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. -- ElizabethDear 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 advertisementRelated Links:7 best off-to-college carsNational auto loan averagesWhat changes auto loan rates?Related Articles:All new cars for 20105 steps to 'clunker' dealTake the 'cash back?'
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.
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