You have to check with the bank you financed with; some banks do require you to pay certain amount of months without a penalty. However, most do not.

 

3.99% seems a bit high. Look at your installment loan contract. It should disclose if there is a prepayment penalty.

Did you finance through Volvo? I did and got a much lower rate than you did. Before you go through the trouble of refinancing, I suggest that you contact your current lender and ask if they are interested in lowering your rate to whatever more competitive rate you can find so that they can keep your business.

 

Yeh it is through Volvo Finance US LLC. Not sure what they rate offer recently. And they require 6 months payment before refinance. Not sure if dealerships offers different rate but seems nothing I can do. Will refinance later.

 

We got the same 1.49%. 36 months

 

From what I understood during my OSD research last year, cars purchased through OSD do not qualify for the same finance promotions that cars on the local dealership's lot do. So I am not too surprsied to hear that the OP is being offered at 3.x% to 4.x% interest rate. That seems to be the going rate for unsubsidized finance program for someone with great to good credit. The other option would be to get a loan from a credit union which would offer a more competitive rate.