[coach]

The dealership is trying to give me a 16% rate on a car because my credit is bad. If I was too put down $10,000 would they lower my intrest rate? I talked to the dealership and they said that interest rate is not negotiable on car loans, but I am reading a lot of yahoo answers saying that it is negotiable. Please help. Thanks

[bungee]

I have never tried it but it sure wouldn't hurt to ask

[b_mill]

Not really, The dealership dosen't choose the rate, that is done by the lender. 16 % is absured. Interest is based primarily on credit score. If you put $10,000 down your payments shouldn't be to high because that goes toward the principle.

[hugh9269]

Of course it is negotiable! With poor credit your bargaining power is reduced. I would pick a model of car and shop a couple dealerships and see what offers the best rate.I do financing of heavy trucks and trailers through GE Captial. The rate vary allot depending on down payment, current interest rates, amount financed and credit score. Dealers have power with lenders and they usually mark it up a few points over the lenders approved rate. They also have usually a couple sources of credit; local banks, finance companies or Honda Credit.16% is not really bad, but you should be able to secure a loan in the 12-13% range.

[Raul21]

Everything is negotioable