Hello PF,

I have done a bit of browsing around the sub but I cannot find much information on how this works. My GF has a car loan with a ~7% interest rate and is about 1 year in. When she bought the car she had no credit history and whatnot.

Now her credit score is in the 750 range and we would really like to refinance her auto loan to save some money in the long run, but, I do not know much about refinancing or how you shop around for interest rates. Could anybody help me out with the following questions:

1. What is the lowest rate we could reasonably expect? 2.99%?

2. Do you generally shop around at multiple banks, or do they all tend to have the same interest rate offers?

3. Can you negotiate an interest rate? Say a bank advertises a 3.99% rate - can we sit down with them and haggle down based on good credit history, income, etc, or do we just have to go with whatever they say?

4. I see credit unions promoted quite often on this subreddit, but the only credit unions around here (Chicago) appear realllly sketchy and their websites haven't been updated since Al Gore created the internet. Does anybody know of, or utilize, reliable credit unions in Chicago?

5. Are there any hidden fees, tricks, etc. we should be aware of?

6. I assume her car is worth less than the amount she owes at this point in time. What kind of difficulties will this add?

Thanks for your time