2005 Toyota Tacoma Car Loan

[UniQAznGrI]

I just bought a 2005 Toyota Tacoma 4 door and I didn't know that you can negotiate the interest rate for the loan. I am pissed off... Does anyone know about refinancing the car loan? Do you have to make a downpayment and pay and additional fees and how long should I wait before I refinance? Much help would be appreciated. Thanks!

[F014tomcat]

Refinancing is pretty much the same as if you're buying. I'm not too familar on how to negotiate the rate, but I know you can do it.

[toto]

You'll have to read the fine print of your loan contract to make sure nothing else got stuck in there. Unless the interest rate is a lot higher than average, it may not be worth the hassle to change unless there are other unnecessary fees buried in your payment like life insurance. (That's a common dealer trick, too.)

Normally, car loans do not have any fees or penalties for early payoff of the loan. So, you can probably re-finance it right away. Just to avoid confusion, you may want to give your state's dept. of Motor Vehicles time to get a title to the current bank, though, so they can easily trasfer it to the new bank.