Terms set once you sign dotted line

Dear Terry,
Three days ago, I bought a new vehicle. I signed the contract for financing. I am now reviewing the entire contract and I wonder if it is possible to renegotiate the interest rate.
-- Elizabeth

Dear Elizabeth,
Once a contract is signed, the terms usually cannot be renegotiated. But you can certainly explore refinancing the contract with another lender at a lower rate. Before doing so, make sure the loan you have doesn't have an early repayment penalty.

Here are this week's questions:

• Will hybrid lease payments rise soon? • Should I pay cash for a new car? • How can my daughter lower car payment balance? • Can I renegotiate after signing a contract?

If you have a question for Terry, e-mail him at Driving for Dollars. Save money on your car -- sign up for Bankrate's new weekend Car & Money newsletter