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How to get a lower car payment: 4 ways Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive financial calculators and tools, publishing original and objective content, by enabling you to conduct research and compare information for free – so that you can make financial decisions with confidence. Bankrate has partnerships with issuers, including but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make money The products that appear on this site are from companies that compensate us. This compensation can affect the way and when products are featured on this site, including such things as the sequence in which they appear in the listing categories, except where prohibited by law for our mortgage or home equity, and also other products for home loans. But this compensation does affect the information we publish, or the reviews appear on this website. We do not contain the entire universe of businesses or financial deals that could be available to you.

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3 min read Published on January 30, 2023.

Writer: Kellye Guinan. Written by Personal and Business Finance contributor

Kellye Guinan is a freelance editor and writer who has more than 5 years experience working in the field of personal finance. She’s also a full-time employee at the library in her town where she helps her community access information about financial literacy, among other topics.

Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate from late 2021. They are committed to helping readers gain the confidence to control their finances with concise, well-studied information that breaks down otherwise complex subjects into digestible chunks.

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A high is an expense for your finances. Fortunately, there are simple steps you can take to lower it, such as refinancing. And if you haven’t taken out an loan yet, you can begin with a lower monthly cost by searching and finding the right lender. 4 methods to reduce your current car payment Your auto payment isn’t set in to stone. It’s subject to change — you just need to speak with the lender or take steps to manage it better. 1. Change your loan terms Lenders typically allow you to when you’re in financial trouble. This can take the pressure off for a couple of months but could result in a higher overall cost since interest is accruing in deferment. It is also possible to request a . Your lender may offer to extend your term -in which case you’ll pay higher interest, or decrease your interest rate. The latter is better in terms of saving cash over your loan time, however it could be challenging to qualify in the event that you don’t have a good credit. 2. Refinance your vehicle loan There are two ways that to lower the monthly cost. You can negotiate lower interest rates and the same loan term on your current loan and, consequently, that you pay less per month. You can also opt for a longer loan duration. This can make your monthly payments lower, but you’ll pay more interest overall. 3. Sell or trade in your car If your car is priced higher than the limit of your budget, you could easily sell it and then move to a more affordable vehicle. The easiest way to do this would be to in at a dealership. You’ll be able to utilize the extra cash to make a down payment on your next vehicle and will not have to deal with the hassle of a private sale. Private sales can earn you more cash. But be aware that the process could be a bit complicated. Talk to your lender to make sure that you don’t violate the clauses of your loan. 4. When you can, making extra payments can lower your monthly payments — or skip them entirely. Although many lenders make extra payments to only interest, you might be able of requesting that they be paid directly to the principal. This can help lower the amount you owe. This will also allow you the flexibility you need in the future. How to get a lower vehicle payment prior to buying it to secure a low-cost cost for your next car. There is no need to accept the first loan that is offered, as long as you keep the loan amount is a great method to keep your monthly expenses down, too. Buy a used vehicle. It’s not only cheaper upfront, but it will also help you avoid the massive decrease in value that new vehicles face. Consider a substantial down payment, if you are able to. The lower your down payment, the less you’ll have to finance and that means lower monthly installments. Transfer your vehicle or even sell it privately. Using your current ride to increase your down payment is an excellent way to keep your next monthly installment affordable. Increase your credit score before you apply for a loan. Dealers and lenders will lend you loans if you have good or outstanding credit. If you’re able, you should wait to buy a car until your credit score has increased by a few points. Shop around for the best financing. Do not limit yourself to the dealer’s financing. You increase your chance of getting a good rate of interest as well as an affordable monthly payment by looking around. Opt for the longest loan term, but keep in mind that this means more paid in interest. While you’ll be able to get your month-to-month costs down and you will be able to pay more than the car’s value by having the loan term of over 60 months. Pay sales tax upfront. Some lenders will let you finance the sales tax of your car, but you should not try to. You’ll be paying interest on it as well and it’ll only make your monthly payments bigger. Instead of purchasing, lease. Leasing is often seen as a negative thing however, you can do it by leasing. However, it can be expensive if you don’t have a good credit score. Additionally, it’s impossible to sell your vehicle at the end of your lease. The reason is that cars should take up less than 25 percent of your total , it’s crucial to keep your monthly installment low. Refinancing or renegotiating is two options when you’ve taken out an loan at a higher interest. But switching to a more moderate vehicle is also an excellent option to put more money in your pockets each month. If you’re in the market, think about saving your down payment before shopping. It will cost you less interest and start with a lower monthly installment.

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Written by a Personal and Business finance Contributor

Kellye Guinan is a freelance editor and writer with over 5 years experience working in the field of personal finance. She is also a full-time employee at her local library where she helps her community access information about financial literacy, among other topics.

Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since the end of 2021. They are dedicated to helping their readers feel confident to control their finances by providing clear, well-researched facts that break down complicated subjects into digestible pieces.

Auto loans editor

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