Auto Refinance Loan Terms

Can I negotiate loan terms and rate with my lender?

You probably can't wheel and deal for better terms
The rate you are offered is based off of the auto refinance lender risk scoring model that assesses many factors -  credit score, LTV, PTI, DTI, payment history, and more - that determines the rate of interest the bank can offer to you.  The car loan refinancing loan specialist will not have any leeway to offer you better interest rate.  Depending on your asset age, model, mileage, then the specialist can alter your term (36-84 mos), which will impact your monthly payment amount.

Can I refinance my auto loan with my current lender?
We doubt it.  Most banks will not renegotiate your rate and terms because this has already been settled.  Unlike the credit card industry where if you call your credit card company and threaten to leave and the company will usually do something to keep you as a customer, the auto finance industry doesn’t usually renegotiate current terms.  Based on our experience, we doubt that the auto refinance bank will budge if you call them and tell them that you are about to switch your loan to another lender.  One caveat:  this might have changed given our current credit crises.  However, if this is the case, then we would not foresee this activity persisting very long into the future.

Here’s an "insider's" perspective.
The bank’s “sophisticated: risk-scoring models, which often times have hundreds of variables, have determined an interest rate that is commensurate with the risk associated with your loan.  If the bank starts to offer a lower rate, but the rest of the variables stay constant, then the risk of the loan will escalate.  In this scenario, the bank’s tolerance for risk will be breached, and cannot support any new terms, such as a rate reduction.