Asking for lower interest rates can sometimes yield great results.  If you have never asked your lender for lower rates on any of your loans, you may never receive lower rates.  We ask our lender to lower our interest rate on an existing used auto loan (in-house) that was at 6% and within hours received an approval for a reduced rate of 4.25%.  The lower rate is equivalent to a savings of $48.00 per month ($576.00 per year) and hundreds of dollars in interest overtime.


Asking your lender for a lower interest rate on any loan, (car, signature, visa, home, student loans etc.) can be easy as 1.2.3.!  Expect a positive outcome; many times there is no cost for an in-house refinance on the loans mentioned above (contact your lender for details).  However, there could be significant cost for NOT asking.  What is an in-house loan?  An in-house loan is an existing loan that you have with your current lender that they will refinance and remain the lien-holder.  Your lender is waiting to help; perhaps you are having a financial hardship or maybe everything is going great!  There is always room for improvement.  Treat finding extra income like a scavenger hunt.  While on the journey to debt freedom search every area of your finances for extra savings!  You will be surprised at the extra cash that is waiting to be discovered.  If you have been denied for lower rates, deferred payments or whatever the case, never become complacent with the denial; always be open to trying again and again.


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