conversation: User (BeatleFish001): "I bought a 2012 Kia Forte for $14,441 over 6 years at 12.75% in August of 2015. Since then, I have paid down my loan balance to its current $11,311. Now that my credit is **MUCH** better than it was two years ago, I've been wondering about refinancing my loan to a more reasonable interest rate, but shortening the term so I can get rid of the car faster. (I've only ever begrudgingly tolerated its existence.) As luck would have it, I received a letter from Chase today (issuer of my credit card) notifying me that I was pre-approved to refinance my auto loan for 4.69%. I am looking for some general guidance such as what to ask about when making the call, and whether this is a good idea in general. Any help is greatly appreciated, thank you.\n\nEDIT: Forgot to mention my current loan has no early payoff penalty. Is it likely this would still be the case after refinancing?"
  Self: "Yes!\n\nTry to get even lower than 4%."
  danger_tomato (danger_tomato): "&gt; Try to get even lower than 4%.\n\nIt's a six year old car.\n\nNOBODY is going less than 4% on a used car.\n"
  Self: "[THIS](https://www.navyfederal.org/products-services/loans/auto/auto-rates.php) is why you don't believe everything you hear on the internet.\n\nYes you can get better rates than 4%. Stop giving out bad advice and making him settle for more interest."
  danger_tomato (danger_tomato): "&gt; Yes you can get better rates than 4%. Stop giving out bad advice and making him settle for more interest.\n\n1. "As low as" \n\n2. OP is upside down to the tune of DOUBLE the value of the underlying. \n\n3. If you ran a bank and someone wanted to refinance $30,000 on a house worth $60,000 - WOULD YOU MAKE THAT LOAN? FUCK YES! Would you loan $60,000 on a house worth $30,000? FUCK NO!"
  Self: "You've already been proving wrong and now you're talking about other things.\n\nNot going to get baited into another internet argument.\n\nI said he can get lower than 4% and YES in fact he can with the link I provided.\n\nJust take this loss and move along."
  danger_tomato (danger_tomato): "You know what? This is personal finance. Care to put your money where your mouth is?\n\nI see NO BANK and NO CREDIT UNION and no respectable financial institution making an upside down refinance as is.\n\nCare to make a wager?"
  Self: "Back down.\n\nMy claim was it was possible for him to get under 4% interest rate. I provided you with a link giving you an example of one.\n\nNow if they don't end up qualifying it still doesn't hurt to try.\n\nAfter all were here to help them save money right? Or are we here to stroke our egos?\n\n"
  danger_tomato (danger_tomato): "&gt; My claim was it was possible for him to get under 4% interest rate.\n\nBased on a 2:1 upside down loan. That premise is faulty as fuck. \n\n&gt;Now if they don't end up qualifying it still doesn't hurt to try.\n\nThat's a hard pull. And when they don't qualify, they go to another lender for another pull. The only thing worse than bad credit is numerous pulls and rejections in a row.\n\n&gt;After all were here to help them save money right? Or are we here to stroke our egos?\n\nI can do both.\n"
  