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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 mission is to help you make better financial choices by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct your own research and analyze information for no cost to help you make sound financial decisions. Bankrate has agreements with issuers including, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn money The products that appear on this website are provided by companies that pay us. This compensation can affect the way and when products are featured on this site, including for instance, the sequence in which they be listed within the categories of listing in the event that they are not permitted by law. Our mortgage or home equity, and also other products for home loans. But this compensation does affect the information we publish, or the reviews that you read on this site. We do not include the universe of companies or financial offerings that could be open to you.

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3 min read Published 30 January 2023

Writer: Kellye Guinan. Written by personal and business finance contributor

Kellye Guinan is a freelance editor and writer with more than 5 years experience working in the field of personal financial matters. She is also a full-time worker at her local library in which she assists the community gain access to information on financial literacy, in addition to other subjects.

Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since the end of 2021. They are committed to helping readers gain confidence to control their finances by providing concise, well-studied information that break down complex subjects into digestible chunks.

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A high could be a drain on your budget. Fortunately, there are simple steps you can take to reduce it by refinancing. And if you haven’t taken out an loan in the past, you can begin with a lower monthly installment by comparing and finding the perfect lender. 4 methods to reduce your car loan car payment isn’t set in stone. It can change — you just need to contact the lender or take extra steps to make it easier. 1. Renegotiate your loan conditions Lenders often allow you to in times of financial difficulty. This could ease the burden off for a few months, but it can result in a higher overall cost due to the fact that interest accrues during deferment. You may also ask for a . The lender may offer to extend your loan termthat means you pay more interest — or reduce your interest rate. The latter is better for saving you cash over your loan term, but it can be difficult to obtain for if you don’t have great credit. 2. Refinance your vehicle loan There are two methods that can reduce your monthly payments. You can obtain a lower interest rate and the same loan term on the current loan that means you pay less every month. Also, you can opt for a longer loan term. This will make your monthly payments lower but you’ll have to pay higher interest in the long run. 3. Sell or trade in your vehicle if it exceeds your budget, you may trade it in and transfer to a cheaper car. The most convenient way will be to visit the dealership. You’ll be able to utilize the extra cash to make an investment for your next vehicle and will not require the hassle of a private sale. Private sales can earn you more money. But be aware that the process isn’t easy. Talk to your lender to make sure that you are not violating the clauses of your loan. 4. If you can, make extra payments. This can help reduce future monthly payments , or even skip them altogether. Although most lenders will apply additional payments solely to interest, you might be able to request yours be paid direct to the principal. This will help reduce the amount you are obligated to pay. It will also give you some much-needed wiggle room in the future. How can you lower your vehicle payment prior to buying it to make a lower amount of payment for your next vehicle. There is no need to accept the first loan given to you, and keeping the amount you finance down can be a good way in order to lower your monthly expenses low, too. Consider purchasing a pre-owned vehicle. Not only is it significantly lower in cost upfront, but can also help you stay clear of the drastic drop in value that new vehicles face. Make a large down payment if possible. The less you pay, the less you need to finance — which means lower monthly installments. You can trade in your car or even sell it privately. Making use of your current car to help increase you down payments is a great way to keep your next monthly payment affordable. Enhance your credit score prior to when you apply for a loan. Lenders and dealerships will give 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. Look around for the best financing. Do not limit yourself to the dealer’s financing. There is a greater chance of receiving a low interest rate and an affordable monthly payment by looking around. Opt for the longest loan term, but keep in mind that this will mean more paid in interest. You’ll also be able to reduce your monthly costs and you will be able to pay more than the vehicle is worth when you have an loan duration of more than 60 months. Make sure you pay the sales tax upfront. Some lenders will let you pay the tax on your vehicle but try not to. In the end, you’ll have to pay interest on it as well — and it’ll only make your monthly payments bigger. Lease instead of buying. Leasing gets a bad rap, but you can with a lease. However, it can be costly if you don’t have a good credit score — and you’ll be unable to sell your car at the end of the lease period. In the end, since cars should not make up more than 25 percent of your overall and therefore, it’s essential to ensure that your monthly payments remain low. Refinancing or renegotiating is two of the best solutions in the event that you have taken out a loan with a very high interest rate. Switching to a more affordable vehicle is an excellent option to put more money in your account each month. If you’re on , consider saving for your down payment before shopping. It will cost you less interest and get started with a lower monthly installment.

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Written by Business and personal finance Contributor

Kellye Guinan is a freelance editor and writer with more than five years of experience in personal finance. She is also a full-time employee at her local library, where she assists the community gain access to information on financial literacy, in addition to other subjects.

Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since late 2021. They are committed to helping readers gain the confidence to control their finances through providing precise, well-studied data that breaks otherwise complicated topics into bite-sized pieces.

Auto loans editor

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