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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 aim is to assist you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content. We also allow users to conduct studies and compare information at no cost and help you make informed financial decisions. Bankrate has partnerships with issuers such as, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this site come from companies that pay us. This compensation can affect the way and where products appear on this site, including for instance, the order in which they be listed within the categories of listing and other categories, unless prohibited by law for our mortgage, home equity and other home lending products. However, this compensation will have no impact on the information we publish, or the reviews that you see on this site. We do not contain the universe of companies or financial offerings that could 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 prior to that as a digital content strategist. Since then, she’s been published in several leading financial publications including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.
Editor: Rhys Subitch Edited by Auto loans editor
Rhys has been writing and editing for Bankrate from late 2021. They are dedicated to helping their readers to manage their finances through providing clear, well-researched information that breaks down complicated topics into bite-sized pieces.
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can make the monthly payment easier to afford. However, you will likely have to agree to an and pay more for the course of your loan. It’s good to know that refinancing isn’t your only option to lower your car payment. Other options are available to ease the burden of having to deal with a large car loan and make space within your budget. Three ways to reduce the cost of your car without refinancing When you sign to the contract to take out an auto loan typically, you’ll be given an installment payment due every month for a set period. If the payment seemed doable when you first took out the loan however it no longer works due to modifications in your financial circumstances, there are options available that don’t require . 1. Request an loan modification Contact the lender to inform them that you are struggling financially and risk falling behind on your auto loan payments. The first representative you speak to might not provide much assistance or options, but you could ask the loss mitigation department to locate someone who can help. The process of repossession is expensive and time-consuming for the lender. They may therefore be willing to modify your loan that could involve decreasing either the rate of interest or loan duration, in order to reduce the . Or you and the lender could agree to a short-term payment plan that involves deferring your payments for a couple of months to give you urgent financial relief. If you’ve been unable to make the payment due to your auto loan and you’ve missed a payment, you might not be in a position to claim. But, it is important to let the lender know that you’re experiencing financial difficulty sooner instead of later. The lender might agree to break the balance due in smaller installments that you’ll be able to pay over a long period of time. 2. You can trade it in for a cheaper car If you’re not or have a debt that is greater than it’s worth — trading your car in for an affordable one might be beneficial. The difference between the value of the trade-in and what is owed on the current loan will reduce the new loan amount. You won’t need to endure the stress of putting your vehicle up for sale, trying to find the perfect buyers. The current market conditions have made it much easier to get top dollar on your trade-in. New car prices are at record highs, creating an increase in demand for used cars. Trade-in your car now is an easy process that involves bringing it to the dealership for them to inspect the car and provide you with an offer. The trade-in value is based on your vehicle’s make, model and mileage as well as its condition. By visiting multiple dealerships before making your decision to make a good deal. If you’re planning to trade in your car, though, it’s best to make it happen as soon as possible. Used car prices are starting to stabilize, meaning that trade-in prices will decrease in the near future. 3. Sell your items privately and get a less expensive car If you’re looking to earn more for your ride, consider . It will take time and patience, but you could maximize the cost savings as private sales usually result in more money in the pockets of the seller. In turn, you will have more money to spend on the purchase of your next car. Word of caution: There’s still a nationwide sale due to supply chain issues. But as mentioned above, the used car market is beginning to change and a decline in price points is expected. So, you may not get as much value for the car you have in the last few months during the boom in used cars. It is advisable to refinance your loan. the auto loan may be a good option to if you have excellent or excellent credit scores and are eligible for a lower interest rate. But here’s the problem you must seek an loan duration that is similar to or equivalent to the amount of remaining on your current loan. If not, you’ll get a lower payment but could spend several hundred or thousands worth of additional interest during the loan period. If you cannot reach an agreement between you and your lender or swap your current vehicle for a ride that meets your needs, refinancing can also help you avoid repossession. In addition, you’ll receive the lowest amount of payment and will also protect your credit score, even if it will mean paying the lender more in interest. Next steps A hefty car loan could strain your budget and make you consider refinancing your loan. However, you will likely have to pay more interest if obtain a higher interest rate or a significantly longer duration, so speak with your lender to request an loan modification. Also, consider changing your car to an alternative that is less costly. Have your car appraised to find out how much it’s worth. Then, shop around to determine the most affordable vehicles out there that come with a lower cost per month and will meet your requirements. If you find options that work, work with a lender to get into an upgrade and car loan that could help improve your financial situation. Find out more
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Written by
Allison Martin’s career began more than 10 years prior to that as a digital content strategist. Since then, she’s been published in numerous prestigious financial media outlets such as The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.
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 passionate about helping readers gain the confidence to manage their finances by providing precise, well-researched and well-documented information that is broken down into complex topics into manageable bites.
Auto loans editor
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