Interest rates go up the longer the term and your credit rating plays a role in the interest rate. Times have changed and now there is a way to refinance your auto loan when interest rates are lowered. If your loan is 20 to 50 % APR. you aren’t stuck at this rate once you’ve held the loan for about 6 months and paid on time lenders are willing to take a chance with you. You can also change a few things to raise your credit score in that period.