from. There's a mighty good chance they reduce it. But it will take longer to pay!!

Answer 7

I beleave it paying another payment early, and another when you can did the math once, did work

Answer 8

could claim it as a business expense and spare that extra 20k .

Answer 9

re-finance