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3 min read published on January 30, 2023.
Authored by 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 finances. She is also a full-time librarian at the local library where she helps her community access information about financial literacy, as well as other topics.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate from late 2021. They are passionate about helping readers gain the confidence to control their finances through providing clear, well-researched information that break down complex subjects into bite-sized pieces.
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A high can be a drain on your finances. Fortunately, there are simple actions you can take to cut it down, such as refinancing. If you’ve not taken out an loan but, you could begin with a low monthly payment by shopping around and finding the right lender. 4 methods to reduce your car loan car payment isn’t set in the ground. It can change and you only need to talk with your lender or take steps to make it more manageable. 1. Change your loan terms Lenders often allow you to when you’re facing financial hardship. This can take the pressure off for a few months however it could cause you to pay more in the long run because interest continues to accrue in deferment. You can also request a . Your lender may be willing to extend the termin which case you’ll pay more interest — or lower the interest rate. The latter option is best in terms of saving cash over your loan time, however it could be challenging to get a loan for if you don’t have great credit. 2. Refinance your vehicle loan There are two methods that can lower the monthly cost. You can negotiate a lower interest rate while keeping the same terms on your current loan and, consequently, that you pay less per month. Or you can at the same time get a longer loan term. This will reduce your monthly payments however you’ll be paying more in interest overall. 3. Trade or sell your vehicle If the price of your car is over your budget, you can easily sell it and then move to a cheaper car. The easiest way to do this would be to visit a dealership. You’ll be able to utilize this extra cash for an investment for your next vehicle and will not require an individual sale. Private sales can earn you more money. Be aware that it could be a bit complicated. Talk to your lender to ensure that you are not violating the clauses of your loan. 4. Make extra payments when possible will help lower future monthly payments — or even skip them altogether. Although most lenders will apply extra payments to only interest, you may be able to ask that yours go directly to the principal. This can help lower the amount that you have to pay. It will also give you some much-needed wiggle room for the future. How to lower your car payment before buying to secure a low-cost payment on your next vehicle. There is no need to accept the initial loan offered to you as long as you keep the loan amount is an excellent option in order to lower your monthly cost low, too. Purchase a second-hand car. It’s not only 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 have to finance and that means lower monthly payment. Trade in your current vehicle or let it go privately. Utilizing your current vehicle to boost your down payment is a great option to keep your monthly installment low. Enhance your credit score prior to when you apply for a loan. Dealers and lenders will lend the loan if you have excellent or outstanding credit. If you can, wait to purchase a car until your score has jumped by a couple of points. Shop around for the best financing. Don’t be limited to dealership financing. There is a greater chance of finding a great interest rate and an affordable monthly payment by looking around. Opt for an extended loan period, but bear in mind that this will mean higher interest rates. Although you’ll be able lower your monthly expenses and you will be able to pay more than the car’s value by having a loan duration of more than 60 months. Pay sales tax upfront. Lenders will let you take out a loan to finance sales tax on your car, but you should not try to. You’ll be paying the interest and it’ll make your monthly installment bigger. Lease instead of buying. The term “leasing” is often criticized, but you can make a profit with a lease. But, it could be expensive if your do not have a great credit score — and you’ll be unable to sell your car when you’re done with the lease. In the end, since cars should take up less than 25 percent of your overall , it’s crucial to ensure that your monthly payments remain to a minimum. Refinancing or renegotiating is two options when you’ve taken out an loan at a high interest rate. Switching to a more modest vehicle is also a solid option that can increase the amount of money you pockets every month. If you’re on , consider the and save up your down payment prior to buying. It will cost you less interest and start with a lower monthly installment.
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Written by Business and personal finance contributor
Kellye Guinan is a freelance editor and writer who has more than 5 years experience working in the field of personal finances. She’s also a full-time employee at her local library, where she assists people in her community get information on financial literacy, among other subjects.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers feel confident to control their finances by providing concise, well-researched and well-written data that breaks complicated topics into bite-sized pieces.
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