What are the odds that a bank will reduce a loan interest rate on request?

[SunnyD]

Would that be more of a laugh in my face sort of thing, or will I need to refinance?

 

[rivan]

I'd fully expect a laugh in your face sort of thing but let me know how it goes. It can't hurt to ask

 

[rasczak]

doesn't hurt to ask. try claiming financial hardship (if it's true of course).

 

[SunnyD]

Who would I talk to? A loan officer at a branch, or call the loan department that handles my current loan?

 

[rasczak]

Who would I talk to? A loan officer at a branch, or call the loan department that handles my current loan?

probably the phone number listed on the mortgage bill.

hehe btw, i was a red robin this past weekend. we had this chick for our server named "Sunni D"

i chuckled when i saw that.

 

[Iron Woode]

Who would I talk to? A loan officer at a branch, or call the loan department that handles my current loan?

get an appointment with the person that gave you the loan.

I know a number of people that have had loan payments changed depending on their financial health.

May have to refinance though.

 

[SunnyD]

probably the phone number listed on the mortgage bill.

hehe btw, i was a red robin this past weekend. we had this chick for our server named "Sunni D"

i chuckled when i saw that.

Car loan actually.

 

[darkxshade]

"Sure, we'll lower your rate out of the goodness of our hearts because afterall, we are an ungreedy bank who's cares about our customer satisfaction. Our corporate executives will be thrilled to forego their bonuses just to offset any costs incurred by the company."

 

[nanobreath]

"Sure, we'll lower your rate out of the goodness of our hearts because afterall, we are an ungreedy bank who's cares about our customer satisfaction. Our corporate executives will be thrilled to forego their bonuses just to offset any costs incurred by the company."

Yes, but when the alternative is the customer not paying at all, they have learned that sometimes it is in their best intrest to work with the customer.


OP:

Chances are they will not just lower the rate on a car loan. Your best bet will probably be to refinance. Refinancing a car loan isn't like a mortgage, it's pretty painless. However, it doesn't hurt to ask, if nothing else it will give them the chance to offer refinancing it.

 

[rasczak]

yea, i highly doubt they'll restructure a car loan. you may need to look at getting a new loan at a lower rate to pay that one.

 

[JS80]

Car loan actually.

http://www.capitalone.com/autoloans/refinance/index.php

 

[Gunslinger08]

You would have to have a crazy auto loan interest rate in order to claim financial hardship. Even a 5% rate deduction on a $30k five year loan is only like $70/month.

 

[SunnyD]

You would have to have a crazy auto loan interest rate in order to claim financial hardship. Even a 5% rate deduction on a $30k five year loan is only like $70/month.

Not that that's my setup, but would you argue with $70/mo more in your pocket? I wouldn't. And what would constitute a "crazy rate" out of curiosity?

 

[JS80]

Not that that's my setup, but would you argue with $70/mo more in your pocket? I wouldn't. And what would constitute a "crazy rate" out of curiosity?

20%+

 

[FoBoT]

 

[SunnyD]

I might take my chances... :biggrin:

 

[Train]

"Sure, we'll lower your rate out of the goodness of our hearts because afterall, we are an ungreedy bank who's cares about our customer satisfaction. Our corporate executives will be thrilled to forego their bonuses just to offset any costs incurred by the company."

Pretty naive actually.

If you have a serious refinance option (with another bank) they can likely offer you a "stay with us" rate reduction.

You are half right, corps are all about the profit, but they arent stupid either, a reduced profit from a loan beats ending that loan completely.