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How to lower your car payment without refinancing Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial choices by offering you financial calculators and interactive tools that provide objective and original content. We also allow you to conduct research and compare data for free – so that you can make informed financial decisions. Bankrate has partnerships with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers 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 order in which they be listed within the categories of listing in the event that they are not permitted by law. This applies to our mortgage, home equity and other home loan products. However, this compensation will have no impact on the information we provide, or the reviews that you read on this site. We do not include the vast array of companies or financial deals that may be open to you.
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3 min read published August 22 2022
Written by Allison Martin Written by
Allison Martin’s work started over 10 years ago as a digital media strategist. Since then, she’s been featured in a variety of top 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 the end of 2021. They are dedicated to helping their readers gain the confidence to take control of their finances with concise, well-researched, and well-documented information that breaks down complex topics into manageable bites.
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can make the monthly payment more affordable. But, you’ll likely need to agree to an and pay more for the duration of your loan. The good news is refinancing isn’t the only way to lower the cost of your car. Other alternatives are also possible to alleviate the burden of having to deal with a large vehicle payment and allow room in your budget. 3 ways to lower your car payments without refinancing When you sign on the dotted line to take out an auto loan usually, you’ll receive an installment payment due every month for a set period. If you thought the payments were feasible when you first took out the loan, but isn’t working due to changes in your financial situation There are alternatives that don’t require . 1. Request for a loan modification Contact the lender to inform them that you are struggling to stay afloat financially and risk falling behind on your auto loan payment. The first representative you speak to may not be able to offer any advice or alternatives, however, you can ask for an loss mitigation team to identify someone who can help. The process of repossession is expensive and take a lot of time to the lender. Therefore, they might be willing to alter your loan, which could include decreasing your interest rates or loan term, to make the . Or, the lender could agree to a short-term payment plan , which involves delaying you payments over a couple of months in order to provide you with needed financial relief. If you’ve been unable to make an installment on your auto loan, you may not be in the clear. But, it is important to let the lender know that you are experiencing financial hardship sooner rather than later. The lender might agree to break the balance due in smaller installments that you’ll be able to pay over a longer period. 2. Exchange it for a cheaper car If you’re not or owe more than what you’re able to pay, trading your car in for a less expensive one could be beneficial. The difference between the value of the trade-in and what is owed on the current loan will reduce the amount of the new loan amount. You won’t need to deal with the hassle of listing your car for sale and hoping to attract the right buyers. Market conditions are making it easy to obtain top dollar for your trade-in. The cost of new cars is at record highs, creating an rise in the demand for used vehicles. Trade-in your car now is a simple process that involves bringing it to the dealership for them to inspect it and present you with an offer. The price of the trade-in depends on the vehicle’s model, manufacturer, model, mileage and the condition. If you visit several dealerships prior to making a decision, you can negotiate a good deal. If you’re looking to trade into your vehicle, however it’s recommended to make it happen as soon as possible. Used car prices are starting to stabilize, which means trade-in offers will likely decrease in the near future. 3. Sell your items privately and get a less expensive car If you’re looking to earn more from your vehicle take a look . You’ll need patience and time, but you could maximize the cost savings as private sales generally mean more money for the pockets of the seller. You will be able to save more on your new car purchase. Word of caution: There’s still a for sale nationwide because of supply chain problems. However, as we’ve mentioned earlier the used car market is shifting and a decline in price points is expected. Therefore, you might not get as much value for the car you have a few months back during the boom in used cars. It is advisable to refinance your loan. the auto loan could be a better alternative if you’ve got excellent or excellent credit scores and are eligible to receive a lower interest rate. But here’s the catch you must request a loan period that is similar to or comparable to the amount of remaining on the current loan. If not, you’ll get a lower payment but could spend several hundred or thousands worth of additional interest during the loan term. If you cannot reach an arrangement with the lender or trade in your current car for a ride that meets your needs, refinancing can also help you avoid repossession. Additionally, you’ll get the lowest amount of payment and will also protect your credit score, even if it will mean paying the lender more interest. Next steps A hefty car loan could burden your budget and cause you contemplate the possibility of refinancing your loan. However, you will likely have to pay more interest if obtain a higher interest rate or an extended duration, so talk to your lender to make an loan modification. Consider also changing your car to an alternative that is less costly. Have your car appraised to determine how much it’s worth and explore options to determine whether there are cheaper cars available with lower monthly payments and can meet your requirements. If you discover solutions that work, you can work with an lender to secure an upgrade and car loan that could help improve your financial situation. Learn more
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Written by
Allison Martin’s work began over 10 years ago as a digital media strategist, and she’s since been published in numerous prestigious 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 from late 2021. They are dedicated to helping readers gain the confidence to take control of their finances with clear, well-researched information that is broken down into complicated topics into bite-sized pieces.
Auto loans editor
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