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3 min read published August 22, 2022

Written by Allison Martin Written by

Allison Martin’s career began more than 10 years ago as a digital content strategist. She’s been featured in a variety of top financial media outlets such as The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.

Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since the end of 2021. They are passionate about helping readers to take control of their finances by providing clear, well-researched information that breaks down complicated topics into bite-sized pieces.

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can make the monthly payment more affordable. However, you will likely need to agree to an and pay higher interest over the life that you take out the loan. It’s good to know that refinancing isn’t the only method to lower your car payment. Other alternatives are also possible to alleviate the stress that comes with dealing with a high vehicle payment and allow room in your budget. 3 methods to cut down on your car payments without refinancing When you sign in the legal dotted lines to get an auto loan, you’re generally given the option of a monthly installment that is due every month for a specified time. If you thought the payments were feasible when you took out the loan however, it no longer works due to the changes in your financial situation There are alternatives that don’t need . 1. Request for a loan modification. Contact the lender to let them know that you are struggling financially and risk being in debt on auto loan payment. The first person you talk to may not be able to offer any advice or alternatives, however, you could ask an loss mitigation team to identify someone who can help. Possessions can be expensive and time-consuming and time-consuming for the lender. So, they may be willing to alter your loan that could involve decreasing the interest rate or loan duration, in order to reduce the loan more affordable . Alternatively you and the lender may accept a short-term arrangement that allows you to defer the payment for few months to give you some much-needed financial relief. If you’ve missed a payment on your auto loan and you’ve missed a payment, you might not be in the clear. However, you should communicate that you’re facing financial difficulties sooner rather than later. The lender may agree to split the outstanding balance into smaller amounts that you’ll pay over an extended period. 2. Trade it in for a less expensive car If you’re not or owe more than what it’s worth — trading in your car to purchase an affordable one might be sensible. The difference in the value of your trade-in and the balance due on your current loan will lower the amount of the new loan amount. You won’t need to go through the hassle of putting your vehicle up for sale and trying to find the perfect buyers. The current market conditions have made it easy to obtain the highest price for your trade-in. The cost of new cars is at an all-time high and this is causing an rise in the demand for second-hand vehicles. Selling your car today is a simple procedure that requires you to bring it to the dealer for them to examine the vehicle and make an offer. The trade-in value is based on the type, make mileage, and condition. By visiting multiple dealerships prior to making a decision, you can negotiate the best price. If you’re looking to trade into your vehicle, however it’s best to act quickly. Used car prices are starting to stabilize, which means trade-in offers will likely be reduced in the near future. 3. Sell privately and buy a less expensive car If you are looking to make more money for your car take a look . It will take time and patience however, you can maximize the cost savings as private sales typically result in more money for the pockets of the seller. You will be able to save more on your new car purchase. A word of caution: There’s still a car for sale across the country because of supply chain problems. But , as I mentioned the market for used cars is beginning to shift and a decrease in price points is expected. This means that you won’t make as much money from the car you have a few months back during the boom in the used car market. It is advisable to refinance your loan. Refinancing your auto loan may be a good option to if you have excellent or excellent credit scores and can qualify to receive a lower interest rate. But here’s the catch It is important to request an loan period that is similar to or comparable to the amount of remaining on your current loan. If not, you’ll get an easier payment, but you could spend several hundred or thousands worth of additional interest during the loan period. If you’re unable to come to an agreement with your lender or swap your current car for an alternative that is suited to your needs, refinancing can aid in avoiding repossession. In addition, you’ll receive the lowest amount of payment and maintain credit, even when it will mean paying the lender more in interest. Following steps A large vehicle payment can stress your budget and make you think about refinancing your loan. However, you’ll be charged more for interest if you get a higher rate or a longer duration, so talk to your lender to make the loan modification. Also, consider changing your car to a less expensive one. Consider having your car appraised in order to find out how much it’s worth and look around to see whether there are cheaper cars available with a lower cost per month and can meet your requirements. If you come across solutions that work, you can collaborate with an lender to get into a new ride and car loan that could help to improve your financial situation. Learn more


Written by

Allison Martin’s career started over 10 years prior to that as a digital content strategist, and she’s since been published in several leading financial outlets, including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.

Edited by 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 manage their finances through providing concise, well-studied information that breaks down complex subjects into digestible pieces.

Auto loans editor

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