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3 min read Published 30 January 2023
Authored by Kellye Guinan Written by Personal and Business Finance contributor
Kellye Guinan is a freelance editor and writer with over five years of experience in personal finances. She’s also a full-time employee at the library in her town where she helps her community gain access to information on financial literacy, in addition to other topics.
The edit was done 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 manage their finances by providing clear, well-researched information that breaks down otherwise complex subjects into bite-sized pieces.
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A high can be an expense to your finances. There are a few ways to cut it down, such as refinancing. If you haven’t yet taken out an loan yet, you can start off with a low monthly cost by searching and finding the best lender. 4 methods to reduce your car loan vehicle payment isn’t fixed in to stone. It’s possible to alter it — you just need to speak with your lender or take steps to make it more manageable. 1. Change your loan conditions Lenders often allow you to in times of financial difficulty. This can ease the stress off for a few months but could lead to paying more overall due to the fact that interest accrues during deferment. You can also request an . Your lender might be willing to extend your loan term- which means paying more interest or decrease the interest rate. The latter is better to save you money over the loan time, however it may be difficult to qualify in the event that you don’t have a good credit. 2. Refinance your car loan There are two ways that to lower the monthly cost. You can obtain a lower interest rate and the same loan term on the current loan, which means you pay less each month. Or you can at a longer loan term. This will allow you to pay less monthly, but you’ll pay more in interest overall. 3. Trade or sell your vehicle If the price of your car exceeds your budget, you can always sell it and move to a less expensive car. The most efficient method will be to visit the dealership. You’ll be able to use that extra cash as an down payment for the next car you purchase and don’t have to deal with a private sale. But private sales may net you more money. Just know that on it isn’t easy. Discuss it with your lender to make sure that you are not violating the terms of your contract. 4. Make extra payments when possible can help reduce future monthly installments — or eliminate them completely. Although many lenders make additional payments solely to interest, you might be able to request yours be sent straight to your principal. This will reduce the total amount you owe. This can also provide you with an opportunity to make some extra money for the future. How can you lower your car payment before buying to make a lower amount of payment for your next vehicle. You don’t have to take the first loan offered to you and keeping the amount you finance down is an excellent option for you to reduce your monthly costs lower, too. Consider purchasing a pre-owned vehicle. Not only is it significantly less expensive upfront, but will also allow you to avoid the drastic decrease in value that new cars are prone to. Consider a substantial down payment if possible. , the less you will need to finance and that means lower monthly payment. Trade in your current vehicle or sell it privately. Using your current ride to help increase your down payment is a fantastic way to keep your next monthly payment affordable. Improve your credit score before you apply for an loan. Dealers and lenders will lend you when you have good or outstanding credit. If you’re able, you should wait to buy a vehicle until your score has jumped just a couple of points. Find the most suitable financing. Don’t be limited to dealership financing. It is more likely that you will be finding a great interest rate and a flexible monthly payment by looking around. Opt for an extended loan term, but keep in mind that this means greater interest paid. You’ll also be able to reduce your monthly costs and you will be able to pay more than the car’s value with a loan duration of more than 60 months. Pay sales tax upfront. Lenders will let you finance the sales tax on your vehicle but try not to. You’ll end up paying the interest — and it’ll only make your monthly payments bigger. Instead of purchasing, lease. The term «leasing» is often criticized however, it is possible to do so make a profit with a lease. However, it could be expensive if your do not have a great credit score. Also, you’ll be unable to sell your vehicle after the expiration of the lease period. The bottom line Because automobiles should make up less than 25 percent of your overall , it’s crucial to ensure that your monthly payments remain at a low level. Refinancing or renegotiating is two options in the event that you have taken out an loan with a high interest rate. Switching to a more moderate vehicle is also an excellent option to put more money in your account each month. If you’re considering the and save up your down payment before shopping. You’ll pay lower interest and start with a low-cost monthly payment.
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Written by a Personal and Business finance contributor
Kellye Guinan is a freelance editor and writer with more than five years ‘ experience within personal finances. She’s also a full-time worker at her local library where she helps her community access information about financial literacy, as well as other topics.
The edit was done 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 take control of their finances through providing precise, well-studied data that breaks otherwise complicated topics into bite-sized pieces.
Auto loans editor
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