Is your car a used card? New cars should never have that high rate.

Just go to a bank or a loan office, and ask them. Do not be afraid to ask (just consider it as practice English. :-).

It should be pretty straight forward. Good luck.

It is a new car

I am sorry, I just did a quick check. I did not realize that auto loan went up a lot in the past year. :-(

Hope you live in a state lower than the national average. (luckly, my state is much lower than the national average)

You can find out more at: http://www.bankrate.com/brm/rate/auto_home.asp

Also, your own school's credit union, or your company's credit union, usually will have a better deal. Also, try the car's manufacture's loan (they usually only to new buyers, but worth a phone call, anyway).

Good luck.

1. if you have a house, use home equity to pay full. Now the prime is around 7.25%(?), and it is tax deductible.

2. get a 0% credit card and borrow from them. As long as you can pay back in one year.

2 seems a better way for me, but I don't think I can pay back in one year by borrowing money from credit card company. The term is 5 years and now it is the 7th month. I would like to save the money to pay the downpayment of the house in the end of this year.

Can I pay back part of the car loan such as $10000?

以下是引用xixi7779在2007-7-13 20:05:00的发言：

想知道先付＄１００００对于最后总的要付的利息有没有什么影响？还是必须要一次付清principle.

If I understand it correct, you can save some interest by paying 10K at once.

For example, if now you still own 30K on your card, then for next month, the interets you will pay will be 30K * your rate * 1 month, and plus some principle, will be your total payment for next month. But now you pay 10K, then you only own 20K, so the interests will be 20K * rate * 1 month. And for all the subseuqent month, in the same way, you will pay less interests.

Of course, each time when you make a payment to any loan, they will first pay the interest you own up to that day, then use the rest of the money to pay the principle.

Another point: call and ask your loan company, can you pay more than scheculed? and can you pay off in advance? Sometimes, they will charge a special fee for paying off loan in advance (because if you do that, they will earn less interests)