get involved and be proactive

After a few more calls to the bank, I was able to lower the van interest rate again and lower the trailer interest rate as well. Both loans are now at 3.99%. I am determined to get the most out of our money right now. It pays to call and see what you have to do to get your interest rate lowered. Even if you can't, it doesn't hurt to try.

Here are a few things to remember.

Make sure you ask them what you need to do to get the best rate possible. There are lots of hidden discounts they don't disclose unless you ask. Most banks offer a discount for multiple services and to set your payments up through auto pay.

If you can, offer to make larger payments and/or shorten the term of the loan. This alone can get you a much better rate.

MAKE SURE you ask if they are charging you for loan insurance. This is insurance in the even of a job loss or disability. As I found out, they will often times quote you a payment amount and just tell you the insurance is included, leading you to believe you aren't paying for it when in fact you are.

I am really starting to look at this process as a challenge. Who can get out of debt the fastest and who can save the most in interest in the process. It's been 15 months since we started this, and I am STILL finding ways to save and cut.
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