How to negotiate for a lower interest rate
If you are like most people, you probably don’t enjoy negotiating. It can be stressful and it feels like you are putting your fate in someone else’s hands. However, when it comes to getting a lower interest rate on your credit cards, mortgages, auto loans, or student loans, negotiation is the key to success!
If you have a good credit score, you have negotiating power. Call your credit card company and tell them you are considering transferring your balance to another card with a lower APR. Most companies will lower your interest rate to keep you as a customer. If they don’t, be persistent and ask to speak to a supervisor.
Your mortgage is probably the biggest loan you will ever take out, so it is important to try to get the lowest interest rate possible. Start by checking rates from different lenders and then call your current lender to see if they can match or beat the rate. If they can’t, don’t be afraid to shop around for a new lender.
If you have good credit, you may be able to get a lower interest rate when purchasing a new or used car. Start by checking rates from different lenders and then call your current lender to see if they can match or beat the rate. If they can’t, don’t be afraid to shop around for a new lender.
If you have private student loans, you may be able to negotiate a lower interest rate with your lender. Start by checking rates from different lenders and then call your current lender to see if they can match or beat the rate. If they can’t, don’t be afraid to shop around for a new lender. Federal student loans have fixed interest rates, so you can’t negotiate a lower rate. However, you may be able to consolidate your loans or change your repayment plan to get a lower monthly payment.
If you can’t negotiate, consider refinancing:
You may be able to refinance your loans at a lower interest rate. This is especially true if you have a variable-rate loan with an interest rate that has gone up. You can refinance federal and private student loans, auto loans, and mortgages. Check rates from different lenders and mpare the total cost of the loan before you decide to refinance.
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The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete, it is not a statement of all available data necessary for making an investment decision, and it does not constitute a recommendation.